BLOOM ENERGY CORP, 10-K filed on 2/26/2021
Annual Report
v3.20.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2020
Feb. 18, 2021
Jun. 30, 2020
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2020    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38598    
Entity Registrant Name BLOOM ENERGY CORP    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 77-0565408    
Entity Address, Address Line One 4353 North First Street    
Entity Address, City or Town San Jose    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 95134    
City Area Code 408    
Local Phone Number 543-1500    
Title of 12(b) Security Class A Common Stock, $0.0001 par value    
Trading Symbol BE    
Security Exchange Name NYSE    
Entity Central Index Key 0001664703    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 1.0
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s proxy statement for the 2021 Annual Meeting of Stockholders (the “2021 Proxy Statement”) are incorporated into Part III hereof. The 2021 Proxy Statement will be filed with the U.S. Securities and Exchange Commission ("SEC") within 120 days after the registrant’s year ended December 31, 2020.
    
Class A common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   144,033,720  
Class B common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   27,799,886  
v3.20.4
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents [1] $ 246,947 $ 202,823
Restricted cash [1] 52,470 30,804
Accounts receivable [1] 99,513 37,828
Inventories 142,059 109,606
Deferred cost of revenue 41,469 58,470
Customer financing receivable [1] 5,428 5,108
Prepaid expense and other current assets [1] 30,718 28,068
Total current assets 618,604 472,707
Property and equipment, net [1] 600,628 607,059
Operating lease right-of-use assets 35,621 0
Customer financing receivable, non-current [1] 45,268 50,747
Restricted cash, noncurrent [1] 117,293 143,761
Deferred cost of revenue, non-current 2,462 6,665
Other long-term assets [1] 34,511 41,652
Total assets 1,454,387 1,322,591
Current liabilities:    
Accounts payable [1] 58,334 55,579
Accrued warranty 10,263 10,333
Accrued expenses and other current liabilities [1] 112,004 70,284
Deferred revenue and customer deposits [1] 114,286 89,192
Operating lease liabilities 7,899 0
Financing obligations 12,745 10,993
Recourse debt 0 304,627
Non-recourse debt [1] 120,846 8,273
Recourse debt - related parties 0 20,801
Non-recourse debt from related parties [1] 0 3,882
Total current liabilities 436,377 573,964
Derivative liabilities [1] 4,989 17,551
Deferred revenue and customer deposits, non-current [1] 87,463 125,529
Operating lease liabilities, non-current 41,849 0
Financing obligations, non-current 459,981 446,165
Recourse debt, non-current 168,008 75,962
Non-recourse debt, non-current [1] 102,045 192,180
Non-recourse debt - related parties, non-current [1] 0 31,087
Other long-term liabilities [1] 12,279 28,013
Total liabilities 1,312,991 1,490,451
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest 377 443
Stockholders’ equity (deficit):    
Common stock 17 12
Additional paid-in capital 3,182,753 2,686,759
Accumulated other comprehensive income (loss) (9) 19
Accumulated deficit (3,103,937) (2,946,384)
Total stockholders’ equity (deficit) 78,824 (259,594)
Noncontrolling interest 62,195 91,291
Total liabilities, redeemable noncontrolling interest, stockholders' equity (deficit) and noncontrolling interest $ 1,454,387 $ 1,322,591
[1] We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings).
v3.20.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2020
Jan. 01, 2020
Dec. 31, 2019
Cash and cash equivalents [1] $ 246,947   $ 202,823
Restricted cash, current [1] 52,470   30,804
Accounts receivable [1] 99,513   37,828
Customer financing receivable [1] 5,428   5,108
Prepaid expense and other current assets [1] 30,718   28,068
Property and equipment, net [1] 600,628   607,059
Non-current portion of net investment in sales-type leases [1] 45,268   50,747
Restricted cash, non-current [1] 117,293   143,761
Other long-term assets [1] 34,511   41,652
Accounts payable [1] 58,334   55,579
Accrued expenses and other current liabilities 112,004 [1] $ 68,970 70,284 [1]
Deferred revenue and customer deposits [1] 114,286   89,192
Non-recourse debt [1] 120,846   8,273
Non-recourse debt from related parties [1] 0   3,882
Derivative liabilities [1] 4,989   17,551
Deferred revenue and customer deposits, non-current [1] 87,463   125,529
Non-recourse debt, non-current [1] 102,045   192,180
Non-recourse debt - related parties, non-current [1] 0   31,087
Other long-term liabilities 12,279 [1] $ 17,673 28,013 [1]
Common stock $ 17   $ 12
Class A common stock      
Common stock, par value (in dollars per share) $ 0.0001   $ 0.0001
Common stock, authorized (in shares) 600,000,000   600,000,000
Common stock, outstanding (in shares) 140,094,633   84,549,511
Class B common stock      
Common stock, par value (in dollars per share) $ 0.0001   $ 0.0001
Common stock, authorized (in shares) 600,000,000   600,000,000
Common stock, outstanding (in shares) 27,908,093   36,486,778
[1] We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings).
v3.20.4
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues $ 794,247 $ 785,177 $ 632,648
Cost of revenue 628,454 687,590 526,898
Gross profit 165,793 97,587 105,750
Operating expenses:      
Research and development 83,577 104,168 89,135
Sales and marketing 55,916 73,573 62,807
General and administrative 107,085 152,650 118,817
Total operating expenses 246,578 330,391 270,759
Loss from operations (80,785) (232,804) (165,009)
Interest income 1,475 5,661 4,322
Interest expense (76,276) (87,480) (97,021)
Interest expense - related parties (2,513) (6,756) (8,893)
Other income (expense), net (8,318) 706 (999)
Loss on extinguishment of debt (12,878) 0 0
Gain (loss) on revaluation of embedded derivatives 464 (2,160) (22,139)
Loss before income taxes (178,831) (322,833) (289,739)
Income tax provision 256 633 1,537
Net loss (179,087) (323,466) (291,276)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests (21,534) (19,052) (17,736)
Net loss attributable to Class A and Class B common stockholders (157,553) (304,414) (273,540)
Less: deemed dividend to noncontrolling interest 0 (2,454) 0
Net loss available to Class A and Class B common stockholders $ (157,553) $ (306,868) $ (273,540)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share) $ (1.14) $ (2.67) $ (5.14)
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted (in shares) 138,722 115,118 53,268
Product      
Revenues $ 518,633 $ 557,336 $ 400,638
Cost of revenue 332,724 435,479 281,275
Installation      
Revenues 101,887 60,826 68,195
Cost of revenue 116,542 76,487 95,306
Service      
Revenues 109,633 95,786 83,267
Cost of revenue 132,329 100,238 100,689
Electricity      
Revenues 64,094 71,229 80,548
Cost of revenue $ 46,859 $ 75,386 $ 49,628
v3.20.4
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Comprehensive Income [Abstract]      
Net loss $ (179,087) $ (323,466) $ (291,276)
Other comprehensive income (loss), net of taxes:      
Unrealized gain (loss) on available-for-sale securities (23) 14 26
Change in derivative instruments designated and qualifying as cash flow hedges (6,896) (6,085) 2,098
Other comprehensive income (loss), net of taxes (6,919) (6,071) 2,124
Comprehensive loss (186,006) (329,537) (289,152)
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests (28,425) (24,842) (15,905)
Comprehensive loss attributable to Class A and Class B stockholders $ (157,581) $ (304,695) $ (273,247)
v3.20.4
Consolidated Statements of Convertible Redeemable Preferred Stock, Redeemable Noncontrolling Interest, Stockholders' Deficit and Noncontrolling Interest - USD ($)
$ in Thousands
Total
Total Stockholders' Equity (Deficit)
Total Stockholders' Equity (Deficit)
Cumulative effect upon adoption of new accounting standard
Convertible Redeemable Preferred Stock
Redeemable Noncontrolling  Interest
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Accumulated Deficit
Cumulative effect upon adoption of new accounting standard
Noncontrolling Interest
Noncontrolling Interest
Cumulative effect upon adoption of new accounting standard
Class A common stock
Class A common stock
Total Stockholders' Equity (Deficit)
Class A common stock
Common Stock
Class A common stock
Additional Paid-In Capital
Class B common stock
Class B common stock
Total Stockholders' Equity (Deficit)
Class B common stock
Common Stock
Class B common stock
Additional Paid-In Capital
Beginning balance (in shares) at Dec. 31, 2017       71,740,162   10,353,269 [1]                            
Beginning balance at Dec. 31, 2017   $ (2,199,921)   $ 1,465,841 $ 58,154 $ 1 [1],[2] $ 150,804 $ (162) $ (2,350,564)   $ 155,372                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Issuance of Class A common stock upon public offering, net (in shares) [1]                             20,700,000          
Issuance of Class A common stock upon public offering, net                           $ 282,276 $ 2 [1] $ 282,274        
Issuance of common stock (in shares) [1]           166,667                         5,734,440  
Issuance of common stock   2,500         2,500                     $ 221,580 $ 1 [1] $ 221,579
Issuance of common stock upon exercise of warrants (in shares) [1]           312,575                            
Conversion of notes (in shares)       (71,740,162)   71,740,162 [1]                            
Conversion of Notes   1,465,841   $ (1,465,841)   $ 7 [1] 1,465,834       0                  
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital $ 882 882         882                          
Reclassification of derivative liability into additional paid-in capital (as restated)   177,963         177,963                          
Issuance of restricted stock awards (in shares) [1]           17,793                            
Issuance of restricted stock awards   349         349                          
Exercise of stock options (in shares) [1]           396,277                            
Exercise of stock options   1,521         1,521                          
Stock-based compensation   177,646         177,646                          
Unrealized loss on available-for-sale securities 26 26           26                        
Change in effective portion of interest rate swap agreement 2,098 267     2     267     1,829                  
Distributions to noncontrolling interests   0     (6,788)           (8,462)                  
Net loss (291,276) (273,540)     5,893       (273,540)   (23,629)                  
Ending balance (in shares) at Dec. 31, 2018       0   109,421,183 [1]                            
Ending balance at Dec. 31, 2018   (142,610)   $ 0 57,261 $ 11 [1] 2,481,352 131 (2,624,104)   125,110                  
Ending balance (Accounting Standards Update 2014-09) at Dec. 31, 2018     $ (17,996)             $ (17,996)                    
Ending balance (Accounting Standards Update 2017-12) at Dec. 31, 2018     $ 130             $ 130   $ (130)                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Issuance of common stock   0                                    
Conversion of notes (in shares) [1]           616,302                            
Conversion of Notes   6,933         6,933                          
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital 0                                      
Issuance of restricted stock awards (in shares) [1]           8,921,807                            
Issuance of restricted stock awards   1       $ 1 [1] 0                          
ESPP purchase (in shares) [1]           1,718,433                            
ESPP purchase   11,183         11,183                          
Exercise of stock options (in shares) [1]           358,564                            
Exercise of stock options   1,529         1,529                          
Stock-based compensation   188,114         188,114                          
Unrealized loss on available-for-sale securities 14 14           14                        
Change in effective portion of interest rate swap agreement (6,085) (295)           (295)     (5,790)                  
Distributions to noncontrolling interests   102     (4,011)   102       (5,970)                  
Mandatory redemption of noncontrolling interests   (2,285)     (55,684)   (2,454) 169                        
Net loss (323,466) (304,414)     2,877       (304,414)   (21,929)                  
Ending balance (in shares) at Dec. 31, 2019       0   121,036,289 [1]             84,549,511       36,486,778      
Ending balance at Dec. 31, 2019   (259,594)   $ 0 443 $ 12 [1] 2,686,759 19 (2,946,384)   91,291                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Conversion of notes (in shares) [1]           35,881,250                            
Conversion of Notes   300,852       $ 4 300,848       0                  
Issuance of convertible notes   126,799         126,799                          
Adjustment of embedded derivative for debt modification   (24,071)         (24,071)                          
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital 0                                      
Issuance of restricted stock awards (in shares) [1]           7,806,038                            
Issuance of restricted stock awards   1       $ 1 [1]       0                  
ESPP purchase (in shares) [1]           1,937,825                            
ESPP purchase   8,499         8,499       0                  
Exercise of stock options (in shares) [1]           1,341,324                            
Exercise of stock options   14,988         14,988       0                  
Stock-based compensation   68,931         68,931       0                  
Unrealized loss on available-for-sale securities (23) (23)           (23)     0                  
Change in effective portion of interest rate swap agreement (6,896) (5)           (5)     (6,891)                  
Distributions to noncontrolling interests   0     (45)   0       (7,205)                  
Contribution from noncontrolling interest 6,513                                      
Net loss $ (179,087) (157,553)     (21)       (157,553)   (21,513)                  
Ending balance (in shares) at Dec. 31, 2020       0   168,002,726 [1]             140,094,633       27,908,093      
Ending balance at Dec. 31, 2020   $ 78,824   $ 0 $ 377 $ 17 [1] $ 3,182,753 $ (9) $ (3,103,937)   $ 62,195                  
[1] Common Stock issued and converted to Class A Common and Class B Common effective July 2018
[2] Common Stock issued and converted to Class A Common and Class B Common effective July 2018.
v3.20.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net loss $ (179,087) $ (323,466) $ (291,276)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 52,279 78,584 53,887
Non-Cash Lease Expense 5,328    
Write-off of property, plant and equipment, net 38 3,117 939
Impairment of equity method investment 4,236 11,302 0
Write-off of PPA II and PPA IIIb decommissioned assets 0 70,543 0
Debt make-whole expense 0 5,934 0
Revaluation of derivative contracts (497) 2,779 29,021
Stock-based compensation 73,893 196,291 168,482
Loss on long-term REC purchase contract 72 53 200
Revaluation of stock warrants 0 0 (9,108)
Loss on extinguishment of debt 11,785 0 0
Amortization of debt issuance and premium cost, net 6,455 22,130 25,437
Changes in operating assets and liabilities:      
Accounts receivable (61,685) 51,952 (55,023)
Inventories (33,004) 18,425 (36,974)
Deferred cost of revenue 19,910 (21,992) 14,223
Customer financing receivable and other 5,159 5,520 4,878
Prepaid expenses and other current assets (3,124) 8,643 (8,032)
Other long-term assets 2,904 3,618 (202)
Accounts payable (620) (11,310) 18,307
Accrued warranty (241) (6,603) 1,498
Accrued expenses and other current liabilities 17,753 6,728 (5,984)
Deferred revenue and customer deposits (12,972) 37,146 (21,774)
Operating lease liabilities (2,855) 0 0
Other long-term liabilities (4,523) 4,376 19,553
Net cash provided by (used in) operating activities (98,796) 163,770 (91,948)
Cash flows from investing activities:      
Purchase of property, plant and equipment (37,913) (51,053) (45,205)
Payments for acquisition of intangible assets 0 0 (3,256)
Purchase of marketable securities 0 0 (103,914)
Proceeds from maturity of marketable securities 0 104,500 27,000
Net cash provided by (used in) investing activities (37,913) 53,447 (125,375)
Cash flows from financing activities:      
Proceeds from issuance of debt 300,000 0 0
Proceeds from issuance of debt to related parties 30,000 0 0
Repayment of debt (176,522) (119,277) (18,770)
Repayment of debt to related parties (2,105) (2,200) (1,390)
Debt make-whole payment 0 (5,934) 0
Debt issuance costs (13,247) 0 0
Proceeds from financing obligations 26,279 72,334 70,265
Repayment of financing obligations (10,756) (8,954) (6,188)
Contribution from noncontrolling interest 6,513 0 0
Payments to noncontrolling and redeemable noncontrolling interests 0 (56,459) 0
Distributions to noncontrolling and redeemable noncontrolling interests (7,622) (12,537) (15,250)
Proceeds from issuance of common stock 23,491 12,713 1,521
Proceeds from public offerings, net of underwriting discounts and commissions 0 0 292,529
Payments of initial public offering issuance costs 0 0 (5,521)
Net cash provided by (used in) financing activities 176,031 (120,314) 317,196
Net increase in cash, cash equivalents, and restricted cash 39,322 96,903 99,873
Beginning of period 377,388 280,485 180,612
End of period 416,710 377,388 280,485
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 71,651 69,851 59,549
Operating cash flows from operating leases 2,855 0 0
Operating cash flows from financing leases 16 0 0
Financing cash flows from financing leases 45 0 0
Cash paid during the period for income taxes 371 860 1,748
Non-cash investing and financing activities:      
Liabilities recorded for property, plant and equipment 7,175 1,745 12,236
Operating lease liabilities arising from obtaining right-of-use assets upon adoption of new lease guidance 39,775    
Recognition of operating lease right-of-use asset during the year 12,829    
Recognition of financing lease right-of-use asset during the year 385    
Liabilities recorded for noncontrolling and redeemable noncontrolling interest 0 0 3,180
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital 0 0 882
Conversion of redeemable convertible preferred stock into additional paid-in capital 0 0 1,465,841
Conversion of 6% and 8% convertible promissory notes into additional paid-in capital to related parties 0 6,933 40,110
Conversion of 10% convertible promissory notes to related party into Class A common stock 50,800 0 0
Reclassification of derivative liability into additional paid-in capital 0 0 177,208
Reclassification of prior year prepaid initial public offering costs to additional paid-in capital 0 0 4,732
Accrued distributions to equity investors 0 373 576
Accrued interest for notes 1,298 1,812 19,041
Accrued interest for notes to related parties 0 0 2,733
Adjustment of embedded derivative related to debt extinguishment 24,071 0 0
Convertible Promissory Notes, Interest Rate at 8% | Convertible promissory notes      
Non-cash investing and financing activities:      
Conversion of convertible promissory note into equity 0 0 181,469
Convertible Promissory Notes Interest Rate 10% Due December 2021 | Convertible promissory notes      
Non-cash investing and financing activities:      
Conversion of convertible promissory note into equity $ 252,797 $ 0 $ 0
v3.20.4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - Convertible promissory notes
Dec. 31, 2020
10% convertible promissory notes  
Interest rate percentage 10.00%
Affiliated entity | Convertible Promissory Notes due December 2019, Recourse  
Interest rate percentage 8.00%
Affiliated entity | 6% Notes  
Interest rate percentage 6.00%
v3.20.4
Nature of Business, Liquidity, Basis of Presentation
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business, Liquidity, Basis of Presentation Nature of Business, Liquidity and Basis of Presentation
Nature of Business
We design, manufacture, sell and, in certain cases, install solid-oxide fuel cell systems ("Energy Servers") for on-site power generation. Our Energy Servers utilize an innovative fuel cell technology and provide efficient energy generation with reduced operating costs and lower greenhouse gas emissions as compared to conventional fossil fuel generation. By generating power where it is consumed, our energy producing systems offer increased electrical reliability and improved energy security while providing a path to energy independence.
Liquidity
We have generally incurred operating losses and negative cash flows from operations since our inception. As of December 31, 2019, we had $401.4 million of total outstanding recourse debt, of which $273.4 million of 6% Convertible Promissory Notes ("6% Convertible Notes") were to mature on in December 2020. With the series of new debt offerings, debt extensions and conversions to equity that we completed during 2020, we had $168.0 million of total outstanding recourse debt as of December 31, 2020, all of which is classified as long-term debt. There is also no recourse debt repayment required in the next 12 months, and scheduled debt repayments will commence in June 2022.
The impact of the COVID-19 pandemic on our ability to execute our business strategy and on our financial position and results of operations remains uncertain. Our future cash flow requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, the rate of growth in the volume of system builds, the expansion of sales and marketing activities, market acceptance of our product, our ability to secure financing for customer use, the timing of installations, and overall economic conditions including the impact of COVID-19 on our ongoing and future operations.
In the opinion of management, the combination of our existing cash and cash equivalents and operating cash flows is expected to be sufficient to meet our operational and capital cash flow requirements and other cash flow needs for the next 12 months from the date of issuance of this Annual Report on Form 10-K.
Correction of Previously Issued Consolidated Financial Statements
In preparation of the condensed consolidated financial statements for the three months ended March 31, 2020, errors in our Condensed Consolidated Statements of Comprehensive Loss were discovered. In the Consolidated Statements of Comprehensive Loss for the years ended December 31, 2019 and 2018, Comprehensive Loss as previously reported was understated by $5.8 million and overstated by $1.8 million, respectively. In addition, the reconciliation of Comprehensive Loss to Comprehensive Loss Attributable to Class A and Class B Stockholders was erroneously omitted. Management evaluated the impact of these errors to the previously issued financial statements and concluded the impacts were not material. The Consolidated Statements of Comprehensive Loss for the years ended December 31, 2019 and 2018 have been revised to correct the errors described above.
Basis of Presentation
We have prepared the consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), and as permitted by those rules, including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”). All intercompany transactions and balances have been eliminated upon consolidation.
Principles of Consolidation
These consolidated financial statements reflect our accounts and operations and those of our subsidiaries in which we have a controlling financial interest. We use a qualitative approach in assessing the consolidation requirement for each of our variable interest entities ("VIEs"), which we refer to as a tax equity partnership (each such VIE, also referred to as our power purchase agreement entities ("PPA Entities")). This approach focuses on determining whether we have the power to direct those activities of the PPA Entities that most significantly affect their economic performance and whether we have the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the PPA Entities. For all periods presented,
we have determined that we are the primary beneficiary in all of our operational PPA Entities, as discussed in Note 13 - Portfolio Financings. We evaluate our relationships with the PPA Entities on an ongoing basis to ensure that we continue to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.
We do not consolidate Third Party PPAs as we have determined that, although these entities are variable interest entities, we are not the primary beneficiary as we do not have the power to direct those activities of the Third Party PPAs that most significantly affect their economic performance and we do not have the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the Third Party PPAs.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. The most significant estimates include the determination of the stand-alone selling price, including material rights estimates, inventory valuation, specifically excess and obsolescence provisions for obsolete or unsellable inventory and, in relation to property, plant and equipment (specifically Energy Servers), assumptions relating to economic useful lives and impairment assessments.
Other accounting estimates include variable consideration relating to product performance guaranties, assumptions to compute the fair value of debt financings, lease and non-lease components and related financing obligations such as incremental borrowing rates, estimated output, efficiency and residual value of the Energy Servers, product performance warranties and guaranties and extended maintenance, derivative valuations, estimates for recapture of the U.S. investment tax credit and similar federal tax benefits, estimates relating to contractual indemnities provisions, estimates for income taxes and deferred tax asset valuation allowances, and stock-based compensation costs. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, our allowance for doubtful accounts, stock-based compensation, the carrying value of our long-lived assets, inventory, financial assets, and valuation allowances for tax assets, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning the COVID-19 pandemic and the actions taken to contain it or treat it, as well as the economic impact on local, regional, national and international customers, suppliers and markets. We have made estimates of the impact of COVID-19 within our consolidated financial statements and there may be changes to those estimates in future periods as new information becomes available. Actual results could differ materially from these estimates under different assumptions and conditions.
Concentration of Risk
Geographic Risk - The majority of our revenue and long-lived assets are attributable to operations in the United States for all periods presented. Additionally, we sell our Energy Servers in Japan, India, and the Republic of Korea (collectively, the "Asia Pacific region"). In the year ended December 31, 2020, 2019 and 2018, total revenue in the Asia Pacific region was 35%, 23% and 14%, respectively, of our total revenue.
Credit Risk - At December 31, 2020, one customer, SK Engineering and Construction Co., Ltd. ("SK E&C"), accounted for approximately 56% of accounts receivable. At December 31, 2019, two customers, Costco Wholesale Corporation and The Kraft Group LLC, accounted for approximately 19% and 17% of accounts receivable, respectively. To date, we have not experienced any credit losses.
Customer Risk - In the year ended December 31, 2020, revenue from two customers, SK E&C and Duke Energy Corporation, accounted for approximately 34% and 28%, respectively, of our total revenue. In the year ended December 31, 2019, revenue from two customers, The Southern Company and SK E&C, accounted for approximately 34% and 23%, respectively, of our total revenue. In the year ended December 31, 2018, revenue from customer The Southern Company accounted for approximately 51% of our total revenue. Duke Energy and The Southern Company each indirectly own Operating Companies which are party to a portfolio of power purchase agreements (each, a “PPA”). Each Operating Company purchased the Energy Servers contemplated by each PPA from us. The sale of an Operating Company with a portfolio of PPAs in which we have no equity interest is called a “Third-Party PPA.”
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Revenue Recognition
We primarily earn product and installation revenue from the sale and installation of our Energy Servers, service revenue by providing services under operations and maintenance services contracts and electricity revenue by selling electricity to
customers under PPAs. We offer our customers several ways to finance their use of a Bloom Energy Server. Customers, including some of our international channel providers and Third Party PPAs, may choose to purchase our Energy Servers outright. Customers may also enter into service contracts with us for the purchase of electricity generated by our Energy Servers (a "Managed Services Arrangement"), which is then financed through one of our financing partners ("Managed Services Financing"), or as a traditional lease. Finally, customers may purchase electricity through our PPA Entities ("Portfolio Financings").
Revenue Recognition Under ASC 606 Revenue from Contracts with Customers
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). We adopted ASU 2014-09 and its related amendments (collectively, “ASC 606”) as of January 1, 2019 using the modified retrospective method.
In applying ASC 606, revenue related to contracts with customers is recognized by following a five-step process:
Identify the contract(s) with a customer. Evidence of a contract generally consists of a purchase order issued pursuant to the terms and conditions of a distributor, reseller, purchase, use and maintenance agreement, maintenance services agreements or energy supply agreement.
Identify the performance obligations in the contract. Performance obligations are identified in our contracts and include transferring control of an Energy Server, installation of Energy Servers, providing maintenance services and maintenance services renewal options which, in certain situations, provide customers with material rights.
Determine the transaction price. The purchase price stated in an agreed-upon purchase order or contract is generally representative of the transaction price. When determining the transaction price, we consider the effects of any variable consideration, which include performance penalties that may be payable to our customers.
Allocate the transaction price to the performance obligations in the contract. The transaction price in a contract is allocated based upon the relative standalone selling price of each distinct performance obligation identified in the contract.
Recognize revenue when (or as) we satisfy a performance obligation. We satisfy performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring control of the promised products or services to a customer.
We frequently combine contracts governing the sale and installation of an Energy Server with the related maintenance services contracts and account for them as a single contract at contract inception to the extent the contracts are with the same customer. These contracts are not combined when the customer for the sale and installation of the Energy Server is different to the maintenance services contract customer. We also assess whether any contract terms including default provisions, put or call options result in components of our contracts being accounted for as financing or leasing transactions outside of the scope of ASC 606.
Most of our contracts contain performance obligations with a combination of our Energy Server product, installation and maintenance services. For these performance obligations, we allocate the total transaction price to each performance obligation based on the relative standalone selling price. Our maintenance services contracts are typically subject to renewal by customers on an annual basis. We assess these maintenance services renewal options at contract inception to determine whether they provide customers with material rights that give rise to separate performance obligations.
The total transaction price is determined based on the total consideration specified in the contract, including variable consideration in the form of a performance guaranty payment that represents potential amounts payable to customers. The expected value method is generally used when estimating variable consideration, which typically reduces the total transaction price due to the nature of the performance obligations to which the variable consideration relates. These estimates reflect our historical experience and current contractual requirements which cap the maximum amount that may be paid. The expected value method requires judgment and considers multiple factors that may vary over time depending upon the unique facts and circumstances related to each performance obligation. Depending on the facts and circumstances, a change in variable consideration estimate will either be accounted for at the contract level or using the portfolio method. We also consider the customers’ rights of return in determining the transaction price where applicable.
We exclude from the transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are
not included as a component of net sales or cost of sales. These tax amounts are recorded in cost of electricity revenue, cost of service revenue and general and administrative operating expense.
We allocate the transaction price to each distinct performance obligation based on relative standalone selling prices. Given that we typically sell an Energy Server with a maintenance services agreement and have not provided maintenance services to a customer who does not have use of an Energy Server, standalone selling prices are estimated using a cost-plus approach. Costs relating to Energy Servers include all direct and indirect manufacturing costs, applicable overhead costs and costs for normal production inefficiencies (i.e., variances). We then apply a margin to the Energy Servers which may vary with the size of the customer, geographic region and the scale of the Energy Server deployment. As our business offerings and eligibility for the Investment Tax Credit ("ITC") evolve over time, we may be required to modify the expected margin in subsequent periods and our revenue could be adversely affected. Costs relating to installation include all direct and indirect installation costs. The margin we apply reflects our profit objectives relating to installation. Costs for maintenance services arrangements are estimated over the life of the maintenance contracts and include estimated future service costs and future material costs. Material costs over the period of the service arrangement are impacted significantly by the longevity of the fuel cells themselves. After considering the total service costs, we apply a lower margin to our service costs than to our Energy Servers as it best reflects our long-term service margin expectations and comparable historical industry service margins. As a result, our estimate of our selling price is driven primarily by our expected margin on both the Energy Server and the maintenance services agreements based on their respective costs or, in the case of maintenance services agreements, the estimated costs to be incurred.
We recognize product and installation revenue at the point in time that the Customer obtains control of the Energy Server. We recognize maintenance services revenue, including revenue associated with any related customer material rights, over time as we perform service maintenance activities.
Amounts billed to customers for shipping and handling activities are considered contract fulfillment activities and not a separate performance obligation of the contract. Shipping and handling fees are recorded as revenue and the related cost is a cost to fulfill the contract that is recognized within costs of goods sold.
The following is a description of the principal activities from which we generate revenue. Our four revenue streams are classified as follows:
Product Revenue - All of our product revenue is generated from the sale of our Energy Servers to direct purchase customers, including financing partners on Third-Party PPAs, international channel providers and traditional lease customers. We generally recognize product revenue from contracts with customers at the point that control is transferred to the customers. This occurs when we achieve customer acceptance which is when the system has been installed and is running at full power or, in the case of sales to our international channel providers, based upon shipment terms.
Under our traditional lease financing option, we sell our Energy Servers through a direct sale to a financing partner who, in turn, leases the Energy Servers to the customer under a lease agreement. With our sales to our international channel providers, our international channel providers typically sell the Energy Servers to, or sometimes provide a PPA to, an end customer. In both traditional lease and international channel providers transactions, we contract directly with the end customer to provide extended maintenance services after the end of the standard warranty period. As a result, since the customer that purchases the server is a different and unrelated party to the customer that purchases extended warranty services, the product and maintenance services contract are not combined
Installation Revenue - Nearly all of our installation revenue relates to the installation of Energy Servers sold to customers as part of a direct purchase and to financing parties as part of a traditional lease, Managed Services Financing, or Portfolio Financing. Generally, we recognize installation revenue when the system has been installed and is running at full power.
Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until control is transferred. The related cost of such product and installation is also deferred as a component of deferred cost of revenue in the consolidated balance sheets until control is transferred.
Service Revenue - Service revenue is generated from maintenance services agreements. As part of our initial contract with customers for the sale and installation of our Energy Servers, we typically provide a standard one-year warranty which covers defects in materials and workmanship and manufacturing or performance conditions under normal use and service for the first year following acceptance. As part of this standard first-year warranty, we also monitor the operations of the underlying systems and provide output and efficiency guaranties. We have determined that this standard first-year warranty is a distinct performance obligation - being a promise to stand-ready to maintain the Energy Servers when and if required during the
first year following installation. We also sell to our customers extended annual maintenance services that effectively extend the standard first-year warranty coverage at the customer’s option. These customers generally have an option to renew or cancel the extended maintenance services on an annual basis and nearly every customer has renewed historically. Similar to the standard first-year warranty, the optional extended annual maintenance services are considered a distinct performance obligation – being a promise to stand-ready to maintain the Energy Servers when and if required during the renewal service year.
Service revenue is recognized ratably over the term of the first or renewed one-year service period.
Given our customers' renewal history, we anticipate that most of them will continue to renew their maintenance services agreements each year for the period of their expected use of the Energy Server. The contractual renewal price may be less than the standalone selling price of the maintenance services and consequently the contract renewal option may provide the customer with a material right. We estimate the standalone selling price for customer renewal options that give rise to material rights using the practical alternative by reference to optional maintenance services renewal periods expected to be provided and the corresponding expected consideration for these services. This reflects the fact that our additional performance obligations in any contractual renewal period are consistent with the services provided under the standard first-year warranty. Where we have determined that a customer has a material right as a result of their contract renewal option, we recognize that portion of the transaction price allocated to the material right over the period in which such rights are exercised.
Payments from customers for the extended maintenance contracts are received at the beginning of each service year. Accordingly, the customer payment received is recorded as a customer deposit and revenue is recognized over the related service period as the services are performed.
Electricity Revenue - We sell electricity produced by our Energy Servers owned directly by us or by our consolidated PPA entities. Our PPA Entities purchase Energy Servers from us and sell electricity produced by these systems to customers through long-term PPAs. Customers are required to purchase all of the electricity produced by those Energy Servers at agreed-upon rates over the course of the PPAs' contractual term.
In addition, in certain Managed Services Financings pursuant to which we are party to a Managed Services Agreement with a customer in a sale-leaseback-sublease arrangement we may recognize electricity revenue. We first determine whether the Energy Servers under the sale-leaseback arrangement of a Managed Services Financing were “integral equipment”. As the Energy Servers were determined not to be integral equipment, we determine if the leaseback was classified as a financing lease or an operating lease.
Under ASC 840 Leases, ("ASC 840"), our Managed Services Agreements with the financiers were classified as capital leases and were accordingly recorded as financing transactions, while the sub-lease arrangements with the end customer were classified as operating leases. We have determined that the financiers are our customers in our Managed Services Agreements. In these Managed Services Financings, we enter into an agreement with a customer for a certain term. In exchange for the use of the Energy Server and its generated electricity, the customer makes a monthly payment. The customer's monthly payment includes a fixed monthly capacity-based payment, and in some cases also includes a performance-based payment based on the performance of the Energy Server. The fixed capacity-based payments made by the customer are applied toward our obligation to pay down the financing obligation with the financier. The performance-based payment is transferred to us as compensation for operations and maintenance services and is recognized as electricity revenue. We allocate the total payments received based on the relative standalone selling prices to electricity revenue and to service revenue. Electricity revenue relating to PPAs was typically accounted for in accordance with ASC 840, and service revenue in accordance with ASC 606.
We adopted ASC 842 Leases, ("ASC 842") with effect from January 1, 2020. Under ASC 842, our Managed Services Agreements with the financier continue to be accounted for as financing transactions because the repurchase options in these agreements prevent the transfer of control of the systems to the financier. We also determined that the sub-lease arrangements with the customer are not within the scope of ASC 842 because the customer does not have the right to control the use of the underlying assets (i.e., the Energy Servers). Accordingly, for transactions entered into on or after January 1, 2020 such arrangements with customers are accounted for under ASC 606. Under ASC 606, we recognize revenue for the electricity generated as electricity revenue.
Transactions entered into with customers prior to January 1, 2020 carried over their classification as operating leases and continue to be accounted for consistent with prior years as described in the paragraph above. Refer below under Accounting Guidance Implemented in 2020 for further discussion regarding our managed services arrangements.
We recognize revenue from the satisfaction of performance obligations under our PPAs and Managed Services Financings as the electricity is provided over the term of the agreement in the amount invoiced, which reflects the amount of consideration to which we have the right to invoice and which corresponds to the value transferred under such arrangements.
Contract Modifications
Contract modifications are accounted for as separate contracts if the additional products and services are distinct and priced at standalone selling prices. If the additional products and services are distinct, but not priced at standalone selling prices, the modification is treated as a termination of the existing contract and the creation of a new contract. If the additional products and services are not distinct within the context of the contract, the modification is combined with the original contract and either an increase or decrease in revenue is recognized on the modification date.
Deferred Revenue
We recognize a contract liability (referred to as deferred revenue in our consolidated financial statements) when we have an obligation to transfer products or services to a customer in advance of us satisfying a performance obligation and the contract liability is reduced as performance obligations are satisfied and revenue is recognized. The related cost of such product is deferred as a component of deferred cost of revenue in the consolidated balance sheets. Prior to shipment of the product or the commencement of performance of maintenance services, any prepayment made by the customer is recorded as a customer deposit. Deferred revenue related to material rights for options to renew are recognized in revenue over the maintenance services period.
A description of the principal activities from which we recognize cost of revenues associated with each of our revenue streams are classified as follows:
Cost of Product Revenue - Cost of product revenue consists of costs of our Energy Servers that we sell to direct purchase, including financing partners on Third-Party PPAs, international channel providers and traditional lease customers. It includes costs paid to our materials suppliers, direct labor, manufacturing and other overhead costs, shipping costs, provisions for excess and obsolete inventory and the depreciation costs of our equipment. Warranty costs are also included in cost of product revenue, see Warranty Costs below.
Cost of Installation Revenue - Cost of installation revenue primarily consists of the costs to install our Energy Servers that we sell to direct purchase, including financing partners on Third-Party PPAs and traditional lease customers. It includes costs paid to our materials and service providers, personnel costs, shipping costs, and allocated costs.
Cost of Service Revenue - Cost of service revenue consists of costs incurred under maintenance service contracts for all customers. It includes personnel costs for our customer support organization, certain allocated costs and extended maintenance-related product repair and replacement costs.
Cost of Electricity Revenue - Cost of electricity revenue primarily consists of the depreciation of the cost of the Energy Servers owned by us or the consolidated PPA Entities and the cost of gas purchased in connection with our first PPA Entity. The cost of electricity revenue is generally recognized over the term of the Managed Services agreement or customer’s PPA contract. The cost of depreciation of the Energy Servers is reduced by the amortization of any U.S. Treasury Department grant payment in lieu of the energy investment tax credit associated with these systems.
Revenue Recognized from Portfolio Financings Through PPA Entities (See Note 13 - Portfolio Financings)
In 2010, we began selling our Energy Servers to tax equity partnerships in which we held an equity interest as a managing member, or a PPA Entity. This program was financed by the sale of an Operating Company counter-party to a portfolio of PPAs to a PPA Entity. The investors in a PPA Entity contribute cash to the PPA Entity in exchange for an equity interest, which then allows the PPA Entity to purchase the Operating Company and the Energy Servers contemplated by the portfolio of PPAs owned by such Operating Company.
The cash contributions held are classified as short-term or long-term restricted cash according to the terms of each PPA Entity's governing documents. As we identified customers, the Operating Company entered into a PPA with the customer pursuant to which the customer agreed to purchase the power generated by one or more Energy Servers at a specified rate per kilowatt hour for a specified term, which can range from 10 to 21 years. The Operating Company, wholly owned by the PPA Entity, typically entered into a maintenance services agreement with us following the first year of service to extend the standard one-year performance warranties and guaranties. This intercompany arrangement is eliminated on consolidation. Those PPAs that qualify as leases are classified as either sales-type leases or operating leases and those that do not qualify as leases are
classified as tariff agreements or revenue arrangements with customers. For arrangements classified as operating leases, tariff agreements, or revenue arrangements with customers, income is recognized as contractual amounts are due when the electricity is generated and presented within electricity revenue on the consolidated statements of operations.
Sales-type Leases - Certain Portfolio Financings with PPA Entities entered into prior to our adoption of ASC 842 qualified as sales-type leases in accordance with ASC 840. The classification for such arrangements were carried over and accounted for as sales-type leases under ASC 842. See additional discussion below under Accounting Guidance Implemented in 2020. We are responsible for the installation, operation and maintenance of the Energy Servers at the customers' sites, including running the Energy Servers during the term of the PPA which ranges from 10 to 15 years. Based on the terms of the PPAs, we may also be obligated to supply fuel for the Energy Servers. The amount billed for the delivery of electricity to customers primarily consists of returns on the amounts financed including interest revenue, service revenue and fuel revenue for certain arrangements.
As the Portfolio Financings through PPA Entities entered into prior to our adoption of ASC 842 contain a lease, the consideration received is allocated between the lease elements (lease of property and related executory costs) and non-lease elements (other products and services, excluding any derivatives) based on relative fair value. Lease elements include the leased system and the related executory costs (i.e. installation of the system, electricity generated by the system, maintenance costs). Non-lease elements include service, fuel and interest related to the leased systems.
Service revenue and fuel revenue are recognized over the term of the PPA as electricity is generated. For those transactions that contain a lease, the interest component related to the leased system is recognized as interest revenue over the life of the lease term. The customer has the option to purchase the Energy Servers at the then fair market value at the end of the PPA contract term.
Service revenue related to sales-type leases of $2.3 million, $2.9 million, and $3.4 million for the years ended December 31, 2020, 2019 and 2018, respectively, is included in electricity revenue in the consolidated statements of operations. We have not entered into any new Portfolio Financing arrangements through PPA Entities during the last three years. Accordingly, there was no product revenue for such arrangements during the years ended December 31, 2020, 2019, or 2018.
Operating Leases - Certain Portfolio Financings with PPA Entities entered into prior to the adoption of ASC 842 that were deemed leases in substance, but did not meet the criteria of sales-type leases or direct financing leases in accordance with ASC 840, were accounted for as operating leases. The classification for such arrangements were carried over and accounted for as operating leases under ASC 842. See additional discussion below under Accounting Guidance Implemented in 2020. Revenue under these arrangements is recognized as electricity sales and service revenue and is provided to the customer at rates specified under the PPAs. During the years ended December 31, 2020, 2019, and 2018, revenue from electricity sales from these Portfolio Financings with PPA Entities amounted to $27.7 million, $29.7 million, and $30.9 million, respectively. During the years ended December 31, 2020, 2019, and 2018, service revenue amounted to $13.8 million, $14.6 million, and $15.2 million, respectively.
Prior to Adoption of ASC 606 Revenue from Contracts with Customers
Prior to the adoption of ASC 606, we recognized revenue from contracts with customers for the sales of products, installation and services in accordance with ASC 605-25, Revenue Recognition for Multiple-Element Arrangements.
Revenue from the sale and installation of Energy Servers was recognized when all of the following criteria were met:
•Persuasive evidence of an arrangement existed. We relied upon non-cancelable sales agreements and purchase orders to determine the existence of an arrangement.
•Delivery and acceptance had occurred. We used shipping documents and confirmation from our installations team that the deployed systems were running at full power as defined in each contract to verify delivery and acceptance.
•The fee was fixed or determinable. We assessed whether the fee was fixed or determinable based on the payment terms associated with the transaction.
•Collectability was reasonably assured. We assessed collectability based on the customer’s credit analysis and payment history.
When these criteria were met, we allocated revenue to each element of the customer arrangement (product, installation and services) based on an estimated selling price at the arrangement inception. The estimated selling price for each element was
based upon the following hierarchy: vendor-specific objective evidence ("VSOE") of selling price, if available; third-party evidence ("TPE") of selling price, if VSOE of selling price is not available; or best estimate of selling price ("BESP") if neither VSOE of selling price nor TPE of selling price are available. We limited the amount of revenue recognized for delivered elements to an amount that was not contingent upon future delivery of additional products or services or upon meeting any specified performance conditions.
We had not been able to obtain reliable evidence of the selling price of the standalone Energy Server. Given that we typically sold an Energy Server with a maintenance service agreement and had not provided maintenance services to a customer who did not have use of an Energy Server, we had no evidence of selling prices for either and virtually no customers had elected to cancel their maintenance service agreements while continuing to operate the Energy Servers. Our objective was to determine the price at which we would have transacted business if the items were being sold separately. As a result, our estimate of our selling price was driven primarily by our expected margin on both the Energy Server and installation based on their respective costs and, in the case of maintenance service agreements, the estimated costs to be incurred during the expected service period.
Costs for Energy Servers included all direct and indirect manufacturing costs, applicable overhead costs and costs for normal production inefficiencies (i.e., variances). We then applied a margin to the Energy Servers and to expected installation costs to determine the selling price to be used in our BESP model. Costs for maintenance services arrangements were estimated over the expected life of the maintenance contracts and included estimated future service costs and future material costs. Material costs over the expected period of the service arrangement were impacted significantly by the longevity of the fuel cells themselves. After considering the total service costs, we applied a lower margin to our service costs than to our Energy Servers as it best reflected our long-term service margin expectations.
Incentives and Grants
Tariff Agreement - One of our PPA entities entered into an agreement with Delmarva Power and Light ("Delmarva"), an energy company that supplies electricity and natural gas to its customers, PJM Interconnection ("PJM"), a regional transmission organization, and the State of Delaware under which PPA II provided the energy generated from its Energy Servers to PJM and received a tariff as collected by Delmarva.
Revenue at the tariff rate was recognized as electricity sales and service revenue as it was generated over the term of the arrangement until the final repowering in December 2019. Revenue relating to power generation at the Delmarva sites of zero, $11.3 million, and $23.0 million for the years ended December 31, 2020, 2019, and 2018, respectively, is included in electricity sales in the consolidated statements of operations. Revenue relating to power generation at the Delmarva sites of zero, $6.8 million, and $13.7 million for the years ended December 31, 2020, 2019, and 2018, respectively, is included in service revenue in the consolidated statements of operations.
Investment Tax Credits - Through December 31, 2016, our Energy Servers were eligible for federal ITCs that accrued to eligible property under Internal Revenue Code Section 48. Under our Portfolio Financings with PPA Entities, ITCs are primarily passed through to Equity Investors with approximately 1% to 10% of incentives received by us. These incentives are accounted for by using the flow-through method. On February 9, 2018, the U.S. Congress passed legislation to extend the federal ITCs for fuel cell systems applicable retroactively to January 1, 2017. On December 21, 2020, the U.S. Congress passed legislation to extend the federal ITCs at a rate of 26% for a further two years.
The ITC program has operational criteria for the first five years after the qualified equipment is placed in service. If the qualified energy property is disposed or otherwise ceases to be investment credit property before the close of the five-year recapture period is fulfilled, it could result in a partial reduction of the federal tax incentives. No recapture has occurred during the years ended December 31, 2020, 2019 and 2018.
Recapture of federal tax incentives, including the investment tax credit, and Indemnifications
Our Energy Servers are eligible for federal ITCs that accrued to qualified property under Internal Revenue Code Section 48 when placed into service. However, the ITC program has operational criteria that extend for five years. If the energy property is disposed or otherwise ceases to be qualified investment credit property before the close of the five year recapture period is fulfilled, it could result in a partial reduction of the ITC. Our sale of Energy Servers to PPA Entities and pursuant to Third-Party PPAs, in each case pursuant to a Portfolio Financing, were by the PPA Entities or tax equity partnerships in which we did not have an equity interest (such transaction, a "Third-Party PPA" and the tax equity partnership purchaser, an "Investment Company") and, therefore, the PPA Entities or Investment Companies, as the case may be, bear the risk of recapture if the assets placed in service do not meet the ITC operational criteria in the future. As part of our upgrade of Energy
Servers during 2019, we have agreed to indemnify our customer for up to $108.7 million should benefits expected from anticipated ITC and established tariffs fail to occur. We believe these events to be less than likely to occur and have not established financial reserves.
Warranty Costs
We generally warrant our products sold to our customers, international channel providers, and financing parties for the first year following the date of acceptance of the Energy Servers. This standard warranty covers defects in materials, workmanship and manufacturing or performance conditions under normal use and service conditions for the first year following acceptance or for the optional extended annual maintenance services period.
Prior to adoption of ASC 606, our warranty accrual represents our best estimate of the amount necessary to settle future and existing claims during the warranty period as of the balance sheet date. We accrued for warranty costs based on estimated costs that may have been incurred including material costs, labor costs and higher customer electricity costs should the units not work for extended periods. To estimate the product warranty costs, we continuously monitored product returns for warranty failures and maintained the reserve for the related warranty expense based on various factors including historical warranty claims, field monitoring and results of lab testing.
With the adoption of ASC 606, we only recognize warranty costs for those contracts that are considered to be assurance-type warranties and consequently do not give rise to performance obligations or for those maintenance service contracts that were previously in the scope of ASC 605-20-25, Separately Priced Extended Warranty and Product Maintenance Contracts.
In addition, as part of our standard one-year warranty and managed services agreements obligations, we monitor the operations of the underlying systems and provide output and efficiency guaranties (collectively “product performance guaranties”). If the Energy Servers run at a lower efficiency or power output than we committed under our performance warranty or guaranty, we will reimburse the customer for this underperformance. Our performance obligation includes ensuring the Energy Server operates at least at the efficiency and/or power output levels set forth in the customer agreement. Our aggregate reimbursement obligation for a performance guaranty for each customer is capped based on the purchase price of the underlying Energy Server. Product performance guaranty payments are accounted for as a reduction in service revenue. We accrue for performance guaranties based on the estimated amounts reimbursable at each reporting period and recognize the costs as a reduction to revenue.
Shipping and Handling Costs
We generally record costs related to shipping and handling in cost of product revenue, cost of installation revenue and cost of service as they are incurred.
Sales and Utility Taxes
We recognize revenue on a net basis for taxes charged to our customers and collected on behalf of the taxing authorities.
Operating Expenses
Advertising and Promotion Costs - Expenses related to advertising and promotion of products are charged to sales and marketing expense as incurred. We did not incur any material advertising or promotion expenses during the years ended December 31, 2020, 2019 and 2018.
Research and Development - We conduct internally funded research and development activities to improve anticipated product performance and reduce product life-cycle costs. Research and development costs are expensed as incurred and include salaries and expenses related to employees conducting research and development.
Stock-Based Compensation - We account for stock options, restricted stock units ("RSUs") and performance-based stock units ("PSUs") awarded to employees and non-employee directors under the provisions of ASC 718, Compensation-Stock Compensation.
Stock-based compensation costs for options are measured using the Black-Scholes valuation model. The Black-Scholes valuation model uses as inputs the fair value of our common stock and assumptions we make for the volatility of our common stock, the expected term of the award, the risk-free interest rate for a period that approximates the expected term of the stock options and the expected dividend yield. In developing estimates used to calculate assumptions, we established the expected term for employee options as well as expected forfeiture rates based on the historical settlement experience and after giving
consideration to vesting schedules. For options with a vesting condition tied to the attainment of service and market conditions, stock-based compensation costs are recognized using Monte Carlo simulations. Stock-based compensation costs are recorded net of estimated forfeitures such that expense is recorded only for those stock-based awards that are expected to vest. Previously recognized costs are reversed for the portion of awards forfeited prior to vesting as and when the forfeitures occurred. We typically record stock-based compensation costs for options under the straight-line attribution method over the requisite service period which is generally the vesting term, which is generally four years for options.
Stock-based compensation costs for RSUs and PSUs are measured based on the fair value of the underlying shares on the date of grant. We recognize the compensation cost for RSUs using a straight-line basis over the requisite service period of the RSUs, which is generally three to four years. We recognize the compensation cost for PSUs over the expected performance period using the graded vesting method as the achievement of the milestones become probable, which is generally one to three years.
We also use the Black-Scholes valuation model to estimate the fair value of stock purchase rights under the Bloom Energy Corporation 2018 Employee Stock Purchase Plan (the "2018 ESPP"). The fair value of the 2018 ESPP purchase rights is recognized as expense under the multiple options approach. Forfeitures are estimated at the time of grant and revised in subsequent periods, if necessary, if actual forfeitures differ from initial estimates.
Compensation costs for equity instruments granted to non-employees is measured on the date of performance at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The fair value of the equity instruments is expensed over the term of the non-employee's service period.
Stock issued to grantees in our stock-based compensation is from authorized and previously unissued shares. Stock-based compensation expense is recorded in the consolidated statements of operations based on the employees’ respective function. Stock-based compensation costs directly associated with the product manufacturing operations process are capitalized into inventory and expensed when the capitalized asset is used in the normal course of the sales or services process.
We record deferred tax assets for awards that result in deductions on our income tax returns, unless we cannot realize the deduction (i.e., we are in a net operating loss position), based on the amount of compensation cost recognized and our statutory tax rate.
Refer to Note 10 - Stock-Based Compensation and Employee Benefit Plans for further discussion of our stock-based compensation arrangements.
Income Taxes
We account for income taxes using the liability method under ASC 740, Income Taxes ("ASC 740"). Under this method, deferred tax assets and liabilities are determined based on net operating loss carryforwards, research and development credit carryforwards and temporary differences resulting from the different treatment of items for tax and financial reporting purposes. Deferred items are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. Additionally, we must assess the likelihood that deferred tax assets will be recovered as deductions from future taxable income. We have provided a full valuation allowance on our domestic deferred tax assets because we believe it is more likely than not that our deferred tax assets will not be realized.
We follow the accounting guidance in ASC 740, which requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured pursuant to ASC 740-10 and the tax position taken or expected to be taken on our tax return. To the extent that the assessment of such tax positions change, the change in estimate is recorded in the period in which the determination is made. We established reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when we believe that certain positions might be challenged despite our belief that the tax return positions are fully supportable. The reserves are adjusted in light of changing facts and circumstances such as the outcome of a tax audit. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. We recognize interest and penalties related to unrecognized tax benefits in income tax expense.
Refer to Note 11 - Income Taxes for further discussion of our income tax expense.
Comprehensive Loss
Our comprehensive loss is comprised of net loss attributable to Class A and Class B common stock shareholders, unrealized gain (loss) on available-for-sale securities, change in the effective portion of our interest rate swap agreements and comprehensive (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest.
Fair Value Measurement
ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The guidance describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:
Level 1Quoted prices in active markets for identical assets or liabilities. Financial assets utilizing Level 1 inputs typically include money market securities and U.S. Treasury securities.
Level 2Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial liabilities utilizing Level 3 inputs include natural gas fixed price forward contracts, embedded derivatives in contracts with customers and embedded derivatives in our convertible notes. Derivative liability valuations are performed based on a binomial lattice model and adjusted for illiquidity and/or non-transferability and such adjustments are generally based on available market evidence. Contract embedded derivatives valuations are performed using a Monte Carlo simulation model which considers various potential electricity price curves over the sales contracts terms.
Other Balance Sheet Components
Cash, Cash Equivalents and Restricted Cash - Cash equivalents consist of highly liquid short-term investments with maturities of 90 days or less at the date of purchase.
Restricted cash is held as collateral to provide financial assurance that we will fulfill obligations and commitments primarily related to our Portfolio Financings, Third Party PPA and managed services arrangements. Restricted cash also includes debt service reserves, maintenance service reserves and facility lease agreements. Restricted cash that is expected to be used within one year of the balance sheet date is classified as a current asset, whereas restricted cash expected to be used more than one year from the balance sheet date is classified as a non-current asset.
Derivative Financial Instruments - We enter into derivative natural gas fixed price forward contracts to manage our exposure to the fluctuating price of natural gas under certain of our power purchase agreements entered in connection with the PPA Entities (refer to Note 13 - Portfolio Financings). In addition, we enter into fixed forward interest rate swap arrangements to convert variable interest rates on debt to a fixed rate and on occasion have committed to certain utility grid price protection guarantees in sales agreements. During the year ended December 31, 2019, we also had derivative financial instruments embedded in our 6% Convertible Notes as a means by which to provide additional incentive to investors and to obtain a lower cost cash-source of funds.
Derivative transactions are governed by procedures covering areas such as authorization, counterparty exposure and hedging practices. Positions are monitored based on changes in the spot price in the commodity market and their impact on the market value of derivatives. Credit risk on derivatives arises from the potential for counterparties to default on their contractual obligations to us. We limit our credit risk by dealing with counterparties that are considered to be of high credit quality. We do not enter into derivative transactions for trading or speculative purposes.
We account for our derivative instruments as either an asset or a liability which are carried at fair value on the consolidated balance sheets. Changes in the fair value of the derivatives that are designated and qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets. Changes in fair value of those
derivatives that no longer qualify as cash flow hedges or are derivatives that do not qualify for hedge accounting are recorded through earnings in the consolidated statements of operations.
While we hedge certain of our natural gas purchase requirements under our PPAs, we do not classify these natural gas fixed price forward contracts as designated hedges for accounting purposes. Therefore, we record the change in the fair value of our natural gas fixed price forward contracts in cost of revenue on the consolidated statements of operations. The fair value of the natural gas fixed price forward contracts is recorded on the consolidated balance sheets as a component of accrued expenses and other current liabilities and as derivative liabilities. As these forward contracts are considered economic hedges, the changes in the fair value of these forward contracts are classified as operating activities within the statement of cash flows, which is consistent with the classification of the cash flows of the hedged item.
Our interest rate swap arrangements qualify as cash flow hedges for accounting purposes as they effectively convert variable rate obligations into fixed rate obligations. The effective change is recorded in accumulated other comprehensive income (loss) and will be recognized as interest expense on settlement. As of January 1, 2019, we adopted ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"). Per ASU 2017-12, ineffectiveness is no longer required to be measured or disclosed. If a cash flow hedge is discontinued due to changes in the forecasted hedged transactions, hedge accounting is discontinued prospectively and any unrealized gain or loss on the related derivative is recorded in accumulated other comprehensive income (loss) and is reclassified into earnings in the same period during which the hedged forecasted transaction affects earnings. The fair value of the swap arrangement is recorded on the consolidated balance sheets as a component of accrued expenses and other current liabilities and as derivative liabilities. The changes in fair value of swap agreements are classified as operating activities within the statement of cash flows, which is consistent with the classification of the cash flows of the hedged item.
We issued convertible notes with conversion features. These conversion features were evaluated under ASC 815-40, Derivatives and Hedging - Contracts in an Entity's Own Equity, and were determined to be embedded derivatives that were bifurcated from the debt and were classified prior to the IPO as liabilities on the consolidated balance sheet. We recorded these derivative liabilities at fair value and adjusted the carrying value to their estimated fair value at each reporting date with the increases or decreases in the fair value recorded as a gain (loss) on revaluation of warrant liabilities and embedded derivatives in the consolidated statements of operations. Upon the IPO, the final valuation of the embedded derivative was calculated as of the date of the IPO and was reclassified from a derivative liability to additional paid-in capital.
Customer Financing Receivables - The contractual terms of our customer financing receivables are primarily contained within the PPA Entities' customer lease agreements. Leases entered into prior to our adoption of ASC 842 carried over their classification as either operating or sales-type leases in accordance with the relevant accounting guidelines. Customer financing receivables were generated by Energy Servers leased to PPA Entities’ customers in leasing arrangements that qualified and continue to be accounted for as sales-type leases. Customer financing receivables for such arrangements represent the gross minimum lease payments to be received from customers and the system’s estimated residual value, net of unearned income and allowance for estimated losses. Initial direct costs for such sales-type leases continue to be recognized as cost of revenue when the Energy Servers are placed in service.
We record a reserve for credit losses related to the collectability of customer financing receivables using the historical aging of the customer receivable balance. The collectability is determined based on past events, including historical experience, customer credit rating, as well as current market conditions. We monitor customer ratings and collectability on an on-going basis. Account balances will be charged off against the credit loss reserve, when needed, after all means of collection have been exhausted and the potential for recovery is considered remote.
Accounts Receivable - Accounts receivable primarily represents trade receivables from sales to customers recorded at amortized cost less allowance for credit losses. The allowance for credit losses reflects our best estimate about future losses over the contractual life of outstanding accounts receivable taking into consideration historical experience, specific allowances for known troubled accounts, other currently available information including customer financial condition, and both current and forecasted economic conditions.
Inventories - Inventories consist principally of raw materials, work-in-process and finished goods and are stated on a first-in, first-out basis at the lower of cost or net realizable value. We record inventory excess and obsolescence provisions for estimated obsolete or unsellable inventory, equal to the difference between the cost of inventory and estimated net realizable value based upon assumptions about market conditions and future demand for product generally expected to be utilized over the next 12 to 24 months, including product needed to fulfill our warranty obligations. If actual future demand for our products is
less than currently forecasted, additional inventory provisions may be required. Once a provision is recorded, it is maintained until the product to which it relates to is sold or otherwise disposed.
Property, Plant and Equipment - Property, plant and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Energy Servers are depreciated to their residual values over their useful economic lives which reflect consideration of the terms of their related PPA and tariff agreements. These useful lives are reassessed when there is an expected change in the use of the Energy Servers. Leasehold improvements are depreciated over the shorter of the lease term or their estimated depreciable lives. Buildings are amortized over the shorter of the lease or property term or their estimated depreciable lives. Assets under construction are capitalized as costs are incurred and depreciation commences after the assets are put into service within their respective asset class.
Depreciation is calculated using the straight-line method over the estimated depreciable lives of the respective assets as follows:
Depreciable Lives
Energy Servers
15-21 years
Computers, software and hardware
3-5 years
Machinery and equipment
5-10 years
Furniture and fixtures
3-5 years
Leasehold improvements
1-10 years
Buildings*
* Lesser of 35 years or the term of the underlying land lease.
When assets are retired or disposed, the assets and related accumulated depreciation and amortization are removed from our consolidated financial statements and the resulting gain or loss is reflected in the consolidated statements of operations.
Impairment of Long-Lived Assets - Our long-lived assets include property, plant and equipment and Energy Servers capitalized in connection with our Managed Services Financing Program, Portfolio Financings and other similar arrangements. The carrying amounts of our long-lived assets are periodically reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated.
Foreign Currency Transactions - The functional currency of our foreign subsidiaries is the U.S. dollar since they are considered financially and operationally integrated with their domestic parent. Foreign currency monetary assets and liabilities are remeasured into U.S. dollars at end-of-period exchange rates. Any currency transaction gains and losses are included as a component of other income (expense), net in our consolidated statements of operations and have not been significant for any period presented.
Allocation of Profits and Losses of Consolidated Entities to Noncontrolling Interests - We generally allocate profits and losses to noncontrolling interests under the hypothetical liquidation at book value ("HLBV") method. HLBV is a balance sheet-oriented approach for applying the equity method of accounting when there is a complex structure, such as the flip structure of the PPA Entities. Refer to Note 13 - Portfolio Financings for more information.
The determination of equity in earnings under the HLBV method requires management to determine how proceeds, upon a hypothetical liquidation of the entity at book value, would be allocated between our investors. The noncontrolling interest balance is presented as a component of permanent equity in the consolidated balance sheets.
Noncontrolling interests with redemption features, such as put options, that are not solely within our control are considered redeemable noncontrolling interests. Exercisability of put options are solely dependent upon the passage of time, and hence, such put options are considered to be probable of becoming exercisable. We elected to accrete changes in the redemption value over the period from the date it becomes probable that the instrument will become redeemable to the earliest redemption date of the instrument by using an interest method. The balance of redeemable noncontrolling interests on the balance sheets is reported at the greater of its carrying value or its maximum redemption value at each reporting date. The redeemable noncontrolling interests are classified as temporary equity and therefore are reported in the mezzanine section of the consolidated balance sheets as redeemable noncontrolling interests.
For income tax purposes, the Equity Investors of the PPA Entities receive a greater proportion of the share of losses and other income tax benefits. This includes the allocation of investment tax credits which are distributed to the Equity Investors through an Investment Company subsidiary of Bloom. Allocations are initially based on the terms specified in each respective partnership agreement until either a specific date or the Equity Investors' targeted rate of return specified in the partnership agreement is met (the "flip" of the flip structure) whereupon the allocations change. In some cases after the Equity Investors receive their contractual rate of return, we receive substantially all of the remaining value attributable to the long-term recurring customer payments and the other incentives.
Recent Accounting Pronouncements
At the time of our initial public offering, as an emerging growth company ("EGC"), we elected to use the extended transition period provided by the Jumpstart Our Business Startups Act for the implementation of new or revised accounting standards, and as a result of this election, we did not have to comply with the public company effective dates for new accounting standards until we ceased to be classified as an EGC. As a result of the market value of our publicly held common stock held by non-affiliates exceeding $700 million, measured at the end of our second fiscal quarter, we lost our EGC status effective as of December 31, 2020. This accelerated the adoption of various accounting standards as detailed below under Accounting Guidance Implemented in 2020. These accounting standards were therefore, adopted as of January 1, 2020.
As detailed below under Accounting Guidance Not Yet Adopted, we will adopt future accounting standards based on the public company effective dates.
Other than the adoption of the accounting guidance mentioned below, there have been no other significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements.
Accounting Guidance Implemented in 2020
Our adoption of the following guidance as of January 1, 2020 did not have a material impact on our consolidated financial statements and related disclosures:
•ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740)
•ASU 2018-13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
•ASU 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting
•ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments
Leases - In February 2016, the FASB issued ASC 842, which supersedes all existing lease guidance. To increase transparency and comparability among organizations, this guidance requires that an entity that lease assets recognize right-of-use (“ROU”) assets representing its right to use the underlying asset for the lease term and lease liabilities related to the rights and obligations created by those leases on the balance sheet regardless of whether they are classified as finance or operating leases, with classification affecting the pattern and presentation of expenses and cash flows on the consolidated financial statements. In addition, new disclosures are required to meet the objective of enabling users of the consolidated financial statements to better understand the amount, timing, and uncertainty of cash flows arising from leases.
Prior to December 31, 2020, as an EGC, we elected to use the extended transition period provided by the Jumpstart Our Business Startups Act for the implementation of new or revised accounting standards, and as a result of this election, we did not have to comply with the public company effective date for ASC 842 until we ceased to be classified as an EGC. Effective on December 31, 2020, we lost our EGC status which accelerated the adoption of ASC 842. As a result, we adjusted our previously reported consolidated financial statements effective January 1, 2020 in this Form 10-K for the year ended December 31, 2020.
We adopted ASC 842 on January 1, 2020 on a modified retrospective basis under which we recognized and measured leases existing at, or entered into after, the beginning of the period of adoption. We elected the optional transition approach of not adjusting our comparative period consolidated financial statements for the impacts of adoption. Upon adoption of ASC 842, we recorded right-of-use assets of $28.1 million (after deducting $9.2 million relating to a tenant improvement allowance) and
corresponding lease liabilities of $39.8 million related to our operating leases as a lessee for facilities, office buildings, and vehicles.
The comparative consolidated balance sheet as of December 31, 2019 has not been restated to reflect the adoption of ASC 842. In addition, the amounts presented as deferred lease obligations on our consolidated balance sheet as of December 31, 2019 are now included in the calculation of the operating lease ROU assets.
The transition guidance associated with ASC 842 also permitted certain practical expedients. We elected the practical expedient, which allowed us to carryforward certain aspects of our historical lease accounting under ASC 840 for leases that commenced before the effective date, including not to reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases, and (iii) initial direct costs for any existing leases. We also elected the practical expedient to not separate non-lease and lease components and instead account for them as a single lease component for all classes of underlying assets. Lastly, for all classes of underlying assets, we elected to adopt an accounting policy for which we will not record on our consolidated balance sheets leases whose terms are 12 months or less. Instead, these lease payments are recognized in profit or loss on a straight-line basis over the lease term.
Facilities, Office Buildings, and Vehicles
The lease ROU assets and related lease liabilities are classified as either operating or financing. Lease liabilities are measured at the lease commencement date as the present value of future minimum lease payments. Lease right-of-use assets are measured as the lease liability plus initial direct costs and prepaid lease payments less lease incentives. In measuring the present value of the future minimum lease payments, the discount rate for the lease is the rate implicit in the lease unless that rate cannot be readily determined. In that case, the lessee is required to use its incremental borrowing rate. In computing our lease liabilities, we use the incremental borrowing rate based on the information available on the commencement date using an estimate of company-specific rate in the U.S. on a collateralized basis and consistent with the lease term for each lease. The lease term is the non-cancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised.
The cumulative effect of applying ASC 842 on our consolidated balance sheets as of January 1, 2020 was as follows (in thousands):
December 31, 2019 (1)
Adjustments Due to the Adoption of ASC 842January 1, 2020
Assets:
Operating lease right-of-use assets$— $28,121 $28,121 
Total assets1,322,591 28,121 1,350,712 
Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest:
Operating lease liabilities - current— 5,535 5,535 
Accrued expenses and other current liabilities70,284 (1,314)(2)68,970 
Total current liabilities573,964 4,221 578,185 
Operating lease liabilities, non-current— 34,240 34,240 
Other long-term liabilities28,013 (10,340)(2)17,673 
Total liabilities1,490,451 28,121 1,518,572 
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest1,322,591 28,121 1,350,712 

(1) As reported in our 2019 Annual Report on Form 10-K.
(2) Adjustment relates to deferred rent balances as of December 31, 2019.
ROU assets for operating and finance leases are periodically reviewed for impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize. No impairment losses have been recognized to date.
We monitor for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset.
Managed Services and Portfolio Financings Through PPA Entities
Transactions with Financiers - Under the transition guidance in ASC 842, companies are required to reassess sale-leaseback transactions previously accounted for as failed sale-leaseback arrangements. Under ASC 840, we concluded that Managed Services arrangements should be accounted for as a financing arrangement given that these contracts were considered failed sale-leasebacks because the leaseback was classified under ASC 840 as a capital lease. As part of our adoption of ASC 842, we reassessed our Managed Services arrangements with financiers as of the transition date to determine whether these transactions would now qualify as successful sale-leaseback arrangements.
Our Managed Services arrangements with financiers contain repurchase options whereby we may under certain circumstances repurchase the asset from the financier, as buyer-lessor, we determined that because there will be no alternative assets that will be available for the financier to purchase that are substantially the same as the asset initially transferred, the existence of the repurchase option precludes us from concluding that control of the Energy Server system has transferred to the financier at the onset of the sale-leaseback transaction. Accordingly, we determined that the sale-leaseback transactions will continue to be accounted for as failed sale-leaseback transactions and the consideration received under such arrangements will continue to be accounted for as a financing arrangement, consistent with the accounting treatment in the prior year.
Transactions with Customers - As described above under our Revenue Recognition accounting policy, certain of our customers enter into PPAs with a PPA Entity or Managed Services agreements to finance their lease of Bloom Energy Servers. Prior to the adoption of ASC 842, such arrangements with customers that qualified as leases were classified as either sales-type leases or operating leases.
As discussed above, we elected the package of practical expedients to be applied to all leases in the transition from ASC 840 to ASC 842. Accordingly, we have not re-evaluated whether our pre-existing customer PPAs or Managed Services arrangements contain a lease. For all pre-existing customer PPAs and Managed Services arrangements, we have carried over the accounting classifications for those transactions under ASC 840, and continue to account for such transactions as either sales-type leases or operating leases under ASC 842.
As part of our adoption of ASC 842, we assessed whether customer PPAs or Managed Services arrangements entered into on or after January 1, 2020 are within the scope of ASC 842 and, if so, their appropriate accounting treatment. ASC 842 states that a contract contains a lease if the contracts convey the right to control the use of an identified asset for a period of time in exchange for consideration. Central to this analysis are two factors: (i) whether there is an identified asset; and (ii) whether the counterparty has the right to control the use of the identified asset. We determined that while there is an identified asset (i.e., the Energy Servers installed at the end-customers' facilities), the customer does not have the right to control the use of the Energy Servers because they do not have decision-making rights over how and for what purpose the Energy Servers are utilized throughout the term of the arrangement. Accordingly, the customer PPAs and Managed Services arrangements do not contain a lease, and therefore are not within the scope of ASC 842, and instead are accounted for under ASC 606.
See Note 17 - Leases, for additional information and disclosures on the impact of the adoption of ASC 842.
Accounting Guidance Not Yet Adopted
As a result of the loss of our EGC status with effect from December 31, 2020, we have revised our planned adoption dates from the nonpublic company effective dates to the pubic company effective dates for the accounting guidance below.
Cessation of LIBOR - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), which provides optional expedients for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London Interbank Offered Rate ("LIBOR") or other reference rate expected to be discontinued. An entity may elect to apply the amendments in ASU 2020-04 for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the consolidated financial statements are available to be issued. An entity may elect to apply ASU 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging instruments entered into after the beginning of the interim period that includes March 12, 2020. We are currently evaluating the impact of the adoption of ASU 2020-04 on our consolidated financial statements.
Debt with Conversion Options - In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"), which simplifies the accounting for convertible instruments. ASU 2020-06 removes certain accounting models that
separate the embedded conversion features from the host contract for convertible instruments, requiring bifurcation only if the convertible debt feature qualifies as a derivative under ASC 815 or for convertible debt issued at a substantial premium. ASU 2020-06 removes certain settlement conditions required for equity contracts to qualify for the derivative scope exception, permitting more contracts to qualify for the exception. In addition, ASU 2020-06 eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. ASU 2020-06 is effective for annual reporting periods beginning after December 15, 2021, including interim reporting periods within those annual periods, with early adoption permitted no earlier than the fiscal year beginning after December 15, 2020. We are currently evaluating the impact of the adoption of ASU 2020-06 on our consolidated financial statements.
v3.20.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Deferred Revenue and Customer Deposits
Deferred revenue and customer deposits as of December 31, 2020 and 2019 consists of the following (in thousands):
December 31,
 20202019
Deferred revenue $135,578 $175,619 
Customer deposits66,171 39,101 
Deferred revenue and customer deposits$201,749 $214,720 

Deferred revenue activity during the years ended December 31, 2020 and 2019 consists of the following (in thousands):
Years Ended
December 31,
20202019
Beginning balance$175,619 $149,612 
Additions652,960 709,843 
Revenue recognized(693,001)(683,836)
Ending balance$135,578 $175,619 
Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the end of the period. The significant component of deferred revenue at the end of the period consists of performance obligations relating to the provision of maintenance services under current contracts and future renewal periods. These obligations provide customers with material rights over a period that we estimate will be largely commensurate with the period of their expected use of the associated Energy Server. As a result, we expect to recognize these amounts as revenue over a period of up to 21 years, predominantly on a cost-to-cost basis that reflects the cost of providing these services. Deferred revenue also includes performance obligations relating to product acceptance and installation. A significant amount of this deferred revenue is reflected as additions and revenue recognized in the same period and we expect to recognize all amounts within a year. During the year ended December 31, 2020, we recognized $14.2 million of previously deferred revenue that was not associated with acceptances or service in the year as a result of a modification of a contract with a customer.
We do not disclose the value of the unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
We disaggregate revenue from contracts with customers into four revenue categories: (i) product, (ii) installation, (iii) services, and (iv) electricity (in thousands):
Years Ended
December 31,
202020192018
  Under ASC 606With Adoption of ASC 606Under ASC 605
Revenue from contracts with customers: 
Product revenue $518,633 $557,336 $400,638 
Installation revenue 101,887 60,826 68,195 
Services revenue 109,633 95,786 83,267 
Electricity revenue — 10,840 23,023 
Total revenue from contract with customers730,153 724,788 575,123 
Revenue from contracts accounted for as leases:
Electricity revenue64,094 60,389 57,525 
Total revenue$794,247 $785,177 $632,648 
v3.20.4
Financial Instruments
 12 Months Ended
Dec. 31, 2020
Cash and Cash Equivalents [Abstract]  
Financial Instruments Financial Instruments
Cash, Cash Equivalents and Restricted Cash
The carrying values of cash, cash equivalents and restricted cash approximate fair values and are as follows (in thousands):
December 31,
 20202019
As Held:
Cash$180,808 $100,773 
Money market funds235,902 276,615 
$416,710 $377,388 
As Reported:
Cash and cash equivalents$246,947 $202,823 
Restricted cash169,763 174,565 
$416,710 $377,388 
Restricted cash consisted of the following (in thousands):
December 31,
 20202019
Current:  
Restricted cash$26,706 $28,494 
Restricted cash related to PPA Entities1
25,764 2,310 
Restricted cash, current52,470 30,804 
Non-current:
Restricted cash286 10 
Restricted cash related to PPA Entities1
117,007 143,751 
Restricted cash, non-current117,293 143,761 
$169,763 $174,565 
1 We have VIEs that represent a portion of the consolidated balances recorded within the "restricted cash," and other financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2020, include $20.3 million and $0.7 million of current restricted cash, and $88.4 million and $13.3 million of non-current restricted cash, respectively, and these entities are not considered VIEs. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2019, included $108.7 million and $20.0 million of non-current restricted cash, respectively.
v3.20.4
Fair Value
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The tables below set forth, by level, our financial assets that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
 Fair Value Measured at Reporting Date Using
December 31, 2020Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$235,902 $— $— $235,902 
$235,902 $— $— $235,902 
Liabilities
Derivatives:
Natural gas fixed price forward contracts$— $— $2,574 $2,574 
Embedded EPP derivatives— — 5,541 5,541 
Interest rate swap agreements— 15,989 — 15,989 
$— $15,989 $8,115 $24,104 

 Fair Value Measured at Reporting Date Using
December 31, 2019Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$276,615 $— $— $276,615 
Interest rate swap agreements
— 3 — 3 
$276,615 $3 $— $276,618 
Liabilities
Accrued expenses and other current liabilities$996 $— $— $996 
Derivatives:
Natural gas fixed price forward contracts— — 6,968 6,968 
Embedded EPP derivatives— — 6,176 6,176 
Interest rate swap agreements— 9,241 — 9,241 
$996 $9,241 $13,144 $23,381 
Money Market Funds - Money market funds are valued using quoted market prices for identical securities and are therefore classified as Level 1 financial assets.
Interest Rate Swap Agreements - Interest rate swap agreements are valued using quoted prices for similar contracts and are therefore classified as Level 2 financial assets. Interest rate swaps are designed as hedging instruments and are recognized at fair value on our consolidated balance sheets. As of December 31, 2020, we expect $1.9 million of the loss on the interest rate swaps accumulated in other comprehensive income (loss) to be reclassified into earnings in the next 12 months.
Natural Gas Fixed Price Forward Contracts - Natural gas fixed price forward contracts are valued using a combination of factors including the counterparty's credit rating and estimates of future natural gas prices and therefore, as no observable inputs to support market activity are available, are classified as Level 3 liabilities.
The following table provides the number and fair value of our natural gas fixed price forward contracts (in thousands):
 December 31, 2020December 31, 2019
 
Number of
Contracts
(MMBTU)²
Fair
Value		Number of
Contracts
(MMBTU)²		Fair
Value
   
Liabilities¹:
Natural gas fixed price forward contracts (not under hedging relationships)830 $2,574 1,991 $6,968 
¹ Recorded in current liabilities and derivative liabilities in the consolidated balance sheets.
² One MMBTU is a traditional unit of energy used to describe the heat value (energy content) of fuels.
For the years ended December 31, 2020 and 2019, we recorded the fair value of our natural gas fixed price forward contracts and recognized losses of $0.1 million and $0.8 million, respectively. We recorded the fair value of our natural gas fixed price forward contracts and recognized gains of $4.5 million and $3.6 million for the years ended December 31, 2020 and 2019, respectively, on the settlement of these contracts in cost of revenue on our consolidated statements of operations.
Embedded Escalation Protection Plan Derivative Liability in Sales Contracts - We estimated the fair value of the embedded Escalation Protection Plan ("EPP") derivatives in certain sales contracts using a Monte Carlo simulation model, which considers various potential electricity price curves over the sales contracts' terms. We use historical grid prices and available forecasts of future electricity prices to estimate future electricity prices. We have classified these derivatives as a Level 3 financial liability.
For the years ended December 31, 2020 and 2019, we recorded the fair value of the embedded EPP derivatives and recognized an unrealized gain of $0.6 million and an unrealized loss of $2.2 million, respectively, in gain (loss) on revaluation of embedded derivatives on our consolidated statements of operations.
There were no transfers between fair value measurement classifications during the years ended December 31, 2020 and 2019.

The changes in the Level 3 financial liabilities during the year ended December 31, 2020 were as follows (in thousands):
Natural
Gas
Fixed Price
Forward
Contracts		Embedded EPP Derivative LiabilityTotal
Liabilities at December 31, 2018$9,729 $4,015 $13,744 
Settlement of natural gas fixed price forward contracts(3,605)— (3,605)
Changes in fair value844 2,161 3,005 
Liabilities at December 31, 20196,968 6,176 13,144 
Settlement of natural gas fixed price forward contracts(4,503)— (4,503)
Changes in fair value109 (635)(526)
Liabilities at December 31, 2020$2,574 $5,541 $8,115 
The following table presents the unobservable inputs related to our Level 3 liabilities:
As of December 31, 2020
Commodity ContractsDerivative LiabilitiesValuation TechniqueUnobservable InputUnitsRangeAverage
(in thousands)($ per Units)
Natural Gas$2,574 Discounted Cash FlowForward basis priceMMBTU
$2.82 - $5.03
$3.67 
The unobservable inputs used in the fair value measurement of the natural gas commodity contracts consist of inputs that are less observable due in part to lack of available broker quotes, supported by little, if any, market activity at the measurement date or are based on internally developed models. Certain basis prices (i.e., the difference in pricing between two locations) included in the valuation of natural gas contracts were deemed unobservable.
To estimate the liabilities related to the EPP contracts an option pricing method was implemented through a Monte Carlo simulation. The unobservable inputs were simulated based on the available values for avoided cost and cost of electricity as calculated for December 31, 2020, using an expected growth rate of 7% over the contracts' life and volatility of 20%. The estimated growth rate and volatility were estimated based on the historical tariff changes for the period 2008 to 2020. Avoided cost is the transmission and distribution cost expressed in dollars per kilowatt hours avoided in the given year of the contract, calculated using the billing rates of the effective utility tariff applied during the year to the host account for which usage is offset by the generator. If the billing rates within the utility tariff change during the measurement period, the average of the amount of charge for each rate shall be weighted by the number of effective months for each amount.
The inputs listed above would have had a direct impact on the fair values of the above derivatives if they were adjusted. Generally, an increase in natural gas prices and a decrease in electric grid prices would each result in an increase in the estimated fair value of our derivative liabilities.
Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis
Customer Receivables and Debt Instruments - The fair value for customer financing receivables is based on a discounted cash flow model, whereby the fair value approximates the present value of the receivables (Level 3). The senior secured notes, term loans and convertible promissory notes are based on rates currently offered for instruments with similar maturities and terms (Level 3). The following table presents the estimated fair values and carrying values of customer receivables and debt instruments (in thousands):
 December 31, 2020December 31, 2019
 Net Carrying
Value		Fair ValueNet Carrying
Value		Fair Value
   
Customer receivables
Customer financing receivables$50,746 $42,679 $55,855 $44,002 
Debt instruments
Recourse:
LIBOR + 4% Term Loan due November 2020
— — 1,536 1,590 
5% Convertible Promissory Note due 2020
— — 36,482 32,070 
10% Convertible Promissory Notes due December 2021
— — 273,410 302,047 
10% Senior Secured notes due July 2024
— — 89,962 97,512 
10.25% Senior Secured Notes due March 2027
68,614 71,831 — — 
2.5% Green Convertible Senior Notes due August 2025
99,394 426,229 — — 
Non-recourse:
7.5% Term Loan due September 2028
31,746 37,658 34,969 41,108 
6.07% Senior Secured Notes due March 2030
77,007 89,654 80,016 87,618 
LIBOR + 2.5% Term Loan due December 2021
114,138 116,113 120,437 120,510 
v3.20.4
Balance Sheet Components
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Inventories
The components of inventory consist of the following (in thousands):
December 31,
 20202019
Raw materials$79,090 $67,829 
Work-in-progress29,063 21,207 
Finished goods33,906 20,570 
$142,059 $109,606 
The inventory reserves were $14.0 million and $14.6 million as of December 31, 2020 and 2019, respectively.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
December 31,
 20202019
   
Government incentives receivable$479 $893 
Prepaid hardware and software maintenance5,227 3,763 
Receivables from employees5,160 6,130 
Other prepaid expenses and other current assets19,852 17,282 
$30,718 $28,068 
Property, Plant and Equipment, Net
Property, plant and equipment, net, consists of the following (in thousands):
December 31,
 20202019
   
Energy Servers$669,422 $650,600 
Computers, software and hardware20,432 20,275 
Machinery and equipment106,644 101,650 
Furniture and fixtures8,455 8,339 
Leasehold improvements37,497 35,694 
Building46,730 40,512 
Construction in progress21,118 12,611 
910,298 869,681 
Less: accumulated depreciation(309,670)(262,622)
$600,628 $607,059 
Depreciation expense related to property, plant and equipment, net, was $52.2 million, $78.6 million, and $53.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Depreciation expense incurred during the year ended December 31, 2019, included a decommissioning in PPA II, including the replacement during 2019 of 30 megawatts of installed Energy Servers with 27.5 megawatts of new systems sold, resulting in product cost of goods sold due to $52.5 million for the write-off of Energy Servers and $78.4 million for the cost of new systems sold, and electricity cost of revenue of
$22.6 million of accelerated depreciation charged. Additionally, during the year ended December 31, 2019, there was a decommissioning in PPA IIIb, including the replacement during 2019 of five megawatts of installed Energy Servers, resulting in product cost of goods sold of $18.0 million for the write-off of Energy Servers, and electricity cost of revenue of $1.7 million of accelerated depreciation charged in fourth quarter of 2019 related to the revised expected lives of installed systems, which we recognized in our consolidated statement of operations. There was no similar decommissioning activity or similar charges during the year ended December 31, 2020.
Property, plant and equipment, net, under operating leases by the PPA Entities was $368.0 million and $371.4 million as of December 31, 2020 and 2019, respectively. The accumulated depreciation for these assets was $115.9 million and $95.5 million as of December 31, 2020 and 2019, respectively. Depreciation expense related to our property, plant and equipment under operating leases by the PPA Entities was $23.8 million, $27.1 million and $25.5 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Depreciation expense is included in cost of product, installation, service and electricity revenue as well as research and development, sales and marketing and general and administration expenses in our consolidated statements of operations.
Other Long-Term Assets
Other long-term assets consist of the following (in thousands):
December 31,
 20202019
   
Prepaid and other long-term assets$24,116 $29,153 
Deferred commissions6,732 5,007 
Equity-method investments1,954 5,733 
Long-term deposits1,709 1,759 
$34,511 $41,652 
Accrued Warranty
Accrued warranty liabilities consist of the following (in thousands):
December 31,
 20202019
   
Product warranty$1,549 $2,345 
Product performance8,605 7,536 
Maintenance services contracts109 453 
$10,263 $10,334 

Changes in the product warranty and product performance liabilities were as follows (in thousands):
Balances at December 31, 2018$9,668 
Cumulative effect upon adoption of ASC 6061,032 
Accrued warranty, net 1,849 
Warranty expenditures during period (2,668)
Balances at December 31, 20199,881 
Accrued warranty, net 5,944 
Warranty expenditures during the year(5,671)
Balances at December 31, 2020$10,154 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following (in thousands):
December 31,
 20202019
   
Compensation and benefits$28,343 $17,173 
Current portion of derivative liabilities19,116 4,834 
Sales-related liabilities14,479 416 
Accrued installation16,468 10,348 
Sales tax liabilities2,732 3,849 
Interest payable2,224 3,875 
Other28,642 29,789 
$112,004 $70,284 
Other Long-Term Liabilities
Other long-term liabilities consist of the following (in thousands):
December 31,
 20202019
Delaware grant$9,212 $10,469 
Other3,067 17,544 
$12,279 $28,013 
In March 2012, we entered into an agreement with the Delaware Economic Development Authority to provide a grant of $16.5 million to us as an incentive to establish a new manufacturing facility in Delaware and to provide employment for full- time workers at the facility over a certain period of time. We have received $12.0 million of the grant, which is contingent upon us meeting certain milestones related to the construction of the manufacturing facility and the employment of full-time workers at the facility through September 30, 2023. We repaid $1.5 million of the grant in 2017, and no additional amounts have been repaid since then. As of December 31, 2020, we have recorded $1.3 million in current liabilities and $9.2 million in other long-term liabilities for potential future repayments of this grant. See Note 14 - Commitments and Contingencies for a full description of the grant.
v3.20.4
Outstanding Loans and Security Agreements
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Outstanding Loans and Security Agreements Outstanding Loans and Security Agreements
The following is a summary of our debt as of December 31, 2020 (in thousands):
 Unpaid
Principal
Balance		Net Carrying ValueUnused
Borrowing
Capacity		Interest
Rate		Maturity DatesEntityRecourse
 CurrentLong-
Term		Total
10.25% Senior Secured Notes due March 2027
$70,000 $— $68,614 $68,614 $— 10.25%March 2027CompanyYes
2.5% Green Convertible Senior Notes due August 2025
230,000 — 99,394 99,394 2.5%August 2025CompanyYes
Total recourse debt300,000 — 168,008 168,008 — 
7.5% Term Loan due September 2028
34,456 2,826 28,920 31,746 — 7.5%September 
2028		PPA IIIaNo
6.07% Senior Secured Notes due March 2030
77,837 3,882 73,125 77,007 — 6.1%March 2030PPA IVNo
LIBOR + 2.5% Term Loan due December 2021
114,761 114,138 — 114,138 — LIBOR plus
margin		December 2021PPA VNo
Letters of Credit due December 2021— — — — 968 2.25%December 2021PPA VNo
Total non-recourse debt227,054 120,846 102,045 222,891 968 
Total debt$527,054 $120,846 $270,053 $390,899 $968 

The following is a summary of our debt as of December 31, 2019 (in thousands):
 Unpaid
Principal
Balance		Net Carrying ValueUnused
Borrowing
Capacity		Interest
Rate		Maturity DatesEntityRecourse
 CurrentLong-
Term		Total
LIBOR + 4% Loan due November 2020
$1,571 $1,536 $— $1,536 $— LIBOR
plus margin		November 2020CompanyYes
5% Convertible Promissory Note due December 202033,104 36,482 — 36,482 — 5.0%December 2020CompanyYes
6% Convertible Promissory Notes due December 2020289,299 273,410 — 273,410 — 6.0%December 2020CompanyYes
10% Notes due July 2024
93,000 14,000 75,962 89,962 — 10.0%July 2024CompanyYes
Total recourse debt416,974 325,428 75,962 401,390 — 
7.5% Term Loan due September 2028
38,337 3,882 31,087 34,969 — 7.5%September 2028PPA IIIaNo
6.07% Senior Secured Notes due March 2030
80,988 3,151 76,865 80,016 — 6.1%March 2030PPA IVNo
LIBOR + 2.5% Term Loan due December 2021
121,784 5,122 115,315 120,437 — LIBOR plus
margin		December 2021PPA VNo
Letters of Credit due December 2021— — — — 1,220 2.25%December 2021PPA VNo
Total non-recourse debt241,109 12,155 223,267 235,422 1,220 
Total debt$658,083 $337,583 $299,229 $636,812 $1,220 
Recourse debt refers to debt that we have an obligation to pay. Non-recourse debt refers to debt that is recourse to only our subsidiaries. The differences between the unpaid principal balances and the net carrying values apply to debt discounts and deferred financing costs. We and all of our subsidiaries were in compliance with all financial covenants as of December 31, 2020 and 2019.
Recourse Debt Facilities
LIBOR + 4% Loan due November 2020 - The weighted average interest rate as of December 31, 2019 was 6.3%. As of December 31, 2020 and 2019, the unpaid principal balance of debt outstanding was zero and $1.6 million, respectively. This Term Loan was extinguished in November 2020.
5% Convertible Promissory Note due 2020 - On March 31, 2020, we entered into an Amended and Restated Subordinated Secured Convertible Note Modification Agreement (the “Constellation Note Modification Agreement”) with Constellation NewEnergy, Inc. (“Constellation”), pursuant to which Constellation agreed to extend the maturity date to December 31, 2021, increase the interest rate from 5% to 10% and reduce the strike price on the conversion feature from $38.64 per share to $8.00 per share (referred to as the "10% Constellation Note" prior to the extinguishment and the "New 10% Constellation Note" after the extinguishment).
As a result, the 10% Constellation Note, which consisted of $33.1 million in principal and $3.8 million in accrued and unpaid interest was extinguished and the New 10% Constellation Note was recognized at its fair market value, which equaled $40.7 million. The difference between the fair market value of the New 10% Constellation Note and the carrying value of the 10% Constellation Note prior to the modification of $3.8 million was recognized as a loss on extinguishment of debt in the consolidated statement of operations.
On June 18, 2020, Constellation exchanged their entire New 10% Constellation Note at the conversion price of $8.00 per share into 4.7 million shares of Class A common stock. At the time of this exchange the unamortized premium of $3.4 million was recognized as an adjustment to additional paid-in capital.
6% Convertible Promissory Notes due December 2020 - On March 31, 2020, we entered into an Amendment Support Agreement with the noteholders of our outstanding 6% Convertible Notes due December 2020 ("6% Convertible Notes"), pursuant to which such Noteholders agreed to extend the maturity date of the outstanding 6% Convertible Notes to December 1, 2021 and increase the interest rate from 6% to 10%. Additionally, the debt is convertible at the option of the Noteholders into common stock at any time through the maturity date. In addition, we amended the 6% Convertible Notes by reducing the strike price on the conversion feature from $11.25 to $8.00 per share ("10% Convertible Notes"). In conjunction with entering into the Amendment Support Agreement, on March 31, 2020, we also entered into the 10% Convertible Note Purchase Agreement and issued an additional $30.0 million aggregate principal amount of 10% Convertible Notes to certain noteholders. The 10% Convertible Notes and the $30.0 million new 10% Convertible Notes were all reflected in the Restated Indenture. On May 1, 2020, we repaid $70.0 million of the 10% Convertible Notes and accrued and unpaid interest and recognized an adjustment to the unamortized debt premium of $4.3 million.
As a result, during the year ended December 31, 2020, we recognized a $10.3 million loss on extinguishment of debt in the consolidated statement of operations, which was calculated as the difference between the reacquisition price of the 6% Convertible Notes and the carrying value of the 6% Convertible Notes. The total carrying value of the 6% Convertible Notes equaled $279.0 million, which consisted of $289.3 million in principal and $1.4 million in accrued and unpaid interest, reduced by $10.7 million in unamortized discount and $1.0 million in unamortized debt issuance costs. The total reacquisition price of the 6% Convertible Notes equaled $289.3 million, which consisted of the $340.7 million fair value of the 10% Convertible Notes, $1.4 million in accrued and unpaid interest, and $1.2 million of fees paid to noteholders as part of the amendment, reduced by $24.0 million, being the fair value at March 31, 2020 of the embedded derivative relating to the equity classified conversion feature. The fair value of the embedded feature was reclassified from additional paid-in capital at the time of the debt extinguishment.
During the year ended December 31, 2020, we called a total of $153.1 million of the 10% Convertible Notes and the noteholders, at their option, converted their notes into 19.1 million shares of our Class B common stock, which were subsequently exchanged for Class A common stock.The $96.2 million principal balance of 10% Convertible Notes due to the Canada Pension Plan Investment Board was converted to 12.0 million shares of common stock in October 2020, and the unamortized premium of $3.2 million was recorded in additional paid in capital.
10% Notes due July 2024 - The outstanding unpaid principal balance of $79.0 million on the 10% Senior Secured Notes due July 2024 was called and retired at 104% during the year ended December 31, 2020. The 4% premium of $3.2 million and unpaid accrued interest of $2.1 million were included in the final payment to the noteholders. The unrecognized debt issuance costs of $2.0 million were expensed.
10.25% Senior Secured Notes due March 2027 - On May 1, 2020, we issued $70.0 million of 10.25% Senior Secured Notes in a private placement ("10.25% Senior Secured Notes"). The 10.25% Senior Secured Notes are governed by an indenture (the “Senior Secured Notes Indenture”) entered into among us, the guarantor party thereto and U.S. Bank National Association, in its capacity as trustee and collateral agent. The 10.25% Senior Secured Notes are secured by certain of our operations and maintenance agreements that previously were part of the security for the 6% Convertible Notes. We used the proceeds of this issuance to repay $70.0 million of our 10% Convertible Notes. The 10.25% Senior Secured Notes are
supported by a $150.0 million indenture between us and U.S. Bank National Association, which contains an accordion feature for an additional $80.0 million of notes that can be issued on or prior to September 27, 2021.
Interest on the 10.25% Senior Secured Notes is payable quarterly, commencing June 30, 2020. The 10.25% Senior Secured Notes Indenture contains customary events of default and covenants relating to, among other things, the incurrence of new debt, affiliate transactions, liens and restricted payments. On or after March 27, 2022, we may redeem all of the 10.25% Senior Secured Notes at a price equal to 108% of the principal amount of the 10.25% Senior Secured Notes plus accrued and unpaid interest, with such optional redemption prices decreasing to 104% on and after March 27, 2023, 102% on and after March 27, 2024 and 100% on and after March 27, 2026. Before March 27, 2022, we may redeem the 10.25% Senior Secured Notes upon repayment of a make-whole premium. If we experience a change of control, we must offer to purchase for cash all or any part of each holder’s 10.25% Senior Secured Notes at a purchase price equal to 101% of the principal amount of the 10.25% Senior Secured Notes, plus accrued and unpaid interest. The outstanding unpaid principal of the 10.25% Senior Secured Notes of $70.0 million was classified as non-current as of December 31, 2020.
2.5% Green Convertible Senior Notes due August 2025 - In August 2020, we issued $230.0 million aggregate principal amount of our 2.5% Green Convertible Senior Notes due August 2025, unless earlier repurchased, redeemed or converted ("Green Notes"). The principal amount of the Green Notes are $230.0 million, less initial purchaser's discount of $6.9 million and other issuance costs of $3.0 million resulting in net proceeds of $220.1 million.
The Green Notes are senior, unsecured obligations accruing interest at a rate of 2.5% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2021.
We may not redeem the Green Notes prior to August 21, 2023. We may elect to redeem, at face value, all or any portion of the Green Notes at any time on or after August 21, 2023 and on or before the twenty-sixth trading day immediately before the maturity date, provided certain conditions are met.
Before May 15, 2025, the noteholders have the right to convert their Green Notes only upon the occurrence of certain events, including a conversion upon satisfaction of a condition relating to the closing price of our common stock ("the Closing Price Condition"). If the Closing Price Condition is met on at least 20 of the last 30 consecutive trading days in any quarter, the noteholders may convert their Green Notes at any time during the immediately following quarter. The Closing Price Condition was met during the quarter ended December 31, 2020 and accordingly, the noteholders may convert their Green Notes at any time during the quarter ending March 31, 2021. From and after May 15, 2025, the noteholders may convert their Green Notes at any time at their election until the close of business on the second trading day immediately before the maturity date. Should the noteholders elect to convert their Green Notes, we may elect to settle the conversion by paying or delivering, as applicable, cash, shares of our Class A common stock or a combination thereof.
The initial conversion rate is 61.6808 shares of Class A common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $16.21 per share of Class A common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” as defined occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.
In the accounting for the issuance of the Green Notes, we separated the $230.0 million aggregate principal amount into liability and equity components in accordance with ASC 470 – 20, Debt with Conversion and Other Options. The fair value of the liability component for the Green Notes of approximately $93.3 million was calculated by measuring the fair value of similar debt instruments that do not have an associated convertible feature and was classified as non-current debt on the consolidated balance sheet. The carrying amount of the equity component for the Green Notes of approximately $138.1 million, representing the conversion option, was determined by deducting the fair value of the liability component from the principal amount of the notes. The difference between the principal amount of the notes and the liability component represents the debt discount, is presented as a reduction to the notes on our consolidated balance sheets, and is amortized to interest expense using the effective interest method over the remaining term of the notes. The equity component of the Green Notes is included in additional paid-in capital on our consolidated balance sheets and is not remeasured as long as it continues to meet the conditions for equity classification.

We incurred issuance costs related to the Green Notes of approximately $9.9 million, consisting of the initial purchaser's discount of $6.9 million and other issuance costs of approximately $3.0 million. In accounting for the issuance costs, we allocated the total amount to the liability and equity components using the same proportions determined above for the notes. Transaction costs attributable to the liability component for the Green Notes of approximately $4.2 million were recorded as
debt issuance costs, presented as a reduction to the notes on our consolidated balance sheets, and are amortized to interest expense using the effective interest method over the term of the notes. The issuance costs attributable to the equity component for the Green Notes were approximately $5.7 million and were recorded as a reduction to the equity component included in additional paid-in capital.

As of December 31, 2020, the remaining lives of the Green Notes are approximately 4.7 years and accordingly, the Green Notes are classified as long-term debt. The effective interest rate of the liability components for the Green Notes is 21.9% and is based on the interest rate of similar debt instruments, at the time of our offering, that do not have associated convertible features. Total interest expense recognized related to the Green Notes for the year ended December 31, 2020 was $8.3 million, comprised of contractual interest expense of $2.2 million, amortization of debt discount of $5.9 million and amortization of issuance costs of $0.2 million.
Non-recourse Debt Facilities
7.5% Term Loan due September 2028 - In December 2012 and later amended in August 2013, PPA IIIa entered into a $46.8 million credit agreement to help fund the purchase and installation of our Energy Servers. The loan bears a fixed interest rate of 7.5% payable quarterly. The loan requires quarterly principal payments which began in March 2014. The credit agreement requires us to maintain a debt service reserve for all funded systems, the balance of which was $3.8 million and $3.8 million as of December 31, 2020 and 2019, respectively, which was included as part of long-term restricted cash in the consolidated balance sheets. The loan is secured by all assets of PPA IIIa.
6.07% Senior Secured Notes due March 2030 - The notes bear a fixed interest rate of 6.07% per annum payable quarterly, which began in December 2015 and ends in March 2030. The notes are secured by all the assets of the PPA IV. The note purchase agreement requires us to maintain a debt service reserve, the balance of which was $8.5 million and $8.0 million as of December 31, 2020 and 2019, respectively, which was included as part of long-term restricted cash in the consolidated balance sheets. The notes are secured by all the assets of the PPA IV.
LIBOR + 2.5% Term Loan due December 2021 - The current portion of the LIBOR + 2.5% Term Loan as of December 31, 2020 and 2019 was $114.1 million and $5.1 million, respectively. The non-current portion of this loan was zero and $115.3 million as of December 31, 2020 and 2019, respectively.
In accordance with the credit agreement, PPA V was issued floating rate debt based on LIBOR plus a margin, paid quarterly. The applicable margins used for calculating interest expense are 2.25% for years 1-3 following the Term Conversion Date and 2.5% thereafter. For the lenders’ commitments to the loan and the commitments to a letter of credit ("LC") facility, the PPA V also pays commitment fees at 0.50% per annum over the outstanding commitments, paid quarterly. The loan is secured by all the assets of the PPA V and requires quarterly principal payments which began in March 2017. In connection with the floating-rate credit agreement, in July 2015, PPA V entered into pay-fixed, receive-float interest rate swap agreements to convert its floating-rate loan into a fixed-rate loan.
Letters of Credit due December 2021 - In June 2015, PPA V entered into a $131.2 million term loan due December 2021. The agreement also included commitments to a LC facility with the aggregate principal amount of $6.4 million, later adjusted down to $6.2 million. The amount reserved under the letter of credit as of December 31, 2020 and 2019 was $5.2 million and $5.0 million, respectively. The unused capacity as of December 31, 2020 and 2019 was $1.0 million and $1.2 million, respectively.
Related Party Debt
Portions of the above described recourse and non-recourse debt were held by various related parties. See Note 16 - Related Party Transactions for a full description.
Repayment Schedule and Interest Expense
The following table presents details of our outstanding loan principal repayment schedule as of December 31, 2020 (in thousands):
2021$121,469 
202216,393 
202322,166 
202424,886 
2025258,022 
Thereafter84,118 
$527,054 
Interest expense of $78.8 million, $94.2 million and $105.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, was recorded in interest expense on the consolidated statements of operations, which includes interest expense - related parties of $2.5 million, $6.8 million and $8.9 million,
v3.20.4
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Interest Rate Swaps
We use various financial instruments to minimize the impact of variable market conditions on our results of operations. We use interest rate swaps to minimize the impact of fluctuations of interest rate changes on our outstanding debt where London Inter-bank Offered Rate ("LIBOR") is applied. We do not enter into derivative contracts for trading or speculative purposes.
The fair values of the derivatives designated as cash flow hedges as of December 31, 2020 and 2019 on our consolidated balance sheets are as follows (in thousands):
December 31,
 20202019
Assets 
Prepaid expenses and other current assets$— $3 
$— $3 
Liabilities
Accrued expenses and other current liabilities$15,989 $782 
Derivative liabilities— 8,459 
$15,989 $9,241 
PPA V - In July 2015, PPA V entered into nine interest rate swap agreements to convert a variable interest rate debt to a fixed rate and we designated and documented the interest rate swap arrangements as cash flow hedges. Three of these swaps matured in 2016, three will mature on December 21, 2021 and the remaining three will mature on September 30, 2031. The effective change is recorded in accumulated other comprehensive income (loss) and is recognized as interest expense on settlement. The notional amounts of the swaps are $181.4 million, $184.2 million and $186.6 million as of December 31, 2020, 2019 and 2018, respectively.
We measure the swaps at fair value on a recurring basis. Fair value is determined by discounting future cash flows using LIBOR rates with appropriate adjustment for credit risk. We realized immaterial gains attributable to the change in valuation during the years ended December 31, 2020, 2019 and 2018, and these gains are included in other income (expense), net, in the consolidated statements of operations.
The changes in fair value of the derivative contracts designated as cash flow hedges and the amounts recognized in accumulated other comprehensive income (loss) and in earnings are as follows (in thousands):
Years ended December 31,
20202019
Beginning balance$9,238 $3,548 
Loss recognized in other comprehensive loss8,465 6,131 
Amounts reclassified from other comprehensive loss to earnings(1,569)(216)
Net loss recognized in other comprehensive loss6,896 5,915 
Gain recognized in earnings(145)(225)
Ending balance$15,989 $9,238 
For the years ended December 31, 2020 and 2019, we recognized a loss of $0.1 million and $0.8 million, respectively, on the remeasurement of our natural gas fixed price forward contract. For the years ended December 31, 2020 and 2019, we recognized a realized gain of $4.5 million and $3.6 million, respectively, on the settlement of these contracts. Gains and losses are recorded in cost of revenue on the consolidated statements of operations.
Embedded EPP Derivatives in Sales Contracts
We estimate the fair value of the embedded EPP derivatives in certain of the contracts with our customers using a Monte Carlo simulation model, which considers various potential electricity price forward curves over the sales contracts' terms. We use historical grid prices and available forecasts of future electricity prices to estimate future electricity prices. The grid pricing EPP guarantees that we provided in some of our sales arrangements represent an embedded derivative, with the initial value accounted for as a reduction in product revenue and any changes, reevaluated quarterly, in the fair market value of the derivative recorded in gain (loss) on revaluation of embedded derivatives. We recognized an unrealized gain of $0.6 million, a loss of $2.2 million and a gain of $0.2 million attributable to the change in fair value for the years ended December 31, 2020, 2019 and 2018, respectively. These gains and losses are included within loss on revaluation of embedded derivatives in the consolidated statements of operations. The fair value of these derivatives is $5.5 million, $6.2 million and $4.0 million as of December 31, 2020, 2019 and 2018, respectively.
v3.20.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Our capitalization as of December 31, 2020 and 2019 is as follows:
December 31,
Authorized20202019
Shares issued and outstanding:
Total common stock - Class A1 - par value $0.0001
600,000,000 140,094,633 84,549,511 
Total common stock - Class B1 - par value $0.0001
600,000,000 27,908,093 36,486,778 
Total preferred stock10,000,000 — — 
168,002,726 121,036,289 
Rights to acquire stock:
Stock Plans' options and other equity awards outstanding:
2002 stock plan - options1,265,656 1,856,154 
2012 equity incentive plan - options8,877,792 9,982,756 
2012 equity incentive plan - other equity awards504,034 6,656,094 
2018 equity incentive plan - options5,210,823 5,998,406 
2018 equity incentive plan - other equity awards5,914,754 3,456,172 
  
Warrants outstanding:
Common stock warrants - exercise price of $27.78
468,548 481,181 
Common stock warrants - exercise price of $38.64
12,940 12,940 
Shares reserved for future issuance:
Total options/RSUs available for grant - 2018 Plan20,233,754 17,233,144 
Total shares available for grant - 2018 ESPP2,587,874 3,030,407 
1 We have two classes of authorized common stock, Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible into one share of Class A common stock at the discretion of its holder, or automatically upon the earliest to occur of (i) immediately prior to the close of business on July 27, 2023, (ii) immediately prior to the close of business on the date on which the outstanding shares of Class B common stock represent less than five percent (5%) of the aggregate number of shares of Class A common stock and Class B common stock then outstanding, (iii) the date and time or the occurrence of an event specified in a written conversion election delivered by KR Sridhar to our Secretary or Chairman of the Board to so convert all shares of Class B common stock, or (iv) immediately following the date of the death of KR Sridhar.
v3.20.4
Stock-Based Compensation and Employee Benefit Plan
 12 Months Ended
Dec. 31, 2020
Compensation Related Costs [Abstract]  
Stock-Based Compensation and Employee Benefit Plan Stock-Based Compensation and Employee Benefit Plans
Share-based grants are designed to reward employees for their long-term contributions to us and provide incentives for them to remain with us.
2002 Stock Plan
Our 2002 Stock Plan (the "2002 Plan") was approved in April 2002 and amended in June 2011. In August 2012 and in connection with the adoption of the 2012 Plan, shares authorized for issuance under the 2002 Plan were cancelled, except for those shares reserved for issuance upon exercise of outstanding stock options. Any outstanding stock options granted under the 2002 Plan remain outstanding, subject to the terms of the 2002 Plan, until such shares are issued under those awards (by exercise of stock options) or until the awards terminate or expire by terms.
Grants under the 2002 Plan generally vest ratably over a four-year period from the vesting commencement date and expire ten years from grant date. Original grants under the 2002 Plan were for "common stock". Pursuant to the Twelfth Amended and Restated Articles of Incorporation authorized in July 2018, all such shares automatically converted to Class B shares of common stock. As of December 31, 2020, options to purchase 1,265,656 shares of Class B common stock were
outstanding with a weighted average exercise price of $26.64 per share. The 2002 Stock Plan has been canceled; however, it continues to govern outstanding grants under the 2002 Stock Plan.
2012 Equity Incentive Plan
Our 2012 Equity Incentive Plan (the "2012 Plan") was approved in August 2012. The 2012 Plan provided for the grant of incentive stock options, non-statutory stock options, stock appreciation rights and restricted stock awards ("RSUs"), all of which may be granted to employees, including officers, and to non-employee directors and consultants except we may grant incentive stock options only to employees.
Grants under the 2012 Plan generally vest ratably over a four-year period from the vesting commencement date and expire ten years from grant date. Original grants under the 2012 Plan were for "common stock". Pursuant to the Twelfth Amended and Restated Articles of Incorporation authorized in July 2018, all such shares automatically converted to Class B shares of common stock. As of December 31, 2020, stock options to purchase 8,877,792 shares of Class B common stock were outstanding with a weighted average exercise price of $27.43 per share and no shares were available for future grant. As of December 31, 2020, we had outstanding RSUs that may be settled for 504,034 shares of Class B common stock under the plan. The 2012 Equity Incentive Plan has been canceled; however, it continues to govern outstanding grants under the 2012 Equity Incentive Plan.
2018 Equity Incentive Plan
The 2018 Equity Incentive Plan (the "2018 Plan") was approved in April 2018. The 2018 Plan became effective upon the IPO and will serve as the successor to the 2012 Plan. The 2018 Plan authorizes the award of stock options, restricted stock awards, stock appreciation rights, RSUs, PSUs and stock bonuses. The 2018 Plan provides for the grant of awards to employees, directors, consultants, independent contractors and advisors provided the consultants, independent contractors, directors and advisors render services not in connection with the offer and sale of securities in a capital-raising transaction. The exercise price of stock options is at least equal to the fair market value of Class A common stock on the date of grant. Grants under the 2018 Plan generally vest ratably over a four-year period from the vesting commencement date and expire ten years from grant date.
The 2018 Plan allows for an annual increase on January 1, of each of 2019 through 2028, by the lesser of (a) four percent (4%) of the number of Class A common stock, Class B common stock, and common stock equivalents (including options, RSUs, warrants and preferred stock on an as-converted basis) issued and outstanding on each December 31 immediately prior to the date of increase, and (b) such number of shares determined by the Board of Directors.
As of December 31, 2020, stock options to purchase 5,210,823 shares of Class A common stock were outstanding with a weighted average exercise price of $9.48 per share and 5,914,754 shares of outstanding RSUs that may be settled for Class A common stock which were granted pursuant to the 2018 Plan.
Stock-Based Compensation Expense
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of option valuation:
 Years Ended
December 31,
 202020192018
 
Risk-free interest rate
0.6%
1.7% - 2.6%
2.5% - 3.1%
Expected term (years)
6.6
6.4 - 6.7
6.2 - 6.7
Expected dividend yield———
Expected volatility
71.0%
45.7% - 50.2%
52.4% - 56.1%
The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations (in thousands):
 Years Ended
December 31,
 202020192018
Cost of revenue$17,475 $45,429 $29,680 
Research and development19,037 40,949 39,029 
Sales and marketing10,997 32,478 32,284 
General and administrative26,384 77,435 67,489 
$73,893 $196,291 $168,482 
As of December 31, 2020, 2019 and 2018, we capitalized $5.9 million, $7.3 million and $13.6 million of stock-based compensation cost, respectively, into inventory and property, plant and equipment.
Stock Option and RSU Activity
The following table summarizes the stock option activity under our stock plans during the reporting period:
 Outstanding Options
 Number of
Shares		Weighted
Average
Exercise
Price		Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
   (in thousands)
Balances at December 31, 201814,558,420 $25.93 6.8$3,084 
Granted4,956,064 5.60 
Exercised(358,564)4.26
Cancelled(1,318,604)25.33
Balances at December 31, 201917,837,316 20.76 6.914,964 
Granted200,000 7.30 
Exercised(1,341,324)11.18 
Cancelled(1,341,721)22.49 
Balances at December 31, 202015,354,271 21.27 6.0129,855 
Vested and expected to vest at December 31, 202014,976,706 21.55 5.9122,813 
Exercisable at December 31, 202010,311,316 26.37 4.939,569 

Stock Options - During the years ended December 31, 2020, 2019 and 2018, we recognized $19.1 million, $36.2 million and $33.3 million of stock-based compensation costs for stock options, respectively.
During the years ended December 31, 2020, 2019 and 2018, the intrinsic value of stock options exercised was $11.2 million, $2.6 million and $9.2 million, respectively.
We granted 200,000 and 4,956,064 options of Class A common stock during the years ended December 31, 2020 and 2019, and the weighted average grant-date fair value of the awards was $7.30 per share and $5.60 per share, respectively.
As of December 31, 2020 and 2019, we had unrecognized compensation costs related to unvested stock options of $20.7 million and $41.9 million, respectively. This cost is expected to be recognized over the remaining weighted-average period of 1.8 years and 2.8 years, respectively. Cash received from stock options exercised totaled $15.0 million and $1.5 million for the years ended December 31, 2020 and 2019, respectively.
A summary of our RSUs activity and related information is as follows:
Number of
Awards
Outstanding		Weighted
Average Grant
Date Fair
Value
Unvested Balance at December 31, 201816,784,800 $18.74 
Granted3,219,959 11.81 
Vested(8,921,807)18.03 
Forfeited(970,686)17.34 
Unvested Balance at December 31, 201910,112,266 17.29 
Granted4,744,467 12.43 
Vested(7,806,038)17.48 
Forfeited(631,907)14.93 
Unvested Balance at December 31, 20206,418,788 13.71 
Restricted Stock Units - The estimated fair value of RSU awards is based on the fair value of our Class A common stock on the date of grant. For the years ended December 31, 2020, 2019 and 2018, we recognized $44.1 million, $141.3 million and $142.4 million of stock-based compensation costs for RSUs, respectively.
As of December 31, 2020, we had $59.8 million of unrecognized stock-based compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted average period of 2.2 years. As of December 31, 2019, we had $52.0 million of unrecognized stock-based compensation cost related to unvested RSUs, which was expected to be recognized over a weighted average period of 1.1 years.
Executive Awards
In November 2019, the Board approved stock options ("2019 Executive Awards") to certain executive staff. The 2019 Executive Awards were granted pursuant to the 2018 EIP and consist of three vesting tranches with a vesting schedule based on the attainment of market conditions and assuming continued employment and service through each vesting date. Stock-based compensation costs associated with the 2019 Executive Awards are recognized over the service period, even though no tranches of the 2019 Performance Awards vest unless a market condition is achieved. The grant date fair value of the options is determined using a Monte Carlo simulation.
In June 2020, the Board approved stock awards ("2020 Executive Awards") to certain executive staff. The 2020 Executive Awards were PSUs granted pursuant to the 2018 EIP and consist of three vesting tranches with an annual vesting schedule based on the attainment of performance conditions and assuming continued employment and service through each vesting date. Stock-based compensation costs associated with the 2020 Executive Awards is recognized over the service period as we evaluate the probability of the achievement of the performance conditions.
In addition, during 2020, other PSUs were granted to certain executive officers and other employees that will only vest upon the achievement of certain specific financial or operational performance criteria.
The following table presents the stock activity and the total number of shares available for grant under our stock plans as of December 31, 2020:
 Plan Shares Available
for Grant
  
Balances at December 31, 201817,457,847 
Added to plan7,585,422 
Granted(8,176,023)
Cancelled2,289,290 
Expired(1,923,392)
Balances at December 31, 201917,233,144 
Added to plan7,179,751 
Granted(4,944,467)
Cancelled1,965,801 
Expired(1,200,475)
Balances at December 31, 202020,233,754 
2018 Employee Stock Purchase Plan
In April 2018, we adopted the 2018 ESPP. The 2018 ESPP became effective upon our initial public offering ("IPO") in July 2018. The 2018 ESPP is intended to qualify under Section 423 of the Internal Revenue Code. The aggregate number of our shares that may be issued over the term of our ESPP is 33,333,333 Class A common stock. A total of 3,333,333 shares of our Class A common stock were initially reserved for issuance under the plan. The number of shares reserved for issuance under the 2018 ESPP will increase automatically on the 1st day of January of each of the first nine years following the first offering date by the number of shares equal to one percent (1%) of the total number of Class A common stock, Class B common stock, and common stock equivalents (including options, RSUs, warrants and preferred stock on an as converted basis) issued and outstanding on the immediately preceding December 31 (rounded down to the nearest whole share); provided, that the Board of Directors or the Compensation Committee may in its sole discretion reduce the amount of the increase in any particular year.
The 2018 ESPP allows eligible employees to purchase shares, subject to purchase limits of 2,500 shares during each six month period or $25,000 worth of stock for each calendar year, of our Class A common stock through payroll deductions at a price per share equal to 85% of the lesser of the fair market value of our Class A common stock (i) on the first trading day of the applicable offering date and (ii) the last trading day of each purchase date.
During the years ended December 31, 2020 and 2019, we recognized $5.7 million and $10.3 million of stock-based compensation costs for the 2018 ESPP, respectively. We issued 1,937,825 shares in the year ended December 31, 2020. During the year ended December 31, 2020, we added an additional 1,494,819 shares and there were 2,587,401 shares available for issuance as of December 31, 2020.
As of December 31, 2020, we had $1.7 million of unrecognized stock-based compensation costs. This cost is expected to be recognized over a weighted average period of 0.3 years.
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
Years Ended
December 31,
20202019
Risk-free interest rate
0.12% - 1.51%
1.5% - 2.6%
Expected term (years)
0.5 - 2.0
0.5 - 2.0
Expected dividend yield——
Expected volatility
61.0% - 119.2%
45.9% - 54.0%
v3.20.4
Income Taxes
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income (loss) before the provision for income taxes are as follows (in thousands):
 Years Ended
December 31,
202020192018
United States$(179,657)$(324,467)$(291,574)
Foreign826 1,634 1,835 
    Total$(178,831)$(322,833)$(289,739)
 The provision for income taxes is comprised of the following (in thousands):
Years Ended
December 31,
202020192018
  
Current:
Federal$— $— $— 
State21 26 191 
Foreign472 595 1,407 
Total current493 621 1,598 
Deferred:
Federal— — — 
State— — — 
Foreign(237)12 (61)
Total deferred(237)12 (61)
Total provision for income taxes$256 $633 $1,537 
A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate is as follows (in thousands):
Years Ended
December 31,
202020192018
Tax at federal statutory rate$(37,552)$(67,795)$(60,845)
State taxes, net of federal effect21 26 191 
Impact on noncontrolling interest4,522 4,001 3,725 
Non-U.S. tax effect78 264 960 
Nondeductible expenses908 144 6,796 
Stock-based compensation5,956 6,484 3,892 
Loss on debt extinguishment214 — — 
U.S. tax on foreign earnings (GILTI)203 221 127 
Change in valuation allowance25,906 57,288 46,691 
   Provision for income taxes$256 $633 $1,537 
    For the year ended December 31, 2020, we recognized a provision for income taxes of $0.3 million on a pre-tax loss of $178.8 million, for an effective tax rate of (0.1)%. For the year ended December 31, 2019, we recognized a provision for income taxes of $0.6 million on a pre-tax loss of $322.8 million, for an effective tax rate of (0.2)%. For the year ended December 31, 2018, we recognized a provision for income taxes of $1.5 million on a pre-tax loss of $289.7 million, for an effective tax rate of (0.5)%. The effective tax rate for 2020, 2019 and 2018 is lower than the statutory federal tax rate primarily due to a full valuation allowance against U.S. deferred tax assets.
Significant components of our deferred tax assets and liabilities consist of the following (in thousands): 
December 31,
20202019
 
Tax credits and net operating loss carryforwards$510,599 $494,084 
Lease liabilities128,151 122,145 
Depreciation and amortization7,541 8,523 
Deferred revenue27,134 6,688 
Accruals and reserves15,068 5,874 
Stock-based compensation35,815 61,808 
Other items - deferred tax assets25,931 24,443 
Gross deferred tax assets750,239 723,565 
Valuation allowance(614,958)(633,591)
Net deferred tax assets135,281 89,974 
Investment in PPA entities(10,757)(13,494)
Debt issuance cost— (4,055)
Discount upon issuance of debt(29,513)— 
Managed services - deferred costs(21,898)— 
Right-of-use assets and leased assets(70,818)(65,978)
Other items - deferred tax liability(1,413)(5,803)
Gross deferred tax liabilities(134,399)(89,330)
  Net deferred tax asset$882 $644 
Income taxes are recorded using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income (or loss) in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, is not more-likely-than-not to be realized. Management believes that, based on available evidence, both positive and negative, it is not more likely than not that the net U.S. deferred tax assets will be utilized. As a result, a full valuation allowance has been recorded.
The valuation allowance for deferred tax assets was $615.0 million and $633.6 million as of December 31, 2020 and 2019, respectively. The net change in the total valuation allowance for the years ended December 31, 2020 and 2019 was a decrease of $18.6 million and an increase of $62.3 million, respectively.
At December 31, 2020, we had federal and state net operating loss carryforwards of $1.9 billion and $1.6 billion, respectively, to reduce future taxable income. Of the federal net operating loss carryforwards, $1.7 billion will begin to expire in 2022 and $224.8 million will carryforward indefinitely, while state net operating losses begin to expire in 2028. In addition, we had approximately $23.0 million of federal research credit, $6.6 million of federal investment tax credit, and $14.7 million of state research credit carryforwards. The federal tax credit carryforwards begin to expire in 2022. The state credit carryforwards may be carried forward indefinitely. We have not reflected deferred tax assets for the federal and state research credit carryforwards as the entire amount of the carryforwards represent unrecognized tax benefits.

Internal Revenue Code Section 382 (“Section 382”) limits the use of net operating loss and tax credit carryforwards in certain situations in which changes occur in our capital stock ownership. Any annual limitation may result in the expiration of net operating losses and credits before utilization. If we should have an ownership change, as defined by the tax law, utilization of the net operating loss and credit carryforwards could be significantly reduced. We completed a Section 382 analysis through December 31, 2020. Based on this analysis, Section 382 limitations will not have a material impact on our net operating loss and credit carryforwards related to any ownership changes.
During the year ended December 31, 2020, the amount of uncertain tax positions increased by $3.3 million. We have not recorded any uncertain tax liabilities associated with our tax positions.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits were as follows (in thousands):
Years Ended
December 31,
20202019
Unrecognized tax benefits beginning balance$34,480 $30,311 
Gross decrease for tax positions of prior year— (93)
Gross increase for tax positions of prior year307 615 
Gross increase for tax positions of current year2,966 3,647 
Unrecognized tax benefits end balance$37,753 $34,480 
If fully recognized in the future, there would be no impact to the effective tax rate, and $34.7 million would result in adjustments to the valuation allowance. We do not have any tax positions that are expected to significantly increase or decrease within the next 12 months.
Interest and penalties, to the extent there are any, would be included in income tax expense. There were no interest or penalties accrued during or for the years ended December 31, 2020 and 2019.
We are subject to taxation in the United States and various states and foreign jurisdictions. We currently do not have any income tax examinations in progress nor have we had any income tax examinations since our inception. All of our tax years will remain open for examination by federal and state authorities for three and four years from the date of utilization of any net operating losses and tax credits.
The Tax Cuts and Jobs Act of 2017 ("Tax Act") includes a provision referred to as Global Intangible Low-Taxed Income ("GILTI") which generally imposes a tax on foreign income in excess of a deemed return on tangible assets. Guidance issued by the Financial Accounting Standards Board in January 2018 allows companies to make an accounting policy election to either (i)
account for GILTI as a component of tax expense in the period in which the tax is incurred ("period cost method"), or (ii) account for GILTI in the measurement of deferred taxes ("deferred method"). We elected to account for the tax effects of this provision using the period cost method.
The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was enacted in the United States on March 27, 2020. The CARES Act includes several U.S. income tax provisions related to, among other things, net operating loss carrybacks, alternative minimum tax credits, modifications to the net interest deduction limitations, and technical amendments regarding the income tax depreciation of qualified improvement property placed in service after December 31, 2017. The CARES Act does not have a material impact on our financial results for the year ended December 31, 2020.
Our accumulated undistributed foreign earnings as of December 31, 2020 have been subject to either the deemed one-time mandatory repatriation under the Tax Act or the current year income inclusion under GILTI regime for U.S. tax purposes. If we were to make actual distributions of some or all of these earnings, including earnings accumulated after December 31, 2017, we would generally incur no additional U.S. income tax but could incur U.S. state income tax and foreign withholding taxes. We have not accrued for these potential U.S. state income tax and foreign withholding taxes because we intend to permanently reinvest our foreign earnings in our international operations. However, any additional income tax associated with the distribution of these earnings would be immaterial.
v3.20.4
Net Loss per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Net Loss per Share Attributable to Common Stockholders Net Loss per Share Available to Common Stockholders
Net loss per share (basic) available to common stockholders is calculated by dividing net loss available to common stockholders by the weighted-average shares of common stock outstanding for the period. Net loss per share is the same for each class of common stock as they are entitled to the same liquidation and dividend rights. As a result, net loss per share (basic) and net loss per share (diluted) available to common stockholders are the same for both Class A and Class B common stock and are combined for presentation.
Net loss per share (diluted) is computed by using the "if-converted" method when calculating the potentially dilutive effect, if any, of our convertible notes. Net loss per share (diluted) available to common stockholders is then calculated by dividing the resulting adjusted net loss available to common stockholders by the combined weighted-average number of fully diluted common shares outstanding. There were no adjustments to net loss available to common stockholders (diluted). Equally, there were no adjustments to the weighted average number of outstanding shares of common stock (basic) in arriving at the weighted average number of outstanding shares (diluted), as such adjustments would have been antidilutive.
We recognized a deemed dividend of $2.5 million on November 26, 2019 related to our buyout of the tax equity partner’s equity interest in PPA IIIb. The deemed dividend was recorded as a result of the buyout amount exceeding the hypothetical liquidation book value of the tax equity investor's equity interest in PPA IIIb on the date the buyout occurred. This charge impacted net income available to common stockholders and earnings per share in the year ended December 31, 2019.
The following table sets forth the computation of our net loss per share available to common stockholders, basic and diluted (in thousands, except per share amounts):
Years Ended
December 31,
 202020192018
 
Numerator:
Net loss attributable to Class A and Class B common stockholders$(157,553)$(304,414)$(273,540)
Deemed dividend— (2,454)— 
Net loss available to Class A and Class B common stockholders$(157,553)$(306,868)$(273,540)
Denominator:
Weighted average shares of common stock, basic and diluted138,722 115,118 53,268 
Net loss per share available to Class A and Class B common stockholders, basic and diluted$(1.14)$(2.67)$(5.14)
The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share available to common stockholders, diluted, for the years presented as their inclusion would have been antidilutive:
 Years Ended
December 31,
 202020192018
 
Convertible notes29,729 27,213 27,230 
Stock options and awards6,109 4,631 4,962 
35,838 31,844 32,192 
v3.20.4
Portfolio Financings
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Portfolio Financings Portfolio Financings
Overview
We have developed three financing options that enable customers' use of the Energy Servers through third-party ownership financing arrangements. One of these financing options requires the customer to pay for each kilowatt-hour produced by the Energy Servers under a PPA through a Portfolio Financing.
In some cases, similar to direct purchases and leases, the standard one-year warranty and performance guaranties are included in the price of the product. The Operating Company also enters into a master services agreement with us following the first year of service to extend the warranty services and guaranties over the term of the PPA. In other cases, the master services agreements including performance warranties and guaranties are billed on a quarterly basis starting in the first quarter following the placed-in-service date of the Energy Server(s) and continuing over the term of the PPA. The first of such arrangements was considered a sales-type lease and the product revenue from that agreement was recognized upfront in the same manner as direct purchase and lease transactions. Substantially all of our subsequent PPAs have been accounted for as operating leases with the related revenue under those agreements recognized ratably over the PPA term as electricity revenue. We recognize the cost of revenue, primarily product costs and maintenance service costs, over the shorter of the estimated useful life of the Energy Server or the term of the PPA.
We and our third-party equity investors (together "Equity Investors") contribute funds into a limited liability investment entity ("Investment Company") that owns and is parent to the Operating Company (together, the "PPA Entities"). These PPA Entities constitute VIEs under U.S. GAAP. We have considered the provisions within the contractual agreements which grant us power to manage and make decisions affecting the operations of these VIEs. We consider that the rights granted to the Equity Investors under the contractual agreements are more protective in nature rather than participating. Therefore, we have determined under the power and benefits criterion of ASC 810, Consolidations that we are the primary beneficiary of these VIEs. As the primary beneficiary of these VIEs, we consolidate in our consolidated financial statements the financial position, results of operations and cash flows of the PPA Entities, and all intercompany balances and transactions between us and the PPA Entities are eliminated in the consolidated financial statements.
In accordance with our Portfolio Financings, the Operating Company acquires Energy Servers from us for cash payments that are made on a similar schedule as if the Operating Company were a customer purchasing an Energy Server from us outright. In the consolidated financial statements, the sale of Energy Servers by us to the Operating Company are treated as intercompany transactions and as a result eliminated in consolidation. The acquisition of Energy Servers by the Operating Company is accounted for as a non-cash reclassification from inventory to Energy Servers within property, plant and equipment, net on our consolidated balance sheets. In arrangements qualifying for sales-type leases, we reduce these recorded assets by amounts received from U.S. Treasury Department cash grants and from similar state incentive rebates.
The Operating Company sells the electricity to end customers under PPAs. Cash generated by the electricity sales, as well as receipts from any applicable government incentive program, is used to pay operating expenses (including the management and services we provide to maintain the Energy Servers over the term of the PPA) and to service the non-recourse debt with the remaining cash flows distributed to the Equity Investors. In transactions accounted for as sales-type leases, we recognize subsequent customer billings as electricity revenue over the term of the PPA and amortize any applicable government incentive program grants as a reduction to depreciation expense of the Energy Server over the term of the PPA. In transactions accounted for as operating leases, we recognize subsequent customer payments and any applicable government incentive program grants as electricity revenue and service revenue over the term of the PPA.
Upon sale or liquidation of a PPA Entity, distributions would occur in the order of priority specified in the contractual agreements.
We have established six different PPA Entities to date. The contributed funds are restricted for use by the Operating Company to the purchase of our Energy Servers manufactured by us in our normal course of operations. All six PPA Entities utilized their entire available financing capacity and have completed the purchase of their Energy Servers. Any debt incurred by the Operating Companies is non-recourse to us. Under these structures, each Investment Company is treated as a partnership for U.S. federal income tax purposes. Equity Investors receive investment tax credits and accelerated tax depreciation benefits. In 2016, we purchased the tax equity investor’s interest in PPA I, which resulted in a change in our ownership interest in PPA I while we continued to hold the controlling financial interest in this company. In 2019, we bought out the then-existing tax equity investors' interest in the PPA II Investment Company, and admitted two new equity investors as a member of the PPA II Operating Company, retaining only a minor equity interest in the Operating Company. One of the new equity investors became the managing member, and as a result we determined that we no longer retained a controlling interest in the Operating Company in PPA II and therefore, the Operating Company was no longer consolidated as a VIE into our consolidated financial statements. In 2019, we also entered into a PPA IIIb upgrade of Energy Servers transaction where we bought out the equity interest of the third-party investor, decommissioned the Energy Servers in the Operating Company and sold new Energy Servers deployed at customer sites through our managed services financing option. The PPA IIIb Investment Company and Operating Company became wholly-owned by us but no longer met the definition of a VIE. We therefore continue to consolidate PPA IIIb in our consolidated financial statements.
PPA Entities' Activities Summary
The table below shows the details of the three Investment Company VIEs that were active during the year ended December 31, 2020 and their cumulative activities from inception to the years indicated (dollars in thousands):
PPA IIIaPPA IVPPA V
Overview:
Maximum size of installation (in megawatts)102140
Installed size (in megawatts) 101937
Term of power purchase agreements (in years)151515
First system installedFeb-13Sep-14Jun-15
Last system installedJun-14Mar-16Dec-16
Income (loss) and tax benefits allocation to Equity Investor99%90%99%
Cash allocation to Equity Investor99%90%90%
Income (loss), tax and cash allocations to Equity Investor after the flip date5%No flipNo flip
Equity Investor 1
US BankExelon CorporationExelon Corporation
Put option date 2
1st anniversary of flip pointN/AN/A
Company cash contributions$32,223 $11,669 $27,932 
Company non-cash contributions 3
$8,655 $— $— 
Equity Investor cash contributions $36,967 $84,782 $227,344 
Debt financing$44,968 $99,000 $131,237 
Activity as of December 31, 2020:
Distributions to Equity Investor$4,847 $8,852 $24,809 
Debt repayment—principal$10,513 $21,163 $16,475 
Activity as of December 31, 2019:
Distributions to Equity Investor$4,803 $6,692 $70,591 
Debt repayment—principal$6,631 $18,012 $9,453 
Activity as of December 31, 2018:
Distributions to Equity Investor$4,063 $4,568 $66,745 
Debt repayment—principal$4,431 $15,543 $5,780 
1 Investor name represents ultimate parent of subsidiary financing the project.
2 Investor right on the certain date, upon giving us advance written notice, to sell the membership interests to us or resign or withdraw from the investment partnership.
3 Non-cash contributions consisted of warrants that were issued by us to respective lenders to each PPA Entity, as required by such entity’s credit agreements. The corresponding values are amortized using the effective interest method over the debt term.
The noncontrolling interests in PPA IIIa are redeemable as a result of the put option held by the Equity Investors as of December 31, 2020 and 2019. At December 31, 2020 and 2019, the carrying value of redeemable noncontrolling interests of $0.4 million and $0.4 million, respectively, exceeded the maximum redemption value.
PPA Entities’ Aggregate Assets and Liabilities
Generally, the assets of an Operating Company owned by an Investment Company can be used to settle only the Operating Company obligations, and the Operating Company creditors do not have recourse to us. The following are the aggregate carrying values of our VIEs' assets and liabilities in our consolidated balance sheets, after eliminations of intercompany transactions and balances, including each of the PPA Entities in the PPA IIIa transaction, the PPA IV transaction, and the PPA V transaction (in thousands):
 December 31,
2020		December 31, 2019
   
Assets
Current assets:
Cash and cash equivalents$1,421 $1,894 
Restricted cash4,698 2,244 
Accounts receivable4,420 4,194 
Customer financing receivable5,428 5,108 
Prepaid expenses and other current assets3,048 3,587 
Total current assets19,015 17,027 
Property and equipment, net252,020 275,481 
Customer financing receivable, non-current45,268 50,747 
Restricted cash15,320 15,045 
Other long-term assets37 607 
Total assets$331,660 $358,907 
Liabilities
Current liabilities:
Accrued expenses and other current liabilities$19,510 $1,391 
Deferred revenue and customer deposits662 662 
Current portion of debt120,846 12,155 
Total current liabilities141,018 14,208 
Derivative liabilities— 8,459 
Deferred revenue6,072 6,735 
Long-term portion of debt102,045 223,267 
Other long-term liabilities— 2,355 
Total liabilities$249,135 $255,024 
As of January 1, 2020, the flip date, we are the majority owner shareholder in PPA IIIa receiving 95% of all cash distributions and profits and losses. In addition, we consolidated each PPA Entity as VIEs in the PPA IV transaction and PPA V transaction, as we remain the minority shareholder in each of these transactions but have determined that we are the primary beneficiary of these VIEs. These PPA Entities contain debt that is non-recourse to us and own Energy Server assets for which we do not have title.
We believe that by presenting assets and liabilities separate from the PPA Entities, we provide a better view of the true operations of our core business. The table below provides detail into the assets and liabilities of Bloom Energy separate from the PPA Entities. The table provides our stand-alone assets and liabilities, those of the PPA Entities combined, and our consolidated balances as of December 31, 2020 and 2019 (in thousands):
 December 31, 2020December 31, 2019
 Bloom EnergyPPA EntitiesConsolidatedBloom EnergyPPA EntitiesConsolidated
Assets
Current assets
$599,589 $19,015 $618,604 $455,680 $17,027 $472,707 
Long-term assets
523,138 312,645 835,783 508,004 341,880 849,884 
Total assets$1,122,727 $331,660 $1,454,387 $963,684 $358,907 $1,322,591 
Liabilities
Current liabilities
$295,359 $20,172 $315,531 $234,328 $2,053 $236,381 
Current portion of debt
— 120,846 120,846 325,428 12,155 337,583 
Long-term liabilities
600,489 6,072 606,561 599,709 17,549 617,258 
Long-term portion of debt
168,008 102,045 270,053 75,962 223,267 299,229 
Total liabilities$1,063,856 $249,135 $1,312,991 $1,235,427 $255,024 $1,490,451 
v3.20.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
Purchase Commitments with Suppliers and Contract Manufacturers - In order to reduce manufacturing lead-times and to ensure an adequate supply of inventories, we have agreements with our component suppliers and contract manufacturers to allow long lead-time component inventory procurement based on a rolling production forecast. We are contractually obligated to purchase long lead-time component inventory procured by certain manufacturers in accordance with our forecasts. We can generally give notice of order cancellation at least 90 days prior to the delivery date. However, we issue purchase orders to our component suppliers and third-party manufacturers that may not be cancellable. As of December 31, 2020 and 2019, we had no material open purchase orders with our component suppliers and third-party manufacturers that are not cancellable.
Portfolio Financings - Under the terms of the PPA I transaction, customers agree to purchase power from our Energy Servers at negotiated rates, generally for periods of up to 15 years. We are responsible for all operating costs necessary to maintain, monitor and repair the Energy Servers, including the fuel necessary to operate the systems under certain PPAs. The risk associated with the future market price of fuel purchase obligations is mitigated with commodity contract futures. For additional information, see Note 13 - Portfolio Financings.
We guarantee the performance of Energy Servers at certain levels of output and efficiency to its customers over the contractual term. The PPA Entities monitor the need for any accruals arising from such guaranties, which are calculated as the difference between committed and actual power output or between natural gas consumption at warranted efficiency levels and actual consumption, multiplied by the contractual rates with the customer. Amounts payable under these guaranties are accrued in periods when the guaranties are not met and are recorded in cost of service revenue in the consolidated statements of operations. We paid $7.4 million and $3.5 million for the years ended December 31, 2020 and 2019, respectively.
Letters of Credit - In June 2015, PPA V entered into a $131.2 million credit agreement to fund the purchase and installation of our Energy Servers. The lenders have commitments to a Letter of Credit ("LC") facility with the aggregate
principal amount of $6.2 million. The LC facility is to fund the debt service reserve account. The amount reserved under the LC as of December 31, 2020 was $5.2 million.
In 2019, pursuant to the PPA II upgrade of Energy Servers, we agreed to indemnify our financing partner for losses that may be incurred in the event of certain regulatory, legal or legislative development and established a cash-collateralized LC for this purpose. As of December 31, 2020, the balance of this cash-collateralized LC was $108.7 million, of which $20.3 million and $88.4 million is recognized as short-term and long-term restricted cash, respectively.
Pledged Funds - In 2019, pursuant to the PPA IIIb upgrade of Energy Servers, we have restricted cash of $20.0 million, which has been pledged for a seven-year period to secure our operations and maintenance obligations with respect to the totality of our obligations to the financier. All or a portion of such funds would be released if we meet certain credit rating and/or market capitalization milestones prior to the end of the pledge period. If we do not meet the required criteria within the first five-year period, the funds would still be released to us over the following two years as long as the Energy Servers continue to perform in compliance with our warranty obligations.
Contingencies
Indemnification Agreements - We enter into standard indemnification agreements with our customers and certain other business partners in the ordinary course of business. Our exposure under these agreements is unknown because it involves future claims that may be made against us but have not yet been made. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. However, we may record charges in the future as a result of these indemnification obligations.
Delaware Economic Development Authority - In March 2012, we entered into an agreement with the Delaware Economic Development Authority to provide a grant of $16.5 million to us as an incentive to establish a new manufacturing facility in Delaware and to provide employment for full time workers at the facility over a certain period of time. The grant contains two types of milestones that we must complete to retain the entire amount of the grant proceeds. The first milestone was to provide employment for 900 full time workers in Delaware by the end of the first recapture period of September 30, 2017. The second milestone was to pay these full-time workers a cumulative total of $108.0 million in compensation by September 30, 2017. There are two additional recapture periods at which time we must continue to employ 900 full time workers and the cumulative total compensation paid by us is required to be at least $324.0 million by September 30, 2023. As of December 31, 2020, we had 424 full time workers in Delaware and paid $152.2 million in cumulative compensation. As of December 31, 2019, we had 323 full time workers in Delaware and paid $120.1 million in cumulative compensation. We have so far received $12.0 million of the grant, which is contingent upon meeting the milestones through September 30, 2023. In the event that we do not meet the milestones, we may have to repay the Delaware Economic Development Authority, up to $2.0 million on September 30, 2021 and up to an additional $2.5 million on September 30, 2023. We repaid $1.5 million of the grant in 2017, and no additional amounts have been repaid since then. As of December 31, 2020, we have recorded $1.3 million in current liabilities and $9.2 million in other long-term liabilities for potential future repayments of this grant.
Investment Tax Credits - Our Energy Servers are eligible for federal ITCs that accrued to qualified property under Internal Revenue Code Section 48 when placed into service. However, the ITC program has operational criteria that extend for five years. If the energy property is disposed of or otherwise ceases to be qualified investment credit property before the close of the five-year recapture period is fulfilled, it could result in a partial reduction of the incentives. Energy Servers are purchased by the PPA Entities, other financial sponsors, or customers and, therefore, these parties bear the risk of repayment if the assets placed in service do not meet the ITC operational criteria in the future although in certain limited circumstances we do provide indemnification for such risk.
Legal Matters - We are involved in various legal proceedings that arise in the ordinary course of business. We review all legal matters at least quarterly and assess whether an accrual for loss contingencies needs to be recorded. We record an accrual for loss contingencies when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Legal matters are subject to uncertainties and are inherently unpredictable, so the actual liability in any such matters may be materially different from our estimates. If an unfavorable resolution were to occur, there exists the possibility of a material adverse impact on our consolidated financial condition, results of operations or cash flows for the period in which the resolution occurs or on future periods.
In July 2018, two former executives of Advanced Equities, Inc., Keith Daubenspeck and Dwight Badger, filed a statement of claim with the American Arbitration Association in Santa Clara, CA, against us, Kleiner Perkins, Caufield & Byers, LLC (“KPCB”), New Enterprise Associates, LLC (“NEA”) and affiliated entities of both KPCB and NEA seeking to compel arbitration and alleging a breach of a confidential agreement executed between the parties on June 27, 2014 (the
“Confidential Agreement”). On May 7, 2019, KPCB and NEA were dismissed with prejudice. On June 15, 2019, a second amended statement of claim was filed against us alleging securities fraud, fraudulent inducement, a breach of the Confidential Agreement, and violation of the California unfair competition law. On July 16, 2019, we filed our answering statement and affirmative defenses. On September 27, 2019, we filed a motion to dismiss the statement of claim. On March 24, 2020, the Tribunal denied our motion to dismiss in part, and ordered that claimant’s relief is limited to rescission of the Confidential Agreement or remedies consistent with rescission, and not expectation damages. On September 14, 2020, the Tribunal issued an interim order dismissing the Claimant’s remaining claims and requesting further briefing on the issue of prevailing party. On November 10, 2020, the Tribunal issued an order declaring Bloom the prevailing party and requesting a motion for award of attorney’s fees. We are waiting for the final order on the award of attorney fees.
On July 30, 2020, claimants notified us that they intend to file a complaint in the Northern District of California seeking to stay the arbitration, and disqualify the arbitration panel on procedural grounds. We believe claimants have no basis to bring this complaint and that doing so will breach the Confidential Agreement. Claimants have not yet filed such complaint.
In June 2019, Messrs. Daubenspeck and Badger filed a complaint against our Chief Executive Officer ("CEO") and our former Chief Financial Officer ("CFO") in the United States District Court for the Northern District of Illinois asserting nearly identical claims as those in the pending arbitration discussed above. The lawsuit was stayed pending the outcome of the arbitration. Once the arbitration was dismissed, on October 2, 2020, plaintiffs filed a motion to lift the stay and on October 20, 2020, over our objection, the motion was granted. We intend to file a motion to dismiss once we have received the final order from the arbitration regarding attorney’s fees. We believe the complaint to be without merit and that the issues were previously tried and dismissed in the arbitration. We are unable to estimate any range of reasonably possible losses.
In March 2019, the Lincolnshire Police Pension Fund filed a class action complaint in the Superior Court of the State of California, County of Santa Clara, against us, certain members of our senior management, certain of our directors and the underwriters in our July 25, 2018 IPO alleging violations under Sections 11 and 15 of the Securities Act of 1933, as amended (the "Securities Act"), for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with our IPO. Two related class action cases were subsequently filed in the Santa Clara County Superior Court against the same defendants containing the same allegations; Rodriquez vs Bloom Energy et al. was filed on April 22, 2019 and Evans vs Bloom Energy et al. was filed on May 7, 2019. These cases have been consolidated. Plaintiffs' consolidated amended complaint was filed with the court on September 12, 2019. On October 4, 2019, defendants moved to stay the lawsuit pending the federal district court action discussed below. On December 7, 2019, the Superior Court issued an order staying the action through resolution of the parallel federal litigation mentioned below. We believe the complaint to be without merit and we intend to defend this action vigorously. Given that the case is still in its early stages, we are unable to estimate any range of reasonably possible losses.
In May 2019, Elissa Roberts filed a class action complaint in the federal district court for the Northern District of California against us, certain members of our senior management team, and certain of our directors alleging violations under Section 11 and 15 of the Securities Act for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with our IPO. On September 3, 2019, James Hunt was appointed as lead plaintiff and Levi & Korsinsky was appointed as plaintiff’s counsel. On November 4, 2019, plaintiffs filed an amended complaint adding the underwriters in our initial public offering, claims under Sections 10b and 20a of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and extending the class period to September 16, 2019. On April 21, 2020, plaintiffs filed a second amended complaint adding claims under the Securities Act. The second amended complaint also adds allegations pertaining to the restatement and, as to claims under the Exchange Act, extends the class period through February 12, 2020. On July 1, 2020, we filed a motion to dismiss the second amended complaint and are waiting for a ruling on that motion. We believe the complaint to be without merit and we intend to defend this action vigorously. Because this action is in the early stages, we are unable to predict the outcome of this litigation at this time and accordingly are not able to estimate any range of reasonably possible losses.
In September 2019, we received a books and records demand from purported stockholder Dennis Jacob (“Jacob Demand”). The Jacob Demand cites allegations from the September 17, 2019 report prepared by admitted short seller Hindenburg Research. In November 2019, we received a substantially similar books and records demand from the same law firm on behalf of purported stockholder Michael Bolouri (“Bolouri Demand” and, together with the Jacob Demand, the “Demands”). On January 13, 2020, Messrs. Jacob and Bolouri filed a complaint in the Delaware Court of Chancery to enforce the Demands in the matter styled Jacob, et al. v. Bloom Energy Corp., C.A. No. 2020-0023-JRS. On March 9, 2020, Messrs. Jacob and Bolouri filed an amended complaint in the Delaware Court of Chancery to add allegations regarding the restatement. The court held a one-day trial on December 7, 2020. On February 25, 2021, the Delaware Court of Chancery issued a decision rejecting the Bolouri Demand but granting in part the Jacob Demand allowing limited access to certain books and records
pertaining to the allegations made in the Hindenburg Research Report. We are unable to estimate any range of reasonably possible losses.
In March 2020, Francisco Sanchez filed a class action complaint in Santa Clara County Superior Court against us alleging certain wage and hour violations under the California Labor Code and Industrial Welfare Commission Wage Orders and that we engaged in unfair business practices under the California Business and Professions Code, and in July 2020 he amended his complaint to add claims under the California Labor Code Private Attorneys General Act. On November 30, 2020, we filed a motion to compel arbitration and the motion was to be heard on March 5, 2021. On February 24, 2021, Mr.Sanchez dismissed the individual and class action claims without prejudice, leaving one cause of action for enforcement of the Private Attorney Generals Act . Given that the case is still in its early stages, we are unable to estimate any range of reasonably possible losses.
On April 2, 2020, we agreed with the U.S. Environmental Protection Agency ("EPA") on the terms of a Consent Agreement and Final Order. On May 12, 2020, an Administrative Law Judge of the Environmental Appeals Board of the EPA ratified the Consent Agreement between EPA and us, which was incorporated by reference into a Final Order to resolve EPA Docket No. RCRA-HQ-2020-501. Under the Consent Agreement, we paid a civil penalty of approximately $0.2 million and submitted to an audit for the time period from September 2015 to December 2019. Shipments of its desulfurization units made during that time period utilizing the Manufacturing Process Unit ("MPU") exemption will be subject to a penalty based on per ship penalty amounts agreed to with the EPA. We utilized the MPU until November of 2016 and $1.2 million was accrued during the first quarter of 2020. The audit was completed during the fourth quarter of 2020 and the penalty for shipments made was approximately $1.2 million. The EPA accepted the audited amount and payment was made by us during the fourth quarter of 2020. The matter is now closed.
v3.20.4
Segment Information
 12 Months Ended
Dec. 31, 2020
Risks and Uncertainties [Abstract]  
Segment Information Segment Information Our chief operating decision makers ("CODMs"), our CEO and the CFO, review financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The CODMs allocate resources and make operational decisions based on direct involvement with our operations and product development efforts. We are managed under a functionally-based organizational structure with the head of each function reporting to the Chief Executive Officer. The CODMs assess performance, including incentive compensation, based upon consolidated operations performance and financial results on a consolidated basis. As such, we have a single operating unit structure and are a single reporting segment.
v3.20.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Our operations include the following related party transactions (in thousands):
 Years Ended
December 31,
 202020192018
Total revenue from related parties$7,562 $228,100 $32,381 
Interest expense to related parties2,513 6,756 8,893 
Consulting expenses to related parties 1 (included in general and administrative expense)
— — 125 
1As of July 2019, we no longer have a consultant considered to be a related party.
Bloom Energy Japan Limited
In May 2013, we entered into a joint venture with Softbank Corp., which is accounted for as an equity method investment. Under this arrangement, we sell Energy Servers and provide maintenance services to the joint venture. For the years ended December 31, 2020 and 2019, we recognized related party total revenue of $3.4 million and $4.2 million, respectively. Accounts receivable from this joint venture was $2.4 million as of December 31, 2020 and 2019.
SK Engineering & Construction Co., Ltd Joint Venture
In September 2019, we entered into a joint venture agreement with SK E&C to establish a light-assembly facility in the Republic of Korea for sales of certain portions of our Energy Server for the stationary utility and commercial and industrial market in the Republic of Korea. The joint venture is majority controlled and managed by us and is accounted for as a consolidated subsidiary. For the year ended December 31, 2020, we recognized related party total revenue of $4.2 million and we had no outstanding accounts receivable from this joint venture as of December 31, 2020.
Debt to Related Parties
We had no debt or convertible notes from investors considered to be related parties as of December 31, 2020.
The following is a summary of our debt and convertible notes from investors considered to be related parties as of December 31, 2019 (in thousands):
 Unpaid
Principal
Balance		Net Carrying Value
 CurrentLong-
Term		Total
Recourse debt from related parties:
10% Convertible Promissory Notes due December 2021 from related parties
$20,801 $20,801 $— $20,801 
Non-recourse debt from related parties:
7.5% Term Loan due September 2028 from related parties
38,337 3,882 31,088 34,970 
Total debt from related parties$59,138 $24,683 $31,088 $55,771 
In November 2019, one related-party note holder exchanged $6.9 million of their 10% Convertible Notes at the conversion price of $11.25 per share into 616,302 shares of Class A common stock. On March 31, 2020, we issued $30.0 million of new 10% Convertible Notes to two related-party note holders. In May 2020, the 7.5% term loan note holder ceased to be considered a related party. We repaid $2.1 million and $2.2 million of the non-recourse 7.5% term loan principal balance in the year ended December 31, 2020 and 2019, respectively, and we paid $0.7 million and $3.0 million of interest in the year ended December 31, 2020 and 2019, respectively. In August 2020, NEA, Foris Ventures, LLC, and KPCB converted their notes of $33.9 million, $10.0 million and $6.9 million, plus accrued and unpaid interest into 4.2 million, 1.3 million and 0.9 million shares of Class B common stock respectively. All of the noteholders subsequently converted their shares into Class A common stock during August and September 2020. The unamortized premium of $2.3 million was reclassified to additional paid in capital. See Note 7 - Outstanding Loans and Security Agreements for additional information on our debt facilities.
v3.20.4
Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Leases
Facilities, Office Buildings, and Vehicles
We lease most of our facilities, office buildings and vehicles under operating leases that expire at various dates through July 2029. We lease various manufacturing facilities in Sunnyvale, Fremont, and Mountain View, California. Our lease for our Sunnyvale manufacturing facilities was entered into in April 2005 and expired in December 2020. In January 2021, we extended this lease to December 2023. In June 2020, we signed a lease in Fremont that will expire in 2027 to replace the manufacturing facility in Sunnyvale. Our current lease for our manufacturing facilities at Mountain View was entered into in December 2011, and expired in December 2019, but it extended on a month-to-month basis. The existing plants together comprise approximately 370,601 square feet of space. We lease additional office space as field offices in the United States and around the world including in India, the Republic of Korea, China, and Taiwan.

Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease cost under such arrangements on a straight-line basis over the life of the leases. During the year ended December 31, 2020, rent expense for all occupied facilities was $9.9 million. During the years ended December 31, 2019 and 2018, prior to our adoption of ASC 842, rent expense for all occupied facilities was $7.8 million and $6.3 million, respectively.
At inception of the contract, we assess whether a contract is a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification, measurement, and recognition are determined at lease commencement, which is the date the underlying asset is available for use by us. The accounting classification of a lease is based on whether the arrangement is effectively a financed purchase of the underlying asset (financing lease) or not (operating lease). Our operating leases are comprised primarily of leases for facilities, office buildings, and vehicles, and our financing leases are comprised primarily of vehicles.

Our leases have remaining lease terms ranging from less than 1 year to 9 years, some of which include options to extend the leases. The lease term is the non-cancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised.

Lease liabilities are measured at the lease commencement date as the present value of future lease payments. Lease right-of-use assets are measured as the lease liability plus initial direct costs and prepaid lease payments less lease incentives. In measuring the present value of the future lease payments, the discount rate for the lease is the rate implicit in the lease unless that rate cannot be readily determined. In that case, the lessee is required to use its incremental borrowing rate. In computing our lease liabilities, we use the incremental borrowing rate based on the information available on the commencement date using an estimate of company-specific rate in the United States on a collateralized basis and consistent with the lease term for each lease. The lease term is the non-cancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised.

Operating and financing lease right-of-use assets and lease liabilities for facilities, office buildings, and vehicles as of December 31, 2020 were as follows (in thousands):
December 31, 2020
Assets:
Operating lease right-of-use assets, net 1, 2
$35,621 
Financing lease right-of-use assets, net 3, 4
334
Total
$35,955 
Liabilities:
Current:
Operating lease liabilities
$7,899 
Financing lease liabilities 5
74 
Total current lease liabilities
7,973 
Non-current:
Operating lease liabilities
41,849 
Financing lease liabilities 6
267 
Total non-current lease liabilities
42,116 
Total lease liabilities
$50,089 
1 At December 31, 2020, these assets primarily include leases for facilities, office buildings, and vehicles.
2 Net of accumulated amortization.
3 At December 31, 2020, these assets primarily include leases for vehicles.
4 Included in property, plant and equipment, net, in the consolidated balance sheets, net of accumulated amortization.
5 Included in accrued expenses and other current liabilities in the consolidated balance sheets.
6 Included in other long-term liabilities in the consolidated balance sheets.
The components of our facilities, office buildings, and vehicles' lease costs for the year ended December 31, 2020 were as follows (in thousands):
December 31, 2020
Operating lease costs
$9,804 
Financing lease costs:
Amortization of financing lease right-of-use assets
51
Interest expense for financing lease liabilities
16
Total financing lease costs
67
Short-term lease costs
613
Total lease costs
$10,484 

Weighted average remaining lease terms and discount rates for our facilities, office buildings, and vehicles as of December 31, 2020 were as follows:
December 31, 2020
Remaining lease term (years):
Operating leases
6.7 years
Finance leases
4.2 years
Discount rate:
Operating leases
8.7 %
Finance leases
7.0 %

Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of December 31, 2020, were as follows (in thousands):
Operating Leases
Finance Leases
2021
$11,388 $95 
2022
8,211 95 
2023
8,292 90 
2024
8,472 84 
2025
8,330 28 
Thereafter
19,863 — 
Total minimum lease payments
64,556 392 
Less: amounts representing interest or imputed interest
(14,808)(51)
Present value of lease liabilities
$49,748 $341 

As of December 31, 2020, we had additional operating leases related to facilities that will commence during 2021 with future lease payments of $5.2 million. These operating leases will commence in fiscal year 2021 with lease terms of up to 3 years.
Prior to adoption of ASC 842, at December 31, 2019, future minimum lease payments under operating leases were as follows (in thousands):
Operating Leases
2020
$7,250 
2021
5,495 
2022
4,168 
2023
4,230 
2024
4,357 
Thereafter
17,913 
Total lease payments
$43,413 
Managed Services and Portfolio Financings Through PPA Entities
As described above under Accounting Guidance Implemented in 2020, certain of our customers enter into Managed Services or Portfolio Financings through a PPA Entity to finance their lease of Bloom Energy Servers. Prior to the adoption of ASC 842, such arrangements with customers that qualified as leases were classified as either sales-type leases or operating leases. For all pre-existing Managed Services arrangements or Portfolio Financings through PPA Entities, we have carried over the accounting classifications for those transactions and continue to account for such transactions as either sales-type leases or operating leases under ASC 842. Customer arrangements under Managed Services and Portfolio Financings through PPA Entities do not contain a lease under ASC 842 and are accounted for under ASC 606 as revenue arrangements.
Lease agreements under our Managed Services arrangements and Portfolio Financings through PPA Entities include non-cancellable lease terms, during which terms the majority of our investment in Energy Servers under lease are typically recovered. The Company mitigates remaining residual value risk of its Energy Servers through its provision of maintenance on the Energy Servers during the lease term and through insurance whose proceeds are payable in the event of theft, loss, damage, or destruction.

Managed Services Financings - Our Managed Services arrangements with financiers are accounted for as financing transactions. Payments received from the financier are recognized as financing obligations in our consolidated balance sheets. These financing obligations are included in each agreements' contract value and are recognized as short-term or long-term liabilities based on the estimated payment dates. The lease agreements expire on various dates through 2034 and there was no recorded rent expense for the year ended December 31, 2020.
At December 31, 2020, future lease payments under the Managed Services financing obligations and the sublease payments from the customers under the related operating leases were as follows (in thousands):
Financing Obligations
Sublease Payments1
2021$40,589 $(40,589)
202241,584 (41,584)
202342,526 (42,526)
202440,429 (40,429)
202539,379 (39,379)
Thereafter87,623 (87,623)
Total lease payments292,130 $(292,130)
Less: imputed interest(172,860) 
Total lease obligations119,270  
Less: current obligations(12,745) 
Long-term lease obligations$106,525  
1 Sublease Payments primarily represents the fees received by the bank from our customer for the electricity generated by our Energy Servers leased under our Managed Services and other similar arrangements, which also pay down our financing obligation to the bank.
The long-term financing obligations, as reflected in our Consolidated Balance Sheets, were $460.0 million and $446.2 million as of December 31, 2020 and 2019, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point.
Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA Entity that qualified as leases are accounted for as either sales-type leases or operating leases. We have not entered into any new PPAs with customers under such arrangements during 2020.
The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands):
December 31, 2020
Lease payment receivables, net1
$49,806 
Estimated residual value of leased assets (unguaranteed)
890 
Net investment in sales-type leases
50,696 
Less: current portion(5,428)
Non-current portion of net investment in sales-type leases$45,268 
1 Net of current estimated credit losses of approximately $0.1 million as of December 31, 2020.
As of December 31, 2020, the future scheduled customer payments from sales-type leases were as follows (in thousands):
Future minimum lease payments
2021$5,796 
20226,110 
20236,435 
20246,797 
20257,125 
Thereafter19,176 
Total undiscounted cash flows51,439 
Less: imputed interest(1,582)
Present value of lease payments1
$49,857 
1 Amount comprises a current and long-term portion of lease receivables of $5.4 million and $44.4 million, respectively, after giving effect to a $0.1 million current expected credit loss reserve on the long-term portion, which is reflected as a component of the net investment in sales-type leases presented in our statement of financial position as customer financing receivables.
As of December 31, 2019, the components of investment in sales-type financing leases consisted of the following (in thousands):
December 31,
 2019
Total minimum lease payments to be received$76,886 
Less: Amounts representing estimated executory costs(19,931)
Net present value of minimum lease payments to be received56,955 
Estimated residual value of leased assets890 
Less: Unearned income(1,990)
Net investment in sales-type financing leases55,855 
Less: Current portion(5,108)
Non-current portion of net investment in sales-type leases$50,747 
As of December 31, 2019, the future scheduled customer payments from sales-type financing leases were as follows (in thousands):
20202021202220232024Thereafter
Future minimum lease payments, less interest$5,108 $5,428 $5,784 $6,155 $6,567 $25,923 

Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities as of December 31, 2020, were as follows (in thousands):
Operating Leases
2021$43,176 
202244,258 
202345,345 
202446,590 
202547,612 
Thereafter
264,207 
Total lease payments
$491,188 
Leases Leases
Facilities, Office Buildings, and Vehicles
We lease most of our facilities, office buildings and vehicles under operating leases that expire at various dates through July 2029. We lease various manufacturing facilities in Sunnyvale, Fremont, and Mountain View, California. Our lease for our Sunnyvale manufacturing facilities was entered into in April 2005 and expired in December 2020. In January 2021, we extended this lease to December 2023. In June 2020, we signed a lease in Fremont that will expire in 2027 to replace the manufacturing facility in Sunnyvale. Our current lease for our manufacturing facilities at Mountain View was entered into in December 2011, and expired in December 2019, but it extended on a month-to-month basis. The existing plants together comprise approximately 370,601 square feet of space. We lease additional office space as field offices in the United States and around the world including in India, the Republic of Korea, China, and Taiwan.

Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease cost under such arrangements on a straight-line basis over the life of the leases. During the year ended December 31, 2020, rent expense for all occupied facilities was $9.9 million. During the years ended December 31, 2019 and 2018, prior to our adoption of ASC 842, rent expense for all occupied facilities was $7.8 million and $6.3 million, respectively.
At inception of the contract, we assess whether a contract is a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification, measurement, and recognition are determined at lease commencement, which is the date the underlying asset is available for use by us. The accounting classification of a lease is based on whether the arrangement is effectively a financed purchase of the underlying asset (financing lease) or not (operating lease). Our operating leases are comprised primarily of leases for facilities, office buildings, and vehicles, and our financing leases are comprised primarily of vehicles.

Our leases have remaining lease terms ranging from less than 1 year to 9 years, some of which include options to extend the leases. The lease term is the non-cancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised.

Lease liabilities are measured at the lease commencement date as the present value of future lease payments. Lease right-of-use assets are measured as the lease liability plus initial direct costs and prepaid lease payments less lease incentives. In measuring the present value of the future lease payments, the discount rate for the lease is the rate implicit in the lease unless that rate cannot be readily determined. In that case, the lessee is required to use its incremental borrowing rate. In computing our lease liabilities, we use the incremental borrowing rate based on the information available on the commencement date using an estimate of company-specific rate in the United States on a collateralized basis and consistent with the lease term for each lease. The lease term is the non-cancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised.

Operating and financing lease right-of-use assets and lease liabilities for facilities, office buildings, and vehicles as of December 31, 2020 were as follows (in thousands):
December 31, 2020
Assets:
Operating lease right-of-use assets, net 1, 2
$35,621 
Financing lease right-of-use assets, net 3, 4
334
Total
$35,955 
Liabilities:
Current:
Operating lease liabilities
$7,899 
Financing lease liabilities 5
74 
Total current lease liabilities
7,973 
Non-current:
Operating lease liabilities
41,849 
Financing lease liabilities 6
267 
Total non-current lease liabilities
42,116 
Total lease liabilities
$50,089 
1 At December 31, 2020, these assets primarily include leases for facilities, office buildings, and vehicles.
2 Net of accumulated amortization.
3 At December 31, 2020, these assets primarily include leases for vehicles.
4 Included in property, plant and equipment, net, in the consolidated balance sheets, net of accumulated amortization.
5 Included in accrued expenses and other current liabilities in the consolidated balance sheets.
6 Included in other long-term liabilities in the consolidated balance sheets.
The components of our facilities, office buildings, and vehicles' lease costs for the year ended December 31, 2020 were as follows (in thousands):
December 31, 2020
Operating lease costs
$9,804 
Financing lease costs:
Amortization of financing lease right-of-use assets
51
Interest expense for financing lease liabilities
16
Total financing lease costs
67
Short-term lease costs
613
Total lease costs
$10,484 

Weighted average remaining lease terms and discount rates for our facilities, office buildings, and vehicles as of December 31, 2020 were as follows:
December 31, 2020
Remaining lease term (years):
Operating leases
6.7 years
Finance leases
4.2 years
Discount rate:
Operating leases
8.7 %
Finance leases
7.0 %

Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of December 31, 2020, were as follows (in thousands):
Operating Leases
Finance Leases
2021
$11,388 $95 
2022
8,211 95 
2023
8,292 90 
2024
8,472 84 
2025
8,330 28 
Thereafter
19,863 — 
Total minimum lease payments
64,556 392 
Less: amounts representing interest or imputed interest
(14,808)(51)
Present value of lease liabilities
$49,748 $341 

As of December 31, 2020, we had additional operating leases related to facilities that will commence during 2021 with future lease payments of $5.2 million. These operating leases will commence in fiscal year 2021 with lease terms of up to 3 years.
Prior to adoption of ASC 842, at December 31, 2019, future minimum lease payments under operating leases were as follows (in thousands):
Operating Leases
2020
$7,250 
2021
5,495 
2022
4,168 
2023
4,230 
2024
4,357 
Thereafter
17,913 
Total lease payments
$43,413 
Managed Services and Portfolio Financings Through PPA Entities
As described above under Accounting Guidance Implemented in 2020, certain of our customers enter into Managed Services or Portfolio Financings through a PPA Entity to finance their lease of Bloom Energy Servers. Prior to the adoption of ASC 842, such arrangements with customers that qualified as leases were classified as either sales-type leases or operating leases. For all pre-existing Managed Services arrangements or Portfolio Financings through PPA Entities, we have carried over the accounting classifications for those transactions and continue to account for such transactions as either sales-type leases or operating leases under ASC 842. Customer arrangements under Managed Services and Portfolio Financings through PPA Entities do not contain a lease under ASC 842 and are accounted for under ASC 606 as revenue arrangements.
Lease agreements under our Managed Services arrangements and Portfolio Financings through PPA Entities include non-cancellable lease terms, during which terms the majority of our investment in Energy Servers under lease are typically recovered. The Company mitigates remaining residual value risk of its Energy Servers through its provision of maintenance on the Energy Servers during the lease term and through insurance whose proceeds are payable in the event of theft, loss, damage, or destruction.

Managed Services Financings - Our Managed Services arrangements with financiers are accounted for as financing transactions. Payments received from the financier are recognized as financing obligations in our consolidated balance sheets. These financing obligations are included in each agreements' contract value and are recognized as short-term or long-term liabilities based on the estimated payment dates. The lease agreements expire on various dates through 2034 and there was no recorded rent expense for the year ended December 31, 2020.
At December 31, 2020, future lease payments under the Managed Services financing obligations and the sublease payments from the customers under the related operating leases were as follows (in thousands):
Financing Obligations
Sublease Payments1
2021$40,589 $(40,589)
202241,584 (41,584)
202342,526 (42,526)
202440,429 (40,429)
202539,379 (39,379)
Thereafter87,623 (87,623)
Total lease payments292,130 $(292,130)
Less: imputed interest(172,860) 
Total lease obligations119,270  
Less: current obligations(12,745) 
Long-term lease obligations$106,525  
1 Sublease Payments primarily represents the fees received by the bank from our customer for the electricity generated by our Energy Servers leased under our Managed Services and other similar arrangements, which also pay down our financing obligation to the bank.
The long-term financing obligations, as reflected in our Consolidated Balance Sheets, were $460.0 million and $446.2 million as of December 31, 2020 and 2019, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point.
Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA Entity that qualified as leases are accounted for as either sales-type leases or operating leases. We have not entered into any new PPAs with customers under such arrangements during 2020.
The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands):
December 31, 2020
Lease payment receivables, net1
$49,806 
Estimated residual value of leased assets (unguaranteed)
890 
Net investment in sales-type leases
50,696 
Less: current portion(5,428)
Non-current portion of net investment in sales-type leases$45,268 
1 Net of current estimated credit losses of approximately $0.1 million as of December 31, 2020.
As of December 31, 2020, the future scheduled customer payments from sales-type leases were as follows (in thousands):
Future minimum lease payments
2021$5,796 
20226,110 
20236,435 
20246,797 
20257,125 
Thereafter19,176 
Total undiscounted cash flows51,439 
Less: imputed interest(1,582)
Present value of lease payments1
$49,857 
1 Amount comprises a current and long-term portion of lease receivables of $5.4 million and $44.4 million, respectively, after giving effect to a $0.1 million current expected credit loss reserve on the long-term portion, which is reflected as a component of the net investment in sales-type leases presented in our statement of financial position as customer financing receivables.
As of December 31, 2019, the components of investment in sales-type financing leases consisted of the following (in thousands):
December 31,
 2019
Total minimum lease payments to be received$76,886 
Less: Amounts representing estimated executory costs(19,931)
Net present value of minimum lease payments to be received56,955 
Estimated residual value of leased assets890 
Less: Unearned income(1,990)
Net investment in sales-type financing leases55,855 
Less: Current portion(5,108)
Non-current portion of net investment in sales-type leases$50,747 
As of December 31, 2019, the future scheduled customer payments from sales-type financing leases were as follows (in thousands):
20202021202220232024Thereafter
Future minimum lease payments, less interest$5,108 $5,428 $5,784 $6,155 $6,567 $25,923 

Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities as of December 31, 2020, were as follows (in thousands):
Operating Leases
2021$43,176 
202244,258 
202345,345 
202446,590 
202547,612 
Thereafter
264,207 
Total lease payments
$491,188 
v3.20.4
Subsequent Events
 12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events There have been no subsequent events that occurred during the period subsequent to the date of these consolidated financial statements that would require adjustment to our disclosure in the consolidated financial statements as presented.
v3.20.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation We have prepared the consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), and as permitted by those rules, including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”). All intercompany transactions and balances have been eliminated upon consolidation.
Principles of Consolidation
Principles of Consolidation
These consolidated financial statements reflect our accounts and operations and those of our subsidiaries in which we have a controlling financial interest. We use a qualitative approach in assessing the consolidation requirement for each of our variable interest entities ("VIEs"), which we refer to as a tax equity partnership (each such VIE, also referred to as our power purchase agreement entities ("PPA Entities")). This approach focuses on determining whether we have the power to direct those activities of the PPA Entities that most significantly affect their economic performance and whether we have the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the PPA Entities. For all periods presented,
we have determined that we are the primary beneficiary in all of our operational PPA Entities, as discussed in Note 13 - Portfolio Financings. We evaluate our relationships with the PPA Entities on an ongoing basis to ensure that we continue to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. The most significant estimates include the determination of the stand-alone selling price, including material rights estimates, inventory valuation, specifically excess and obsolescence provisions for obsolete or unsellable inventory and, in relation to property, plant and equipment (specifically Energy Servers), assumptions relating to economic useful lives and impairment assessments.
Other accounting estimates include variable consideration relating to product performance guaranties, assumptions to compute the fair value of debt financings, lease and non-lease components and related financing obligations such as incremental borrowing rates, estimated output, efficiency and residual value of the Energy Servers, product performance warranties and guaranties and extended maintenance, derivative valuations, estimates for recapture of the U.S. investment tax credit and similar federal tax benefits, estimates relating to contractual indemnities provisions, estimates for income taxes and deferred tax asset valuation allowances, and stock-based compensation costs. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, our allowance for doubtful accounts, stock-based compensation, the carrying value of our long-lived assets, inventory, financial assets, and valuation allowances for tax assets, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning the COVID-19 pandemic and the actions taken to contain it or treat it, as well as the economic impact on local, regional, national and international customers, suppliers and markets. We have made estimates of the impact of COVID-19 within our consolidated financial statements and there may be changes to those estimates in future periods as new information becomes available. Actual results could differ materially from these estimates under different assumptions and conditions.
Revenue Recognition
Revenue Recognition
We primarily earn product and installation revenue from the sale and installation of our Energy Servers, service revenue by providing services under operations and maintenance services contracts and electricity revenue by selling electricity to
customers under PPAs. We offer our customers several ways to finance their use of a Bloom Energy Server. Customers, including some of our international channel providers and Third Party PPAs, may choose to purchase our Energy Servers outright. Customers may also enter into service contracts with us for the purchase of electricity generated by our Energy Servers (a "Managed Services Arrangement"), which is then financed through one of our financing partners ("Managed Services Financing"), or as a traditional lease. Finally, customers may purchase electricity through our PPA Entities ("Portfolio Financings").
Revenue Recognition Under ASC 606 Revenue from Contracts with Customers
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). We adopted ASU 2014-09 and its related amendments (collectively, “ASC 606”) as of January 1, 2019 using the modified retrospective method.
In applying ASC 606, revenue related to contracts with customers is recognized by following a five-step process:
Identify the contract(s) with a customer. Evidence of a contract generally consists of a purchase order issued pursuant to the terms and conditions of a distributor, reseller, purchase, use and maintenance agreement, maintenance services agreements or energy supply agreement.
Identify the performance obligations in the contract. Performance obligations are identified in our contracts and include transferring control of an Energy Server, installation of Energy Servers, providing maintenance services and maintenance services renewal options which, in certain situations, provide customers with material rights.
Determine the transaction price. The purchase price stated in an agreed-upon purchase order or contract is generally representative of the transaction price. When determining the transaction price, we consider the effects of any variable consideration, which include performance penalties that may be payable to our customers.
Allocate the transaction price to the performance obligations in the contract. The transaction price in a contract is allocated based upon the relative standalone selling price of each distinct performance obligation identified in the contract.
Recognize revenue when (or as) we satisfy a performance obligation. We satisfy performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring control of the promised products or services to a customer.
We frequently combine contracts governing the sale and installation of an Energy Server with the related maintenance services contracts and account for them as a single contract at contract inception to the extent the contracts are with the same customer. These contracts are not combined when the customer for the sale and installation of the Energy Server is different to the maintenance services contract customer. We also assess whether any contract terms including default provisions, put or call options result in components of our contracts being accounted for as financing or leasing transactions outside of the scope of ASC 606.
Most of our contracts contain performance obligations with a combination of our Energy Server product, installation and maintenance services. For these performance obligations, we allocate the total transaction price to each performance obligation based on the relative standalone selling price. Our maintenance services contracts are typically subject to renewal by customers on an annual basis. We assess these maintenance services renewal options at contract inception to determine whether they provide customers with material rights that give rise to separate performance obligations.
The total transaction price is determined based on the total consideration specified in the contract, including variable consideration in the form of a performance guaranty payment that represents potential amounts payable to customers. The expected value method is generally used when estimating variable consideration, which typically reduces the total transaction price due to the nature of the performance obligations to which the variable consideration relates. These estimates reflect our historical experience and current contractual requirements which cap the maximum amount that may be paid. The expected value method requires judgment and considers multiple factors that may vary over time depending upon the unique facts and circumstances related to each performance obligation. Depending on the facts and circumstances, a change in variable consideration estimate will either be accounted for at the contract level or using the portfolio method. We also consider the customers’ rights of return in determining the transaction price where applicable.
We exclude from the transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are
not included as a component of net sales or cost of sales. These tax amounts are recorded in cost of electricity revenue, cost of service revenue and general and administrative operating expense.
We allocate the transaction price to each distinct performance obligation based on relative standalone selling prices. Given that we typically sell an Energy Server with a maintenance services agreement and have not provided maintenance services to a customer who does not have use of an Energy Server, standalone selling prices are estimated using a cost-plus approach. Costs relating to Energy Servers include all direct and indirect manufacturing costs, applicable overhead costs and costs for normal production inefficiencies (i.e., variances). We then apply a margin to the Energy Servers which may vary with the size of the customer, geographic region and the scale of the Energy Server deployment. As our business offerings and eligibility for the Investment Tax Credit ("ITC") evolve over time, we may be required to modify the expected margin in subsequent periods and our revenue could be adversely affected. Costs relating to installation include all direct and indirect installation costs. The margin we apply reflects our profit objectives relating to installation. Costs for maintenance services arrangements are estimated over the life of the maintenance contracts and include estimated future service costs and future material costs. Material costs over the period of the service arrangement are impacted significantly by the longevity of the fuel cells themselves. After considering the total service costs, we apply a lower margin to our service costs than to our Energy Servers as it best reflects our long-term service margin expectations and comparable historical industry service margins. As a result, our estimate of our selling price is driven primarily by our expected margin on both the Energy Server and the maintenance services agreements based on their respective costs or, in the case of maintenance services agreements, the estimated costs to be incurred.
We recognize product and installation revenue at the point in time that the Customer obtains control of the Energy Server. We recognize maintenance services revenue, including revenue associated with any related customer material rights, over time as we perform service maintenance activities.
Amounts billed to customers for shipping and handling activities are considered contract fulfillment activities and not a separate performance obligation of the contract. Shipping and handling fees are recorded as revenue and the related cost is a cost to fulfill the contract that is recognized within costs of goods sold.
The following is a description of the principal activities from which we generate revenue. Our four revenue streams are classified as follows:
Product Revenue - All of our product revenue is generated from the sale of our Energy Servers to direct purchase customers, including financing partners on Third-Party PPAs, international channel providers and traditional lease customers. We generally recognize product revenue from contracts with customers at the point that control is transferred to the customers. This occurs when we achieve customer acceptance which is when the system has been installed and is running at full power or, in the case of sales to our international channel providers, based upon shipment terms.
Under our traditional lease financing option, we sell our Energy Servers through a direct sale to a financing partner who, in turn, leases the Energy Servers to the customer under a lease agreement. With our sales to our international channel providers, our international channel providers typically sell the Energy Servers to, or sometimes provide a PPA to, an end customer. In both traditional lease and international channel providers transactions, we contract directly with the end customer to provide extended maintenance services after the end of the standard warranty period. As a result, since the customer that purchases the server is a different and unrelated party to the customer that purchases extended warranty services, the product and maintenance services contract are not combined
Installation Revenue - Nearly all of our installation revenue relates to the installation of Energy Servers sold to customers as part of a direct purchase and to financing parties as part of a traditional lease, Managed Services Financing, or Portfolio Financing. Generally, we recognize installation revenue when the system has been installed and is running at full power.
Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until control is transferred. The related cost of such product and installation is also deferred as a component of deferred cost of revenue in the consolidated balance sheets until control is transferred.
Service Revenue - Service revenue is generated from maintenance services agreements. As part of our initial contract with customers for the sale and installation of our Energy Servers, we typically provide a standard one-year warranty which covers defects in materials and workmanship and manufacturing or performance conditions under normal use and service for the first year following acceptance. As part of this standard first-year warranty, we also monitor the operations of the underlying systems and provide output and efficiency guaranties. We have determined that this standard first-year warranty is a distinct performance obligation - being a promise to stand-ready to maintain the Energy Servers when and if required during the
first year following installation. We also sell to our customers extended annual maintenance services that effectively extend the standard first-year warranty coverage at the customer’s option. These customers generally have an option to renew or cancel the extended maintenance services on an annual basis and nearly every customer has renewed historically. Similar to the standard first-year warranty, the optional extended annual maintenance services are considered a distinct performance obligation – being a promise to stand-ready to maintain the Energy Servers when and if required during the renewal service year.
Service revenue is recognized ratably over the term of the first or renewed one-year service period.
Given our customers' renewal history, we anticipate that most of them will continue to renew their maintenance services agreements each year for the period of their expected use of the Energy Server. The contractual renewal price may be less than the standalone selling price of the maintenance services and consequently the contract renewal option may provide the customer with a material right. We estimate the standalone selling price for customer renewal options that give rise to material rights using the practical alternative by reference to optional maintenance services renewal periods expected to be provided and the corresponding expected consideration for these services. This reflects the fact that our additional performance obligations in any contractual renewal period are consistent with the services provided under the standard first-year warranty. Where we have determined that a customer has a material right as a result of their contract renewal option, we recognize that portion of the transaction price allocated to the material right over the period in which such rights are exercised.
Payments from customers for the extended maintenance contracts are received at the beginning of each service year. Accordingly, the customer payment received is recorded as a customer deposit and revenue is recognized over the related service period as the services are performed.
Electricity Revenue - We sell electricity produced by our Energy Servers owned directly by us or by our consolidated PPA entities. Our PPA Entities purchase Energy Servers from us and sell electricity produced by these systems to customers through long-term PPAs. Customers are required to purchase all of the electricity produced by those Energy Servers at agreed-upon rates over the course of the PPAs' contractual term.
In addition, in certain Managed Services Financings pursuant to which we are party to a Managed Services Agreement with a customer in a sale-leaseback-sublease arrangement we may recognize electricity revenue. We first determine whether the Energy Servers under the sale-leaseback arrangement of a Managed Services Financing were “integral equipment”. As the Energy Servers were determined not to be integral equipment, we determine if the leaseback was classified as a financing lease or an operating lease.
Under ASC 840 Leases, ("ASC 840"), our Managed Services Agreements with the financiers were classified as capital leases and were accordingly recorded as financing transactions, while the sub-lease arrangements with the end customer were classified as operating leases. We have determined that the financiers are our customers in our Managed Services Agreements. In these Managed Services Financings, we enter into an agreement with a customer for a certain term. In exchange for the use of the Energy Server and its generated electricity, the customer makes a monthly payment. The customer's monthly payment includes a fixed monthly capacity-based payment, and in some cases also includes a performance-based payment based on the performance of the Energy Server. The fixed capacity-based payments made by the customer are applied toward our obligation to pay down the financing obligation with the financier. The performance-based payment is transferred to us as compensation for operations and maintenance services and is recognized as electricity revenue. We allocate the total payments received based on the relative standalone selling prices to electricity revenue and to service revenue. Electricity revenue relating to PPAs was typically accounted for in accordance with ASC 840, and service revenue in accordance with ASC 606.
We adopted ASC 842 Leases, ("ASC 842") with effect from January 1, 2020. Under ASC 842, our Managed Services Agreements with the financier continue to be accounted for as financing transactions because the repurchase options in these agreements prevent the transfer of control of the systems to the financier. We also determined that the sub-lease arrangements with the customer are not within the scope of ASC 842 because the customer does not have the right to control the use of the underlying assets (i.e., the Energy Servers). Accordingly, for transactions entered into on or after January 1, 2020 such arrangements with customers are accounted for under ASC 606. Under ASC 606, we recognize revenue for the electricity generated as electricity revenue.
Transactions entered into with customers prior to January 1, 2020 carried over their classification as operating leases and continue to be accounted for consistent with prior years as described in the paragraph above. Refer below under Accounting Guidance Implemented in 2020 for further discussion regarding our managed services arrangements.
We recognize revenue from the satisfaction of performance obligations under our PPAs and Managed Services Financings as the electricity is provided over the term of the agreement in the amount invoiced, which reflects the amount of consideration to which we have the right to invoice and which corresponds to the value transferred under such arrangements.
Contract Modifications
Contract modifications are accounted for as separate contracts if the additional products and services are distinct and priced at standalone selling prices. If the additional products and services are distinct, but not priced at standalone selling prices, the modification is treated as a termination of the existing contract and the creation of a new contract. If the additional products and services are not distinct within the context of the contract, the modification is combined with the original contract and either an increase or decrease in revenue is recognized on the modification date.
Deferred Revenue
We recognize a contract liability (referred to as deferred revenue in our consolidated financial statements) when we have an obligation to transfer products or services to a customer in advance of us satisfying a performance obligation and the contract liability is reduced as performance obligations are satisfied and revenue is recognized. The related cost of such product is deferred as a component of deferred cost of revenue in the consolidated balance sheets. Prior to shipment of the product or the commencement of performance of maintenance services, any prepayment made by the customer is recorded as a customer deposit. Deferred revenue related to material rights for options to renew are recognized in revenue over the maintenance services period.
A description of the principal activities from which we recognize cost of revenues associated with each of our revenue streams are classified as follows:
Cost of Product Revenue - Cost of product revenue consists of costs of our Energy Servers that we sell to direct purchase, including financing partners on Third-Party PPAs, international channel providers and traditional lease customers. It includes costs paid to our materials suppliers, direct labor, manufacturing and other overhead costs, shipping costs, provisions for excess and obsolete inventory and the depreciation costs of our equipment. Warranty costs are also included in cost of product revenue, see Warranty Costs below.
Cost of Installation Revenue - Cost of installation revenue primarily consists of the costs to install our Energy Servers that we sell to direct purchase, including financing partners on Third-Party PPAs and traditional lease customers. It includes costs paid to our materials and service providers, personnel costs, shipping costs, and allocated costs.
Cost of Service Revenue - Cost of service revenue consists of costs incurred under maintenance service contracts for all customers. It includes personnel costs for our customer support organization, certain allocated costs and extended maintenance-related product repair and replacement costs.
Cost of Electricity Revenue - Cost of electricity revenue primarily consists of the depreciation of the cost of the Energy Servers owned by us or the consolidated PPA Entities and the cost of gas purchased in connection with our first PPA Entity. The cost of electricity revenue is generally recognized over the term of the Managed Services agreement or customer’s PPA contract. The cost of depreciation of the Energy Servers is reduced by the amortization of any U.S. Treasury Department grant payment in lieu of the energy investment tax credit associated with these systems.
Incentives and Grants
Tariff Agreement - One of our PPA entities entered into an agreement with Delmarva Power and Light ("Delmarva"), an energy company that supplies electricity and natural gas to its customers, PJM Interconnection ("PJM"), a regional transmission organization, and the State of Delaware under which PPA II provided the energy generated from its Energy Servers to PJM and received a tariff as collected by Delmarva.
Revenue at the tariff rate was recognized as electricity sales and service revenue as it was generated over the term of the arrangement until the final repowering in December 2019.
Revenue Recognized from Portfolio Financings Through PPA Entities
Revenue Recognized from Portfolio Financings Through PPA Entities (See Note 13 - Portfolio Financings)
In 2010, we began selling our Energy Servers to tax equity partnerships in which we held an equity interest as a managing member, or a PPA Entity. This program was financed by the sale of an Operating Company counter-party to a portfolio of PPAs to a PPA Entity. The investors in a PPA Entity contribute cash to the PPA Entity in exchange for an equity interest, which then allows the PPA Entity to purchase the Operating Company and the Energy Servers contemplated by the portfolio of PPAs owned by such Operating Company.
The cash contributions held are classified as short-term or long-term restricted cash according to the terms of each PPA Entity's governing documents. As we identified customers, the Operating Company entered into a PPA with the customer pursuant to which the customer agreed to purchase the power generated by one or more Energy Servers at a specified rate per kilowatt hour for a specified term, which can range from 10 to 21 years. The Operating Company, wholly owned by the PPA Entity, typically entered into a maintenance services agreement with us following the first year of service to extend the standard one-year performance warranties and guaranties. This intercompany arrangement is eliminated on consolidation. Those PPAs that qualify as leases are classified as either sales-type leases or operating leases and those that do not qualify as leases are
classified as tariff agreements or revenue arrangements with customers. For arrangements classified as operating leases, tariff agreements, or revenue arrangements with customers, income is recognized as contractual amounts are due when the electricity is generated and presented within electricity revenue on the consolidated statements of operations.
Sales-type Leases - Certain Portfolio Financings with PPA Entities entered into prior to our adoption of ASC 842 qualified as sales-type leases in accordance with ASC 840. The classification for such arrangements were carried over and accounted for as sales-type leases under ASC 842. See additional discussion below under Accounting Guidance Implemented in 2020. We are responsible for the installation, operation and maintenance of the Energy Servers at the customers' sites, including running the Energy Servers during the term of the PPA which ranges from 10 to 15 years. Based on the terms of the PPAs, we may also be obligated to supply fuel for the Energy Servers. The amount billed for the delivery of electricity to customers primarily consists of returns on the amounts financed including interest revenue, service revenue and fuel revenue for certain arrangements.
As the Portfolio Financings through PPA Entities entered into prior to our adoption of ASC 842 contain a lease, the consideration received is allocated between the lease elements (lease of property and related executory costs) and non-lease elements (other products and services, excluding any derivatives) based on relative fair value. Lease elements include the leased system and the related executory costs (i.e. installation of the system, electricity generated by the system, maintenance costs). Non-lease elements include service, fuel and interest related to the leased systems.
Service revenue and fuel revenue are recognized over the term of the PPA as electricity is generated. For those transactions that contain a lease, the interest component related to the leased system is recognized as interest revenue over the life of the lease term. The customer has the option to purchase the Energy Servers at the then fair market value at the end of the PPA contract term.
Service revenue related to sales-type leases of $2.3 million, $2.9 million, and $3.4 million for the years ended December 31, 2020, 2019 and 2018, respectively, is included in electricity revenue in the consolidated statements of operations. We have not entered into any new Portfolio Financing arrangements through PPA Entities during the last three years. Accordingly, there was no product revenue for such arrangements during the years ended December 31, 2020, 2019, or 2018.
Operating Leases - Certain Portfolio Financings with PPA Entities entered into prior to the adoption of ASC 842 that were deemed leases in substance, but did not meet the criteria of sales-type leases or direct financing leases in accordance with ASC 840, were accounted for as operating leases. The classification for such arrangements were carried over and accounted for as operating leases under ASC 842. See additional discussion below under Accounting Guidance Implemented in 2020. Revenue under these arrangements is recognized as electricity sales and service revenue and is provided to the customer at rates specified under the PPAs. During the years ended December 31, 2020, 2019, and 2018, revenue from electricity sales from these Portfolio Financings with PPA Entities amounted to $27.7 million, $29.7 million, and $30.9 million, respectively. During the years ended December 31, 2020, 2019, and 2018, service revenue amounted to $13.8 million, $14.6 million, and $15.2 million, respectively.
Warranty Costs
Warranty Costs
We generally warrant our products sold to our customers, international channel providers, and financing parties for the first year following the date of acceptance of the Energy Servers. This standard warranty covers defects in materials, workmanship and manufacturing or performance conditions under normal use and service conditions for the first year following acceptance or for the optional extended annual maintenance services period.
Prior to adoption of ASC 606, our warranty accrual represents our best estimate of the amount necessary to settle future and existing claims during the warranty period as of the balance sheet date. We accrued for warranty costs based on estimated costs that may have been incurred including material costs, labor costs and higher customer electricity costs should the units not work for extended periods. To estimate the product warranty costs, we continuously monitored product returns for warranty failures and maintained the reserve for the related warranty expense based on various factors including historical warranty claims, field monitoring and results of lab testing.
With the adoption of ASC 606, we only recognize warranty costs for those contracts that are considered to be assurance-type warranties and consequently do not give rise to performance obligations or for those maintenance service contracts that were previously in the scope of ASC 605-20-25, Separately Priced Extended Warranty and Product Maintenance Contracts.
In addition, as part of our standard one-year warranty and managed services agreements obligations, we monitor the operations of the underlying systems and provide output and efficiency guaranties (collectively “product performance guaranties”). If the Energy Servers run at a lower efficiency or power output than we committed under our performance warranty or guaranty, we will reimburse the customer for this underperformance. Our performance obligation includes ensuring the Energy Server operates at least at the efficiency and/or power output levels set forth in the customer agreement. Our aggregate reimbursement obligation for a performance guaranty for each customer is capped based on the purchase price of the underlying Energy Server. Product performance guaranty payments are accounted for as a reduction in service revenue. We accrue for performance guaranties based on the estimated amounts reimbursable at each reporting period and recognize the costs as a reduction to revenue.
Advertising and Promotion Costs Advertising and Promotion Costs - Expenses related to advertising and promotion of products are charged to sales and marketing expense as incurred. We did not incur any material advertising or promotion expenses during the years ended December 31, 2020, 2019 and 2018.
Research and Development Research and Development - We conduct internally funded research and development activities to improve anticipated product performance and reduce product life-cycle costs. Research and development costs are expensed as incurred and include salaries and expenses related to employees conducting research and development.
Stock-Based Compensation
Stock-Based Compensation - We account for stock options, restricted stock units ("RSUs") and performance-based stock units ("PSUs") awarded to employees and non-employee directors under the provisions of ASC 718, Compensation-Stock Compensation.
Stock-based compensation costs for options are measured using the Black-Scholes valuation model. The Black-Scholes valuation model uses as inputs the fair value of our common stock and assumptions we make for the volatility of our common stock, the expected term of the award, the risk-free interest rate for a period that approximates the expected term of the stock options and the expected dividend yield. In developing estimates used to calculate assumptions, we established the expected term for employee options as well as expected forfeiture rates based on the historical settlement experience and after giving
consideration to vesting schedules. For options with a vesting condition tied to the attainment of service and market conditions, stock-based compensation costs are recognized using Monte Carlo simulations. Stock-based compensation costs are recorded net of estimated forfeitures such that expense is recorded only for those stock-based awards that are expected to vest. Previously recognized costs are reversed for the portion of awards forfeited prior to vesting as and when the forfeitures occurred. We typically record stock-based compensation costs for options under the straight-line attribution method over the requisite service period which is generally the vesting term, which is generally four years for options.
Stock-based compensation costs for RSUs and PSUs are measured based on the fair value of the underlying shares on the date of grant. We recognize the compensation cost for RSUs using a straight-line basis over the requisite service period of the RSUs, which is generally three to four years. We recognize the compensation cost for PSUs over the expected performance period using the graded vesting method as the achievement of the milestones become probable, which is generally one to three years.
We also use the Black-Scholes valuation model to estimate the fair value of stock purchase rights under the Bloom Energy Corporation 2018 Employee Stock Purchase Plan (the "2018 ESPP"). The fair value of the 2018 ESPP purchase rights is recognized as expense under the multiple options approach. Forfeitures are estimated at the time of grant and revised in subsequent periods, if necessary, if actual forfeitures differ from initial estimates.
Compensation costs for equity instruments granted to non-employees is measured on the date of performance at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The fair value of the equity instruments is expensed over the term of the non-employee's service period.
Stock issued to grantees in our stock-based compensation is from authorized and previously unissued shares. Stock-based compensation expense is recorded in the consolidated statements of operations based on the employees’ respective function. Stock-based compensation costs directly associated with the product manufacturing operations process are capitalized into inventory and expensed when the capitalized asset is used in the normal course of the sales or services process.
We record deferred tax assets for awards that result in deductions on our income tax returns, unless we cannot realize the deduction (i.e., we are in a net operating loss position), based on the amount of compensation cost recognized and our statutory tax rate.
Refer to Note 10 - Stock-Based Compensation and Employee Benefit Plans for further discussion of our stock-based compensation arrangements.
Income Taxes
Income Taxes
We account for income taxes using the liability method under ASC 740, Income Taxes ("ASC 740"). Under this method, deferred tax assets and liabilities are determined based on net operating loss carryforwards, research and development credit carryforwards and temporary differences resulting from the different treatment of items for tax and financial reporting purposes. Deferred items are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. Additionally, we must assess the likelihood that deferred tax assets will be recovered as deductions from future taxable income. We have provided a full valuation allowance on our domestic deferred tax assets because we believe it is more likely than not that our deferred tax assets will not be realized.
We follow the accounting guidance in ASC 740, which requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured pursuant to ASC 740-10 and the tax position taken or expected to be taken on our tax return. To the extent that the assessment of such tax positions change, the change in estimate is recorded in the period in which the determination is made. We established reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when we believe that certain positions might be challenged despite our belief that the tax return positions are fully supportable. The reserves are adjusted in light of changing facts and circumstances such as the outcome of a tax audit. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. We recognize interest and penalties related to unrecognized tax benefits in income tax expense.
Refer to Note 11 - Income Taxes for further discussion of our income tax expense.
Comprehensive Loss
Comprehensive Loss
Our comprehensive loss is comprised of net loss attributable to Class A and Class B common stock shareholders, unrealized gain (loss) on available-for-sale securities, change in the effective portion of our interest rate swap agreements and comprehensive (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest.
Fair Value Measurement
Fair Value Measurement
ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The guidance describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:
Level 1Quoted prices in active markets for identical assets or liabilities. Financial assets utilizing Level 1 inputs typically include money market securities and U.S. Treasury securities.
Level 2Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial liabilities utilizing Level 3 inputs include natural gas fixed price forward contracts, embedded derivatives in contracts with customers and embedded derivatives in our convertible notes. Derivative liability valuations are performed based on a binomial lattice model and adjusted for illiquidity and/or non-transferability and such adjustments are generally based on available market evidence. Contract embedded derivatives valuations are performed using a Monte Carlo simulation model which considers various potential electricity price curves over the sales contracts terms.
Cash and Cash Equivalents
Cash, Cash Equivalents and Restricted Cash - Cash equivalents consist of highly liquid short-term investments with maturities of 90 days or less at the date of purchase.
Restricted cash is held as collateral to provide financial assurance that we will fulfill obligations and commitments primarily related to our Portfolio Financings, Third Party PPA and managed services arrangements. Restricted cash also includes debt service reserves, maintenance service reserves and facility lease agreements. Restricted cash that is expected to be used within one year of the balance sheet date is classified as a current asset, whereas restricted cash expected to be used more than one year from the balance sheet date is classified as a non-current asset.
Restricted Cash
Cash, Cash Equivalents and Restricted Cash - Cash equivalents consist of highly liquid short-term investments with maturities of 90 days or less at the date of purchase.
Restricted cash is held as collateral to provide financial assurance that we will fulfill obligations and commitments primarily related to our Portfolio Financings, Third Party PPA and managed services arrangements. Restricted cash also includes debt service reserves, maintenance service reserves and facility lease agreements. Restricted cash that is expected to be used within one year of the balance sheet date is classified as a current asset, whereas restricted cash expected to be used more than one year from the balance sheet date is classified as a non-current asset.
Derivative Financial Instruments
Derivative Financial Instruments - We enter into derivative natural gas fixed price forward contracts to manage our exposure to the fluctuating price of natural gas under certain of our power purchase agreements entered in connection with the PPA Entities (refer to Note 13 - Portfolio Financings). In addition, we enter into fixed forward interest rate swap arrangements to convert variable interest rates on debt to a fixed rate and on occasion have committed to certain utility grid price protection guarantees in sales agreements. During the year ended December 31, 2019, we also had derivative financial instruments embedded in our 6% Convertible Notes as a means by which to provide additional incentive to investors and to obtain a lower cost cash-source of funds.
Derivative transactions are governed by procedures covering areas such as authorization, counterparty exposure and hedging practices. Positions are monitored based on changes in the spot price in the commodity market and their impact on the market value of derivatives. Credit risk on derivatives arises from the potential for counterparties to default on their contractual obligations to us. We limit our credit risk by dealing with counterparties that are considered to be of high credit quality. We do not enter into derivative transactions for trading or speculative purposes.
We account for our derivative instruments as either an asset or a liability which are carried at fair value on the consolidated balance sheets. Changes in the fair value of the derivatives that are designated and qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets. Changes in fair value of those
derivatives that no longer qualify as cash flow hedges or are derivatives that do not qualify for hedge accounting are recorded through earnings in the consolidated statements of operations.
While we hedge certain of our natural gas purchase requirements under our PPAs, we do not classify these natural gas fixed price forward contracts as designated hedges for accounting purposes. Therefore, we record the change in the fair value of our natural gas fixed price forward contracts in cost of revenue on the consolidated statements of operations. The fair value of the natural gas fixed price forward contracts is recorded on the consolidated balance sheets as a component of accrued expenses and other current liabilities and as derivative liabilities. As these forward contracts are considered economic hedges, the changes in the fair value of these forward contracts are classified as operating activities within the statement of cash flows, which is consistent with the classification of the cash flows of the hedged item.
Our interest rate swap arrangements qualify as cash flow hedges for accounting purposes as they effectively convert variable rate obligations into fixed rate obligations. The effective change is recorded in accumulated other comprehensive income (loss) and will be recognized as interest expense on settlement. As of January 1, 2019, we adopted ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"). Per ASU 2017-12, ineffectiveness is no longer required to be measured or disclosed. If a cash flow hedge is discontinued due to changes in the forecasted hedged transactions, hedge accounting is discontinued prospectively and any unrealized gain or loss on the related derivative is recorded in accumulated other comprehensive income (loss) and is reclassified into earnings in the same period during which the hedged forecasted transaction affects earnings. The fair value of the swap arrangement is recorded on the consolidated balance sheets as a component of accrued expenses and other current liabilities and as derivative liabilities. The changes in fair value of swap agreements are classified as operating activities within the statement of cash flows, which is consistent with the classification of the cash flows of the hedged item.
We issued convertible notes with conversion features. These conversion features were evaluated under ASC 815-40, Derivatives and Hedging - Contracts in an Entity's Own Equity, and were determined to be embedded derivatives that were bifurcated from the debt and were classified prior to the IPO as liabilities on the consolidated balance sheet. We recorded these derivative liabilities at fair value and adjusted the carrying value to their estimated fair value at each reporting date with the increases or decreases in the fair value recorded as a gain (loss) on revaluation of warrant liabilities and embedded derivatives in the consolidated statements of operations. Upon the IPO, the final valuation of the embedded derivative was calculated as of the date of the IPO and was reclassified from a derivative liability to additional paid-in capital.
Customer Financing Receivables Customer Financing Receivables - The contractual terms of our customer financing receivables are primarily contained within the PPA Entities' customer lease agreements. Leases entered into prior to our adoption of ASC 842 carried over their classification as either operating or sales-type leases in accordance with the relevant accounting guidelines. Customer financing receivables were generated by Energy Servers leased to PPA Entities’ customers in leasing arrangements that qualified and continue to be accounted for as sales-type leases. Customer financing receivables for such arrangements represent the gross minimum lease payments to be received from customers and the system’s estimated residual value, net of unearned income and allowance for estimated losses. Initial direct costs for such sales-type leases continue to be recognized as cost of revenue when the Energy Servers are placed in service.We record a reserve for credit losses related to the collectability of customer financing receivables using the historical aging of the customer receivable balance. The collectability is determined based on past events, including historical experience, customer credit rating, as well as current market conditions. We monitor customer ratings and collectability on an on-going basis. Account balances will be charged off against the credit loss reserve, when needed, after all means of collection have been exhausted and the potential for recovery is considered remote.
Accounts Receivable Accounts Receivable - Accounts receivable primarily represents trade receivables from sales to customers recorded at amortized cost less allowance for credit losses. The allowance for credit losses reflects our best estimate about future losses over the contractual life of outstanding accounts receivable taking into consideration historical experience, specific allowances for known troubled accounts, other currently available information including customer financial condition, and both current and forecasted economic conditions.
Inventories Inventories - Inventories consist principally of raw materials, work-in-process and finished goods and are stated on a first-in, first-out basis at the lower of cost or net realizable value. We record inventory excess and obsolescence provisions for estimated obsolete or unsellable inventory, equal to the difference between the cost of inventory and estimated net realizable value based upon assumptions about market conditions and future demand for product generally expected to be utilized over the next 12 to 24 months, including product needed to fulfill our warranty obligations. If actual future demand for our products is less than currently forecasted, additional inventory provisions may be required. Once a provision is recorded, it is maintained until the product to which it relates to is sold or otherwise disposed.
Property, Plant and Equipment Property, Plant and Equipment - Property, plant and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Energy Servers are depreciated to their residual values over their useful economic lives which reflect consideration of the terms of their related PPA and tariff agreements. These useful lives are reassessed when there is an expected change in the use of the Energy Servers. Leasehold improvements are depreciated over the shorter of the lease term or their estimated depreciable lives. Buildings are amortized over the shorter of the lease or property term or their estimated depreciable lives. Assets under construction are capitalized as costs are incurred and depreciation commences after the assets are put into service within their respective asset class.
Foreign Currency Transactions Foreign Currency Transactions - The functional currency of our foreign subsidiaries is the U.S. dollar since they are considered financially and operationally integrated with their domestic parent. Foreign currency monetary assets and liabilities are remeasured into U.S. dollars at end-of-period exchange rates. Any currency transaction gains and losses are included as a component of other income (expense), net in our consolidated statements of operations and have not been significant for any period presented.
Allocation of Profits and Losses of Consolidated Partnerships to Noncontrolling Interests
Allocation of Profits and Losses of Consolidated Entities to Noncontrolling Interests - We generally allocate profits and losses to noncontrolling interests under the hypothetical liquidation at book value ("HLBV") method. HLBV is a balance sheet-oriented approach for applying the equity method of accounting when there is a complex structure, such as the flip structure of the PPA Entities. Refer to Note 13 - Portfolio Financings for more information.
The determination of equity in earnings under the HLBV method requires management to determine how proceeds, upon a hypothetical liquidation of the entity at book value, would be allocated between our investors. The noncontrolling interest balance is presented as a component of permanent equity in the consolidated balance sheets.
Noncontrolling interests with redemption features, such as put options, that are not solely within our control are considered redeemable noncontrolling interests. Exercisability of put options are solely dependent upon the passage of time, and hence, such put options are considered to be probable of becoming exercisable. We elected to accrete changes in the redemption value over the period from the date it becomes probable that the instrument will become redeemable to the earliest redemption date of the instrument by using an interest method. The balance of redeemable noncontrolling interests on the balance sheets is reported at the greater of its carrying value or its maximum redemption value at each reporting date. The redeemable noncontrolling interests are classified as temporary equity and therefore are reported in the mezzanine section of the consolidated balance sheets as redeemable noncontrolling interests.
For income tax purposes, the Equity Investors of the PPA Entities receive a greater proportion of the share of losses and other income tax benefits. This includes the allocation of investment tax credits which are distributed to the Equity Investors through an Investment Company subsidiary of Bloom. Allocations are initially based on the terms specified in each respective partnership agreement until either a specific date or the Equity Investors' targeted rate of return specified in the partnership agreement is met (the "flip" of the flip structure) whereupon the allocations change. In some cases after the Equity Investors receive their contractual rate of return, we receive substantially all of the remaining value attributable to the long-term recurring customer payments and the other incentives.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
At the time of our initial public offering, as an emerging growth company ("EGC"), we elected to use the extended transition period provided by the Jumpstart Our Business Startups Act for the implementation of new or revised accounting standards, and as a result of this election, we did not have to comply with the public company effective dates for new accounting standards until we ceased to be classified as an EGC. As a result of the market value of our publicly held common stock held by non-affiliates exceeding $700 million, measured at the end of our second fiscal quarter, we lost our EGC status effective as of December 31, 2020. This accelerated the adoption of various accounting standards as detailed below under Accounting Guidance Implemented in 2020. These accounting standards were therefore, adopted as of January 1, 2020.
As detailed below under Accounting Guidance Not Yet Adopted, we will adopt future accounting standards based on the public company effective dates.
Other than the adoption of the accounting guidance mentioned below, there have been no other significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements.
Accounting Guidance Implemented in 2020
Our adoption of the following guidance as of January 1, 2020 did not have a material impact on our consolidated financial statements and related disclosures:
•ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740)
•ASU 2018-13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
•ASU 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting
•ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments
Leases - In February 2016, the FASB issued ASC 842, which supersedes all existing lease guidance. To increase transparency and comparability among organizations, this guidance requires that an entity that lease assets recognize right-of-use (“ROU”) assets representing its right to use the underlying asset for the lease term and lease liabilities related to the rights and obligations created by those leases on the balance sheet regardless of whether they are classified as finance or operating leases, with classification affecting the pattern and presentation of expenses and cash flows on the consolidated financial statements. In addition, new disclosures are required to meet the objective of enabling users of the consolidated financial statements to better understand the amount, timing, and uncertainty of cash flows arising from leases.
Prior to December 31, 2020, as an EGC, we elected to use the extended transition period provided by the Jumpstart Our Business Startups Act for the implementation of new or revised accounting standards, and as a result of this election, we did not have to comply with the public company effective date for ASC 842 until we ceased to be classified as an EGC. Effective on December 31, 2020, we lost our EGC status which accelerated the adoption of ASC 842. As a result, we adjusted our previously reported consolidated financial statements effective January 1, 2020 in this Form 10-K for the year ended December 31, 2020.
We adopted ASC 842 on January 1, 2020 on a modified retrospective basis under which we recognized and measured leases existing at, or entered into after, the beginning of the period of adoption. We elected the optional transition approach of not adjusting our comparative period consolidated financial statements for the impacts of adoption. Upon adoption of ASC 842, we recorded right-of-use assets of $28.1 million (after deducting $9.2 million relating to a tenant improvement allowance) and
corresponding lease liabilities of $39.8 million related to our operating leases as a lessee for facilities, office buildings, and vehicles.
The comparative consolidated balance sheet as of December 31, 2019 has not been restated to reflect the adoption of ASC 842. In addition, the amounts presented as deferred lease obligations on our consolidated balance sheet as of December 31, 2019 are now included in the calculation of the operating lease ROU assets.
The transition guidance associated with ASC 842 also permitted certain practical expedients. We elected the practical expedient, which allowed us to carryforward certain aspects of our historical lease accounting under ASC 840 for leases that commenced before the effective date, including not to reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases, and (iii) initial direct costs for any existing leases. We also elected the practical expedient to not separate non-lease and lease components and instead account for them as a single lease component for all classes of underlying assets. Lastly, for all classes of underlying assets, we elected to adopt an accounting policy for which we will not record on our consolidated balance sheets leases whose terms are 12 months or less. Instead, these lease payments are recognized in profit or loss on a straight-line basis over the lease term.
Facilities, Office Buildings, and Vehicles
The lease ROU assets and related lease liabilities are classified as either operating or financing. Lease liabilities are measured at the lease commencement date as the present value of future minimum lease payments. Lease right-of-use assets are measured as the lease liability plus initial direct costs and prepaid lease payments less lease incentives. In measuring the present value of the future minimum lease payments, the discount rate for the lease is the rate implicit in the lease unless that rate cannot be readily determined. In that case, the lessee is required to use its incremental borrowing rate. In computing our lease liabilities, we use the incremental borrowing rate based on the information available on the commencement date using an estimate of company-specific rate in the U.S. on a collateralized basis and consistent with the lease term for each lease. The lease term is the non-cancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised.
Sales and Utility Taxes
Sales and Utility Taxes
We recognize revenue on a net basis for taxes charged to our customers and collected on behalf of the taxing authorities.
Shipping And Handling
Shipping and Handling Costs
We generally record costs related to shipping and handling in cost of product revenue, cost of installation revenue and cost of service as they are incurred.
v3.20.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Property, Plant and Equipment
Depreciation is calculated using the straight-line method over the estimated depreciable lives of the respective assets as follows:
Depreciable Lives
Energy Servers
15-21 years
Computers, software and hardware
3-5 years
Machinery and equipment
5-10 years
Furniture and fixtures
3-5 years
Leasehold improvements
1-10 years
Buildings*
* Lesser of 35 years or the term of the underlying land lease.
Property, plant and equipment, net, consists of the following (in thousands):
December 31,
 20202019
   
Energy Servers$669,422 $650,600 
Computers, software and hardware20,432 20,275 
Machinery and equipment106,644 101,650 
Furniture and fixtures8,455 8,339 
Leasehold improvements37,497 35,694 
Building46,730 40,512 
Construction in progress21,118 12,611 
910,298 869,681 
Less: accumulated depreciation(309,670)(262,622)
$600,628 $607,059 
Schedule of Error Corrections and Prior Period Adjustments
The cumulative effect of applying ASC 842 on our consolidated balance sheets as of January 1, 2020 was as follows (in thousands):
December 31, 2019 (1)
Adjustments Due to the Adoption of ASC 842January 1, 2020
Assets:
Operating lease right-of-use assets$— $28,121 $28,121 
Total assets1,322,591 28,121 1,350,712 
Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest:
Operating lease liabilities - current— 5,535 5,535 
Accrued expenses and other current liabilities70,284 (1,314)(2)68,970 
Total current liabilities573,964 4,221 578,185 
Operating lease liabilities, non-current— 34,240 34,240 
Other long-term liabilities28,013 (10,340)(2)17,673 
Total liabilities1,490,451 28,121 1,518,572 
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest1,322,591 28,121 1,350,712 

(1) As reported in our 2019 Annual Report on Form 10-K.
(2) Adjustment relates to deferred rent balances as of December 31, 2019.
v3.20.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Schedule of Contract with Customer, Asset and Liability
Deferred revenue and customer deposits as of December 31, 2020 and 2019 consists of the following (in thousands):
December 31,
 20202019
Deferred revenue $135,578 $175,619 
Customer deposits66,171 39,101 
Deferred revenue and customer deposits$201,749 $214,720 

Deferred revenue activity during the years ended December 31, 2020 and 2019 consists of the following (in thousands):
Years Ended
December 31,
20202019
Beginning balance$175,619 $149,612 
Additions652,960 709,843 
Revenue recognized(693,001)(683,836)
Ending balance$135,578 $175,619 
Disaggregation of Revenue We disaggregate revenue from contracts with customers into four revenue categories: (i) product, (ii) installation, (iii) services, and (iv) electricity (in thousands):
Years Ended
December 31,
202020192018
  Under ASC 606With Adoption of ASC 606Under ASC 605
Revenue from contracts with customers: 
Product revenue $518,633 $557,336 $400,638 
Installation revenue 101,887 60,826 68,195 
Services revenue 109,633 95,786 83,267 
Electricity revenue — 10,840 23,023 
Total revenue from contract with customers730,153 724,788 575,123 
Revenue from contracts accounted for as leases:
Electricity revenue64,094 60,389 57,525 
Total revenue$794,247 $785,177 $632,648 
v3.20.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents
The carrying values of cash, cash equivalents and restricted cash approximate fair values and are as follows (in thousands):
December 31,
 20202019
As Held:
Cash$180,808 $100,773 
Money market funds235,902 276,615 
$416,710 $377,388 
As Reported:
Cash and cash equivalents$246,947 $202,823 
Restricted cash169,763 174,565 
$416,710 $377,388 
Restrictions on Cash and Cash Equivalents
The carrying values of cash, cash equivalents and restricted cash approximate fair values and are as follows (in thousands):
December 31,
 20202019
As Held:
Cash$180,808 $100,773 
Money market funds235,902 276,615 
$416,710 $377,388 
As Reported:
Cash and cash equivalents$246,947 $202,823 
Restricted cash169,763 174,565 
$416,710 $377,388 
Restricted cash consisted of the following (in thousands):
December 31,
 20202019
Current:  
Restricted cash$26,706 $28,494 
Restricted cash related to PPA Entities1
25,764 2,310 
Restricted cash, current52,470 30,804 
Non-current:
Restricted cash286 10 
Restricted cash related to PPA Entities1
117,007 143,751 
Restricted cash, non-current117,293 143,761 
$169,763 $174,565 
1 We have VIEs that represent a portion of the consolidated balances recorded within the "restricted cash," and other financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2020, include $20.3 million and $0.7 million of current restricted cash, and $88.4 million and $13.3 million of non-current restricted cash, respectively, and these entities are not considered VIEs. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2019, included $108.7 million and $20.0 million of non-current restricted cash, respectively.
v3.20.4
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The tables below set forth, by level, our financial assets that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
 Fair Value Measured at Reporting Date Using
December 31, 2020Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$235,902 $— $— $235,902 
$235,902 $— $— $235,902 
Liabilities
Derivatives:
Natural gas fixed price forward contracts$— $— $2,574 $2,574 
Embedded EPP derivatives— — 5,541 5,541 
Interest rate swap agreements— 15,989 — 15,989 
$— $15,989 $8,115 $24,104 

 Fair Value Measured at Reporting Date Using
December 31, 2019Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$276,615 $— $— $276,615 
Interest rate swap agreements
— 3 — 3 
$276,615 $3 $— $276,618 
Liabilities
Accrued expenses and other current liabilities$996 $— $— $996 
Derivatives:
Natural gas fixed price forward contracts— — 6,968 6,968 
Embedded EPP derivatives— — 6,176 6,176 
Interest rate swap agreements— 9,241 — 9,241 
$996 $9,241 $13,144 $23,381 
Schedule of Natural Gas Forward Contracts
The following table provides the number and fair value of our natural gas fixed price forward contracts (in thousands):
 December 31, 2020December 31, 2019
 
Number of
Contracts
(MMBTU)²
Fair
Value		Number of
Contracts
(MMBTU)²		Fair
Value
   
Liabilities¹:
Natural gas fixed price forward contracts (not under hedging relationships)830 $2,574 1,991 $6,968 
¹ Recorded in current liabilities and derivative liabilities in the consolidated balance sheets.
² One MMBTU is a traditional unit of energy used to describe the heat value (energy content) of fuels.
Change in Level 3 Financial Liabilities
The changes in the Level 3 financial liabilities during the year ended December 31, 2020 were as follows (in thousands):
Natural
Gas
Fixed Price
Forward
Contracts		Embedded EPP Derivative LiabilityTotal
Liabilities at December 31, 2018$9,729 $4,015 $13,744 
Settlement of natural gas fixed price forward contracts(3,605)— (3,605)
Changes in fair value844 2,161 3,005 
Liabilities at December 31, 20196,968 6,176 13,144 
Settlement of natural gas fixed price forward contracts(4,503)— (4,503)
Changes in fair value109 (635)(526)
Liabilities at December 31, 2020$2,574 $5,541 $8,115 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents the unobservable inputs related to our Level 3 liabilities:
As of December 31, 2020
Commodity ContractsDerivative LiabilitiesValuation TechniqueUnobservable InputUnitsRangeAverage
(in thousands)($ per Units)
Natural Gas$2,574 Discounted Cash FlowForward basis priceMMBTU
$2.82 - $5.03
$3.67 
Schedule of Fair Values and Carrying Values of Customer Receivables and Debt Instruments The following table presents the estimated fair values and carrying values of customer receivables and debt instruments (in thousands):
 December 31, 2020December 31, 2019
 Net Carrying
Value		Fair ValueNet Carrying
Value		Fair Value
   
Customer receivables
Customer financing receivables$50,746 $42,679 $55,855 $44,002 
Debt instruments
Recourse:
LIBOR + 4% Term Loan due November 2020
— — 1,536 1,590 
5% Convertible Promissory Note due 2020
— — 36,482 32,070 
10% Convertible Promissory Notes due December 2021
— — 273,410 302,047 
10% Senior Secured notes due July 2024
— — 89,962 97,512 
10.25% Senior Secured Notes due March 2027
68,614 71,831 — — 
2.5% Green Convertible Senior Notes due August 2025
99,394 426,229 — — 
Non-recourse:
7.5% Term Loan due September 2028
31,746 37,658 34,969 41,108 
6.07% Senior Secured Notes due March 2030
77,007 89,654 80,016 87,618 
LIBOR + 2.5% Term Loan due December 2021
114,138 116,113 120,437 120,510 
v3.20.4
Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory
The components of inventory consist of the following (in thousands):
December 31,
 20202019
Raw materials$79,090 $67,829 
Work-in-progress29,063 21,207 
Finished goods33,906 20,570 
$142,059 $109,606 
Schedule of Prepaid Expense and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
December 31,
 20202019
   
Government incentives receivable$479 $893 
Prepaid hardware and software maintenance5,227 3,763 
Receivables from employees5,160 6,130 
Other prepaid expenses and other current assets19,852 17,282 
$30,718 $28,068 
Schedule of Property, Plant and Equipment
Depreciation is calculated using the straight-line method over the estimated depreciable lives of the respective assets as follows:
Depreciable Lives
Energy Servers
15-21 years
Computers, software and hardware
3-5 years
Machinery and equipment
5-10 years
Furniture and fixtures
3-5 years
Leasehold improvements
1-10 years
Buildings*
* Lesser of 35 years or the term of the underlying land lease.
Property, plant and equipment, net, consists of the following (in thousands):
December 31,
 20202019
   
Energy Servers$669,422 $650,600 
Computers, software and hardware20,432 20,275 
Machinery and equipment106,644 101,650 
Furniture and fixtures8,455 8,339 
Leasehold improvements37,497 35,694 
Building46,730 40,512 
Construction in progress21,118 12,611 
910,298 869,681 
Less: accumulated depreciation(309,670)(262,622)
$600,628 $607,059 
Schedule of Other Long-Term Assets
Other long-term assets consist of the following (in thousands):
December 31,
 20202019
   
Prepaid and other long-term assets$24,116 $29,153 
Deferred commissions6,732 5,007 
Equity-method investments1,954 5,733 
Long-term deposits1,709 1,759 
$34,511 $41,652 
Schedule of Accrued Warranty
Accrued warranty liabilities consist of the following (in thousands):
December 31,
 20202019
   
Product warranty$1,549 $2,345 
Product performance8,605 7,536 
Maintenance services contracts109 453 
$10,263 $10,334 

Changes in the product warranty and product performance liabilities were as follows (in thousands):
Balances at December 31, 2018$9,668 
Cumulative effect upon adoption of ASC 6061,032 
Accrued warranty, net 1,849 
Warranty expenditures during period (2,668)
Balances at December 31, 20199,881 
Accrued warranty, net 5,944 
Warranty expenditures during the year(5,671)
Balances at December 31, 2020$10,154 
Schedule of Accrued Other Current Liabilities
Accrued expenses and other current liabilities consist of the following (in thousands):
December 31,
 20202019
   
Compensation and benefits$28,343 $17,173 
Current portion of derivative liabilities19,116 4,834 
Sales-related liabilities14,479 416 
Accrued installation16,468 10,348 
Sales tax liabilities2,732 3,849 
Interest payable2,224 3,875 
Other28,642 29,789 
$112,004 $70,284 
Schedule of Other Long-Term Liabilities
Other long-term liabilities consist of the following (in thousands):
December 31,
 20202019
Delaware grant$9,212 $10,469 
Other3,067 17,544 
$12,279 $28,013 
v3.20.4
Outstanding Loans and Security Agreements (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of our debt as of December 31, 2020 (in thousands):
 Unpaid
Principal
Balance		Net Carrying ValueUnused
Borrowing
Capacity		Interest
Rate		Maturity DatesEntityRecourse
 CurrentLong-
Term		Total
10.25% Senior Secured Notes due March 2027
$70,000 $— $68,614 $68,614 $— 10.25%March 2027CompanyYes
2.5% Green Convertible Senior Notes due August 2025
230,000 — 99,394 99,394 2.5%August 2025CompanyYes
Total recourse debt300,000 — 168,008 168,008 — 
7.5% Term Loan due September 2028
34,456 2,826 28,920 31,746 — 7.5%September 
2028		PPA IIIaNo
6.07% Senior Secured Notes due March 2030
77,837 3,882 73,125 77,007 — 6.1%March 2030PPA IVNo
LIBOR + 2.5% Term Loan due December 2021
114,761 114,138 — 114,138 — LIBOR plus
margin		December 2021PPA VNo
Letters of Credit due December 2021— — — — 968 2.25%December 2021PPA VNo
Total non-recourse debt227,054 120,846 102,045 222,891 968 
Total debt$527,054 $120,846 $270,053 $390,899 $968 

The following is a summary of our debt as of December 31, 2019 (in thousands):
 Unpaid
Principal
Balance		Net Carrying ValueUnused
Borrowing
Capacity		Interest
Rate		Maturity DatesEntityRecourse
 CurrentLong-
Term		Total
LIBOR + 4% Loan due November 2020
$1,571 $1,536 $— $1,536 $— LIBOR
plus margin		November 2020CompanyYes
5% Convertible Promissory Note due December 202033,104 36,482 — 36,482 — 5.0%December 2020CompanyYes
6% Convertible Promissory Notes due December 2020289,299 273,410 — 273,410 — 6.0%December 2020CompanyYes
10% Notes due July 2024
93,000 14,000 75,962 89,962 — 10.0%July 2024CompanyYes
Total recourse debt416,974 325,428 75,962 401,390 — 
7.5% Term Loan due September 2028
38,337 3,882 31,087 34,969 — 7.5%September 2028PPA IIIaNo
6.07% Senior Secured Notes due March 2030
80,988 3,151 76,865 80,016 — 6.1%March 2030PPA IVNo
LIBOR + 2.5% Term Loan due December 2021
121,784 5,122 115,315 120,437 — LIBOR plus
margin		December 2021PPA VNo
Letters of Credit due December 2021— — — — 1,220 2.25%December 2021PPA VNo
Total non-recourse debt241,109 12,155 223,267 235,422 1,220 
Total debt$658,083 $337,583 $299,229 $636,812 $1,220 
Schedule of Repayment and Interest Expense
The following table presents details of our outstanding loan principal repayment schedule as of December 31, 2020 (in thousands):
2021$121,469 
202216,393 
202322,166 
202424,886 
2025258,022 
Thereafter84,118 
$527,054 
v3.20.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value Derivatives
The fair values of the derivatives designated as cash flow hedges as of December 31, 2020 and 2019 on our consolidated balance sheets are as follows (in thousands):
December 31,
 20202019
Assets 
Prepaid expenses and other current assets$— $3 
$— $3 
Liabilities
Accrued expenses and other current liabilities$15,989 $782 
Derivative liabilities— 8,459 
$15,989 $9,241 
Schedule of Changes in Fair Value of Cash Flow Hedge Contracts
The changes in fair value of the derivative contracts designated as cash flow hedges and the amounts recognized in accumulated other comprehensive income (loss) and in earnings are as follows (in thousands):
Years ended December 31,
20202019
Beginning balance$9,238 $3,548 
Loss recognized in other comprehensive loss8,465 6,131 
Amounts reclassified from other comprehensive loss to earnings(1,569)(216)
Net loss recognized in other comprehensive loss6,896 5,915 
Gain recognized in earnings(145)(225)
Ending balance$15,989 $9,238 
v3.20.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Schedule of Stock by Class
Our capitalization as of December 31, 2020 and 2019 is as follows:
December 31,
Authorized20202019
Shares issued and outstanding:
Total common stock - Class A1 - par value $0.0001
600,000,000 140,094,633 84,549,511 
Total common stock - Class B1 - par value $0.0001
600,000,000 27,908,093 36,486,778 
Total preferred stock10,000,000 — — 
168,002,726 121,036,289 
Rights to acquire stock:
Stock Plans' options and other equity awards outstanding:
2002 stock plan - options1,265,656 1,856,154 
2012 equity incentive plan - options8,877,792 9,982,756 
2012 equity incentive plan - other equity awards504,034 6,656,094 
2018 equity incentive plan - options5,210,823 5,998,406 
2018 equity incentive plan - other equity awards5,914,754 3,456,172 
  
Warrants outstanding:
Common stock warrants - exercise price of $27.78
468,548 481,181 
Common stock warrants - exercise price of $38.64
12,940 12,940 
Shares reserved for future issuance:
Total options/RSUs available for grant - 2018 Plan20,233,754 17,233,144 
Total shares available for grant - 2018 ESPP2,587,874 3,030,407 
1 We have two classes of authorized common stock, Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible into one share of Class A common stock at the discretion of its holder, or automatically upon the earliest to occur of (i) immediately prior to the close of business on July 27, 2023, (ii) immediately prior to the close of business on the date on which the outstanding shares of Class B common stock represent less than five percent (5%) of the aggregate number of shares of Class A common stock and Class B common stock then outstanding, (iii) the date and time or the occurrence of an event specified in a written conversion election delivered by KR Sridhar to our Secretary or Chairman of the Board to so convert all shares of Class B common stock, or (iv) immediately following the date of the death of KR Sridhar.
v3.20.4
Stock-Based Compensation and Employee Benefit Plan (Tables)
 12 Months Ended
Dec. 31, 2020
Compensation Related Costs [Abstract]  
Schedule of Weighted-Average Valuation Assumptions
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of option valuation:
 Years Ended
December 31,
 202020192018
 
Risk-free interest rate
0.6%
1.7% - 2.6%
2.5% - 3.1%
Expected term (years)
6.6
6.4 - 6.7
6.2 - 6.7
Expected dividend yield———
Expected volatility
71.0%
45.7% - 50.2%
52.4% - 56.1%
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
Years Ended
December 31,
20202019
Risk-free interest rate
0.12% - 1.51%
1.5% - 2.6%
Expected term (years)
0.5 - 2.0
0.5 - 2.0
Expected dividend yield——
Expected volatility
61.0% - 119.2%
45.9% - 54.0%
Schedule of Employee and Non-Employee Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations (in thousands):
 Years Ended
December 31,
 202020192018
Cost of revenue$17,475 $45,429 $29,680 
Research and development19,037 40,949 39,029 
Sales and marketing10,997 32,478 32,284 
General and administrative26,384 77,435 67,489 
$73,893 $196,291 $168,482 
Schedule of Stock Option and RSU Activity
The following table summarizes the stock option activity under our stock plans during the reporting period:
 Outstanding Options
 Number of
Shares		Weighted
Average
Exercise
Price		Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
   (in thousands)
Balances at December 31, 201814,558,420 $25.93 6.8$3,084 
Granted4,956,064 5.60 
Exercised(358,564)4.26
Cancelled(1,318,604)25.33
Balances at December 31, 201917,837,316 20.76 6.914,964 
Granted200,000 7.30 
Exercised(1,341,324)11.18 
Cancelled(1,341,721)22.49 
Balances at December 31, 202015,354,271 21.27 6.0129,855 
Vested and expected to vest at December 31, 202014,976,706 21.55 5.9122,813 
Exercisable at December 31, 202010,311,316 26.37 4.939,569 
The following table presents the stock activity and the total number of shares available for grant under our stock plans as of December 31, 2020:
 Plan Shares Available
for Grant
  
Balances at December 31, 201817,457,847 
Added to plan7,585,422 
Granted(8,176,023)
Cancelled2,289,290 
Expired(1,923,392)
Balances at December 31, 201917,233,144 
Added to plan7,179,751 
Granted(4,944,467)
Cancelled1,965,801 
Expired(1,200,475)
Balances at December 31, 202020,233,754 
Schedule of RSU Activity and Related Information
A summary of our RSUs activity and related information is as follows:
Number of
Awards
Outstanding		Weighted
Average Grant
Date Fair
Value
Unvested Balance at December 31, 201816,784,800 $18.74 
Granted3,219,959 11.81 
Vested(8,921,807)18.03 
Forfeited(970,686)17.34 
Unvested Balance at December 31, 201910,112,266 17.29 
Granted4,744,467 12.43 
Vested(7,806,038)17.48 
Forfeited(631,907)14.93 
Unvested Balance at December 31, 20206,418,788 13.71 
v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of income (loss) before the provision for income taxes are as follows (in thousands):
 Years Ended
December 31,
202020192018
United States$(179,657)$(324,467)$(291,574)
Foreign826 1,634 1,835 
    Total$(178,831)$(322,833)$(289,739)
Schedule of Components of Income Tax Expense (Benefit) The provision for income taxes is comprised of the following (in thousands):
Years Ended
December 31,
202020192018
  
Current:
Federal$— $— $— 
State21 26 191 
Foreign472 595 1,407 
Total current493 621 1,598 
Deferred:
Federal— — — 
State— — — 
Foreign(237)12 (61)
Total deferred(237)12 (61)
Total provision for income taxes$256 $633 $1,537 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate is as follows (in thousands):
Years Ended
December 31,
202020192018
Tax at federal statutory rate$(37,552)$(67,795)$(60,845)
State taxes, net of federal effect21 26 191 
Impact on noncontrolling interest4,522 4,001 3,725 
Non-U.S. tax effect78 264 960 
Nondeductible expenses908 144 6,796 
Stock-based compensation5,956 6,484 3,892 
Loss on debt extinguishment214 — — 
U.S. tax on foreign earnings (GILTI)203 221 127 
Change in valuation allowance25,906 57,288 46,691 
   Provision for income taxes$256 $633 $1,537 
Schedule of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities consist of the following (in thousands): 
December 31,
20202019
 
Tax credits and net operating loss carryforwards$510,599 $494,084 
Lease liabilities128,151 122,145 
Depreciation and amortization7,541 8,523 
Deferred revenue27,134 6,688 
Accruals and reserves15,068 5,874 
Stock-based compensation35,815 61,808 
Other items - deferred tax assets25,931 24,443 
Gross deferred tax assets750,239 723,565 
Valuation allowance(614,958)(633,591)
Net deferred tax assets135,281 89,974 
Investment in PPA entities(10,757)(13,494)
Debt issuance cost— (4,055)
Discount upon issuance of debt(29,513)— 
Managed services - deferred costs(21,898)— 
Right-of-use assets and leased assets(70,818)(65,978)
Other items - deferred tax liability(1,413)(5,803)
Gross deferred tax liabilities(134,399)(89,330)
  Net deferred tax asset$882 $644 
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible
A reconciliation of the beginning and ending amounts of unrecognized tax benefits were as follows (in thousands):
Years Ended
December 31,
20202019
Unrecognized tax benefits beginning balance$34,480 $30,311 
Gross decrease for tax positions of prior year— (93)
Gross increase for tax positions of prior year307 615 
Gross increase for tax positions of current year2,966 3,647 
Unrecognized tax benefits end balance$37,753 $34,480 
v3.20.4
Net Loss per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of our net loss per share available to common stockholders, basic and diluted (in thousands, except per share amounts):
Years Ended
December 31,
 202020192018
 
Numerator:
Net loss attributable to Class A and Class B common stockholders$(157,553)$(304,414)$(273,540)
Deemed dividend— (2,454)— 
Net loss available to Class A and Class B common stockholders$(157,553)$(306,868)$(273,540)
Denominator:
Weighted average shares of common stock, basic and diluted138,722 115,118 53,268 
Net loss per share available to Class A and Class B common stockholders, basic and diluted$(1.14)$(2.67)$(5.14)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share
The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share available to common stockholders, diluted, for the years presented as their inclusion would have been antidilutive:
 Years Ended
December 31,
 202020192018
 
Convertible notes29,729 27,213 27,230 
Stock options and awards6,109 4,631 4,962 
35,838 31,844 32,192 
v3.20.4
Portfolio Financings (Tables)
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The table below shows the details of the three Investment Company VIEs that were active during the year ended December 31, 2020 and their cumulative activities from inception to the years indicated (dollars in thousands):
PPA IIIaPPA IVPPA V
Overview:
Maximum size of installation (in megawatts)102140
Installed size (in megawatts) 101937
Term of power purchase agreements (in years)151515
First system installedFeb-13Sep-14Jun-15
Last system installedJun-14Mar-16Dec-16
Income (loss) and tax benefits allocation to Equity Investor99%90%99%
Cash allocation to Equity Investor99%90%90%
Income (loss), tax and cash allocations to Equity Investor after the flip date5%No flipNo flip
Equity Investor 1
US BankExelon CorporationExelon Corporation
Put option date 2
1st anniversary of flip pointN/AN/A
Company cash contributions$32,223 $11,669 $27,932 
Company non-cash contributions 3
$8,655 $— $— 
Equity Investor cash contributions $36,967 $84,782 $227,344 
Debt financing$44,968 $99,000 $131,237 
Activity as of December 31, 2020:
Distributions to Equity Investor$4,847 $8,852 $24,809 
Debt repayment—principal$10,513 $21,163 $16,475 
Activity as of December 31, 2019:
Distributions to Equity Investor$4,803 $6,692 $70,591 
Debt repayment—principal$6,631 $18,012 $9,453 
Activity as of December 31, 2018:
Distributions to Equity Investor$4,063 $4,568 $66,745 
Debt repayment—principal$4,431 $15,543 $5,780 
1 Investor name represents ultimate parent of subsidiary financing the project.
2 Investor right on the certain date, upon giving us advance written notice, to sell the membership interests to us or resign or withdraw from the investment partnership.
3 Non-cash contributions consisted of warrants that were issued by us to respective lenders to each PPA Entity, as required by such entity’s credit agreements. The corresponding values are amortized using the effective interest method over the debt term.
The following are the aggregate carrying values of our VIEs' assets and liabilities in our consolidated balance sheets, after eliminations of intercompany transactions and balances, including each of the PPA Entities in the PPA IIIa transaction, the PPA IV transaction, and the PPA V transaction (in thousands):
 December 31,
2020		December 31, 2019
   
Assets
Current assets:
Cash and cash equivalents$1,421 $1,894 
Restricted cash4,698 2,244 
Accounts receivable4,420 4,194 
Customer financing receivable5,428 5,108 
Prepaid expenses and other current assets3,048 3,587 
Total current assets19,015 17,027 
Property and equipment, net252,020 275,481 
Customer financing receivable, non-current45,268 50,747 
Restricted cash15,320 15,045 
Other long-term assets37 607 
Total assets$331,660 $358,907 
Liabilities
Current liabilities:
Accrued expenses and other current liabilities$19,510 $1,391 
Deferred revenue and customer deposits662 662 
Current portion of debt120,846 12,155 
Total current liabilities141,018 14,208 
Derivative liabilities— 8,459 
Deferred revenue6,072 6,735 
Long-term portion of debt102,045 223,267 
Other long-term liabilities— 2,355 
Total liabilities$249,135 $255,024 
The table below provides detail into the assets and liabilities of Bloom Energy separate from the PPA Entities. The table provides our stand-alone assets and liabilities, those of the PPA Entities combined, and our consolidated balances as of December 31, 2020 and 2019 (in thousands):
 December 31, 2020December 31, 2019
 Bloom EnergyPPA EntitiesConsolidatedBloom EnergyPPA EntitiesConsolidated
Assets
Current assets
$599,589 $19,015 $618,604 $455,680 $17,027 $472,707 
Long-term assets
523,138 312,645 835,783 508,004 341,880 849,884 
Total assets$1,122,727 $331,660 $1,454,387 $963,684 $358,907 $1,322,591 
Liabilities
Current liabilities
$295,359 $20,172 $315,531 $234,328 $2,053 $236,381 
Current portion of debt
— 120,846 120,846 325,428 12,155 337,583 
Long-term liabilities
600,489 6,072 606,561 599,709 17,549 617,258 
Long-term portion of debt
168,008 102,045 270,053 75,962 223,267 299,229 
Total liabilities$1,063,856 $249,135 $1,312,991 $1,235,427 $255,024 $1,490,451 
v3.20.4
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Our operations include the following related party transactions (in thousands):
 Years Ended
December 31,
 202020192018
Total revenue from related parties$7,562 $228,100 $32,381 
Interest expense to related parties2,513 6,756 8,893 
Consulting expenses to related parties 1 (included in general and administrative expense)
— — 125 
1As of July 2019, we no longer have a consultant considered to be a related party.
We had no debt or convertible notes from investors considered to be related parties as of December 31, 2020.
The following is a summary of our debt and convertible notes from investors considered to be related parties as of December 31, 2019 (in thousands):
 Unpaid
Principal
Balance		Net Carrying Value
 CurrentLong-
Term		Total
Recourse debt from related parties:
10% Convertible Promissory Notes due December 2021 from related parties
$20,801 $20,801 $— $20,801 
Non-recourse debt from related parties:
7.5% Term Loan due September 2028 from related parties
38,337 3,882 31,088 34,970 
Total debt from related parties$59,138 $24,683 $31,088 $55,771 
v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Finance Lease, Liability, Fiscal Year Maturity
Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of December 31, 2020, were as follows (in thousands):
Operating Leases
Finance Leases
2021
$11,388 $95 
2022
8,211 95 
2023
8,292 90 
2024
8,472 84 
2025
8,330 28 
Thereafter
19,863 — 
Total minimum lease payments
64,556 392 
Less: amounts representing interest or imputed interest
(14,808)(51)
Present value of lease liabilities
$49,748 $341 
Lease, Cost
The components of our facilities, office buildings, and vehicles' lease costs for the year ended December 31, 2020 were as follows (in thousands):
December 31, 2020
Operating lease costs
$9,804 
Financing lease costs:
Amortization of financing lease right-of-use assets
51
Interest expense for financing lease liabilities
16
Total financing lease costs
67
Short-term lease costs
613
Total lease costs
$10,484 

Weighted average remaining lease terms and discount rates for our facilities, office buildings, and vehicles as of December 31, 2020 were as follows:
December 31, 2020
Remaining lease term (years):
Operating leases
6.7 years
Finance leases
4.2 years
Discount rate:
Operating leases
8.7 %
Finance leases
7.0 %
Assets and Liabilities Leases
Operating and financing lease right-of-use assets and lease liabilities for facilities, office buildings, and vehicles as of December 31, 2020 were as follows (in thousands):
December 31, 2020
Assets:
Operating lease right-of-use assets, net 1, 2
$35,621 
Financing lease right-of-use assets, net 3, 4
334
Total
$35,955 
Liabilities:
Current:
Operating lease liabilities
$7,899 
Financing lease liabilities 5
74 
Total current lease liabilities
7,973 
Non-current:
Operating lease liabilities
41,849 
Financing lease liabilities 6
267 
Total non-current lease liabilities
42,116 
Total lease liabilities
$50,089 
1 At December 31, 2020, these assets primarily include leases for facilities, office buildings, and vehicles.
2 Net of accumulated amortization.
3 At December 31, 2020, these assets primarily include leases for vehicles.
4 Included in property, plant and equipment, net, in the consolidated balance sheets, net of accumulated amortization.
5 Included in accrued expenses and other current liabilities in the consolidated balance sheets.
6 Included in other long-term liabilities in the consolidated balance sheets.
Lessee, Operating Lease, Liability, Maturity
Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of December 31, 2020, were as follows (in thousands):
Operating Leases
Finance Leases
2021
$11,388 $95 
2022
8,211 95 
2023
8,292 90 
2024
8,472 84 
2025
8,330 28 
Thereafter
19,863 — 
Total minimum lease payments
64,556 392 
Less: amounts representing interest or imputed interest
(14,808)(51)
Present value of lease liabilities
$49,748 $341 
Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities as of December 31, 2020, were as follows (in thousands):
Operating Leases
2021$43,176 
202244,258 
202345,345 
202446,590 
202547,612 
Thereafter
264,207 
Total lease payments
$491,188 
Lessee, Operating Lease, Disclosure
Prior to adoption of ASC 842, at December 31, 2019, future minimum lease payments under operating leases were as follows (in thousands):
Operating Leases
2020
$7,250 
2021
5,495 
2022
4,168 
2023
4,230 
2024
4,357 
Thereafter
17,913 
Total lease payments
$43,413 
Sales-type Lease, Net Investment in Lease
The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands):
December 31, 2020
Lease payment receivables, net1
$49,806 
Estimated residual value of leased assets (unguaranteed)
890 
Net investment in sales-type leases
50,696 
Less: current portion(5,428)
Non-current portion of net investment in sales-type leases$45,268 
1 Net of current estimated credit losses of approximately $0.1 million as of December 31, 2020.
Sales-type Leases, Lease Receivable, Maturity
As of December 31, 2020, the future scheduled customer payments from sales-type leases were as follows (in thousands):
Future minimum lease payments
2021$5,796 
20226,110 
20236,435 
20246,797 
20257,125 
Thereafter19,176 
Total undiscounted cash flows51,439 
Less: imputed interest(1,582)
Present value of lease payments1
$49,857 
1 Amount comprises a current and long-term portion of lease receivables of $5.4 million and $44.4 million, respectively, after giving effect to a $0.1 million current expected credit loss reserve on the long-term portion, which is reflected as a component of the net investment in sales-type leases presented in our statement of financial position as customer financing receivables.
Schedule of Customer Financing Leases, Receivable
As of December 31, 2019, the components of investment in sales-type financing leases consisted of the following (in thousands):
December 31,
 2019
Total minimum lease payments to be received$76,886 
Less: Amounts representing estimated executory costs(19,931)
Net present value of minimum lease payments to be received56,955 
Estimated residual value of leased assets890 
Less: Unearned income(1,990)
Net investment in sales-type financing leases55,855 
Less: Current portion(5,108)
Non-current portion of net investment in sales-type leases$50,747 
Schedule of Customer Payments from Sales-Type Financing Leases
As of December 31, 2019, the future scheduled customer payments from sales-type financing leases were as follows (in thousands):
20202021202220232024Thereafter
Future minimum lease payments, less interest$5,108 $5,428 $5,784 $6,155 $6,567 $25,923 
v3.20.4
Nature of Business, Liquidity, Basis of Presentation - (Additional Information) (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 18, 2020
USD ($)
shares
May 01, 2020
USD ($)
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Aug. 31, 2020
USD ($)
Mar. 31, 2020
USD ($)
$ / shares
Mar. 30, 2020
Nov. 30, 2019
$ / shares
Subsidiary, Sale of Stock [Line Items]                  
Current portion of debt     $ 120,846 $ 337,583          
Long-term Debt     390,899 636,812          
Comprehensive loss     (186,006) (329,537) $ (289,152)        
Long-term Debt, Gross     $ 527,054 658,083          
Revision of Prior Period, Adjustment [Member]                  
Subsidiary, Sale of Stock [Line Items]                  
Comprehensive loss       $ 5,800 $ 1,800        
Sales Revenue, Net | Customer Concentration Risk | Duke Energy                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage     28.00%            
Sales Revenue, Net | Customer Concentration Risk | SK Engineering & Construction Co., Ltd.                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage     34.00% 23.00%          
Sales Revenue, Net | Customer Concentration Risk | The Southern Company                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage       34.00% 51.00%        
Accounts Receivable | Customer Concentration Risk | Costco Wholesale Corporation                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage       19.00%          
Accounts Receivable | Customer Concentration Risk | The Kraft Group LLC                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage       17.00%          
Accounts Receivable | Customer Concentration Risk | SK Engineering & Construction Co., Ltd.                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage     56.00%            
Asia Pacific | Sales Revenue, Net | Geographic Concentration Risk                  
Subsidiary, Sale of Stock [Line Items]                  
Concentration risk, percentage     35.00% 23.00% 14.00%        
Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse, Amendment | Convertible promissory notes                  
Subsidiary, Sale of Stock [Line Items]                  
Convertible, number of equity instruments (in shares) | shares 4,700,000                
Debt instrument, unamortized premium $ 3,400                
Convertible Promissory Notes Interest Rate 10% Due December 2021 | Convertible promissory notes                  
Subsidiary, Sale of Stock [Line Items]                  
Convertible stock price (in dollars per share) | $ / shares             $ 8.00    
Converted instrument, amount     $ 252,797 $ 0 $ 0        
Convertible Promissory Notes Interest Rate 10% Due December 2021 | Convertible debt                  
Subsidiary, Sale of Stock [Line Items]                  
Repayments of convertible debt   $ 70,000              
Convertible Promissory Notes Interest Rate 10% Due December 2021 | Class B common stock | Convertible promissory notes                  
Subsidiary, Sale of Stock [Line Items]                  
Conversion of notes (in shares) | shares     19,100,000            
Additional Convertible Notes | Convertible debt                  
Subsidiary, Sale of Stock [Line Items]                  
Debt face amount             $ 30,000    
Convertible Promissory Notes Interest Rate 5% Due December 2020, Recourse | Convertible promissory notes                  
Subsidiary, Sale of Stock [Line Items]                  
Current portion of debt       $ 36,482          
Interest rate percentage     5.00% 5.00%       5.00%  
Long-term Debt       $ 36,482          
Long-term Debt, Gross       $ 33,104          
2.5% Green Convertible Senior Notes due August 2025 | Senior secured notes                  
Subsidiary, Sale of Stock [Line Items]                  
Current portion of debt     $ 0            
Interest rate percentage     2.50% 2.50%   2.50%      
Long-term Debt     $ 99,394            
Long-term Debt, Gross     $ 230,000     $ 230,000      
Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | Convertible promissory notes                  
Subsidiary, Sale of Stock [Line Items]                  
Current portion of debt       $ 273,410          
Interest rate percentage     10.00% 6.00%          
Long-term Debt       $ 273,410          
Convertible stock price (in dollars per share) | $ / shares                 $ 11.25
Long-term Debt, Gross       $ 289,299          
Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | Convertible debt                  
Subsidiary, Sale of Stock [Line Items]                  
Long-term Debt             279,000    
Repayments of convertible debt   70,000              
Debt face amount             $ 289,300    
Debt instrument, unamortized premium   $ 4,300              
v3.20.4
Summary of Significant Accounting Policies - (Additional Information) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2016
Jan. 01, 2020
Disaggregation of Revenue [Line Items]          
Revenue related to sales-type leases $ 2,300,000 $ 2,900,000 $ 3,400,000    
Revenues $ 794,247,000 785,177,000 632,648,000    
ITC recapture period 5 years        
ITC recaptured amount $ 0 0 0    
Operating lease right-of-use assets 35,621,000 0     $ 28,121,000
Operating Lease, Liability $ 49,748,000        
PPA II | PPA Entities          
Disaggregation of Revenue [Line Items]          
Increase (decrease) in restricted cash   108,700,000      
Minimum          
Disaggregation of Revenue [Line Items]          
Incentives received by the Company       1.00%  
Term of PPA 10 years        
Term during which the Company is responsible for the installation, operation and maintenance of the Energy Servers 10 years        
Minimum | Restricted Stock          
Disaggregation of Revenue [Line Items]          
Requisite service period 3 years        
Minimum | PSUs          
Disaggregation of Revenue [Line Items]          
Requisite service period 1 year        
Maximum          
Disaggregation of Revenue [Line Items]          
Incentives received by the Company       10.00%  
Term of PPA 21 years        
Term during which the Company is responsible for the installation, operation and maintenance of the Energy Servers 15 years        
Maximum | Restricted Stock          
Disaggregation of Revenue [Line Items]          
Requisite service period 4 years        
Maximum | PSUs          
Disaggregation of Revenue [Line Items]          
Requisite service period 3 years        
Accounting Standards Update 2016-02          
Disaggregation of Revenue [Line Items]          
Operating lease right-of-use assets   28,100,000      
Operating lease, tenant improvement allowance   9,200,000      
Operating Lease, Liability   39,800,000      
Electricity          
Disaggregation of Revenue [Line Items]          
Electricity revenue $ 64,094,000 60,389,000 57,525,000    
Revenues 64,094,000 71,229,000 80,548,000    
Service          
Disaggregation of Revenue [Line Items]          
Revenues 109,633,000 95,786,000 83,267,000    
Power generation | Electricity sales          
Disaggregation of Revenue [Line Items]          
Revenues 0 11,300,000 23,000,000.0    
Power generation | Service revenue          
Disaggregation of Revenue [Line Items]          
Revenues 0 6,800,000 13,700,000    
Power Purchase Agreement Program Leases | Electricity          
Disaggregation of Revenue [Line Items]          
Operating Lease, Lease Income 27,700,000 29,700,000 30,900,000    
Power Purchase Agreement Program Leases | Service          
Disaggregation of Revenue [Line Items]          
Operating Lease, Lease Income $ 13,800,000 $ 14,600,000 $ 15,200,000    
v3.20.4
Summary of Significant Accounting Policies - (Estimated Depreciable Lives) (Details)
 12 Months Ended
Dec. 31, 2020
Minimum | Energy Servers  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 15 years
Minimum | Computers, software and hardware  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 3 years
Minimum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 5 years
Minimum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 3 years
Minimum | Leasehold Improvements  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 1 year
Maximum | Energy Servers  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 21 years
Maximum | Computers, software and hardware  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 5 years
Maximum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 10 years
Maximum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 5 years
Maximum | Leasehold Improvements  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 10 years
Maximum | Building  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 35 years
v3.20.4
Summary of Significant Accounting Policies - Cumulative Effect of ASC 842 (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Jan. 01, 2020
Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Operating lease right-of-use assets $ 35,621 $ 28,121 $ 0
Assets 1,454,387 1,350,712 1,322,591
Operating lease liabilities 7,899 5,535 0
Accrued expenses and other current liabilities 112,004 [1] 68,970 70,284 [1]
Current liabilities 436,377 578,185 573,964
Operating lease liabilities, non-current 41,849 34,240 0
Other long-term liabilities 12,279 [1] 17,673 28,013 [1]
Liabilities 1,312,991 1,518,572 1,490,451
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest $ 1,454,387 $ 1,350,712 1,322,591
Revision of Prior Period, Accounting Standards Update, Adjustment      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Operating lease right-of-use assets     28,121
Assets     28,121
Operating lease liabilities     5,535
Accrued expenses and other current liabilities     (1,314)
Current liabilities     4,221
Operating lease liabilities, non-current     34,240
Other long-term liabilities     (10,340)
Liabilities     28,121
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest     $ 28,121
[1] We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings).
v3.20.4
Revenue Recognition Contract Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]        
Deferred revenue $ 175,619 $ 175,619 $ 135,578 $ 175,619
Customer deposits     66,171 39,101
Deferred revenue and customer deposits     $ 201,749 $ 214,720
Change in Contract with Customer, Liability [Abstract]        
Beginning balance 175,619 149,612    
Additions 652,960 709,843    
Revenue recognized (693,001) (683,836)    
Ending balance $ 135,578 $ 175,619    
v3.20.4
Revenue Recognition Remaining Performance Obligation Additional Information (Details)
Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period 21 years
v3.20.4
Revenue Recognition Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Short-term Contract with Customer  
Disaggregation of Revenue [Line Items]  
Revenue recognized $ 14,200
v3.20.4
Revenue Recognition - Revenue by Source (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer, excluding assessed tax $ 730,153 $ 724,788 $ 575,123
Total revenue 794,247 785,177 632,648
Product      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer, excluding assessed tax 518,633 557,336 400,638
Total revenue 518,633 557,336 400,638
Installation      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer, excluding assessed tax 101,887 60,826 68,195
Total revenue 101,887 60,826 68,195
Service      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer, excluding assessed tax 109,633 95,786 83,267
Total revenue 109,633 95,786 83,267
Electricity      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer, excluding assessed tax 0 10,840 23,023
Electricity revenue 64,094 60,389 57,525
Total revenue $ 64,094 $ 71,229 $ 80,548
v3.20.4
Financial Instruments - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]        
Cash and cash equivalents [1] $ 246,947 $ 202,823    
Restricted cash 169,763 174,565    
Cash, cash equivalents and restricted cash 416,710 377,388 $ 280,485 $ 180,612
Cash        
Debt Securities, Available-for-sale [Line Items]        
Cash, cash equivalents and restricted cash 180,808 100,773    
Money market funds        
Debt Securities, Available-for-sale [Line Items]        
Cash, cash equivalents and restricted cash $ 235,902 $ 276,615    
[1] We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings).
v3.20.4
Financial Instruments - Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Variable Interest Entity [Line Items]    
Restricted cash, current [1] $ 52,470 $ 30,804
Restricted cash, non-current [1] 117,293 143,761
Restricted cash, total 169,763 174,565
Consolidated Entity, Excluding VIEs    
Variable Interest Entity [Line Items]    
Restricted cash, current 26,706 28,494
Restricted cash, non-current 286 10
PPA Entities    
Variable Interest Entity [Line Items]    
Restricted cash, current 4,698 2,244
Restricted cash, non-current 15,320 15,045
PPA Entities | PPA II    
Variable Interest Entity [Line Items]    
Restricted cash, current 20,300  
Restricted cash, non-current 88,400 108,700
Restricted cash, total 108,700  
PPA Entities | PPA IIIb    
Variable Interest Entity [Line Items]    
Restricted cash, current 700  
Restricted cash, non-current 13,300 20,000
PPA Entities | Power Purchase Agreements Entities    
Variable Interest Entity [Line Items]    
Restricted cash, current 25,764 2,310
Restricted cash, non-current $ 117,007 $ 143,751
[1] We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings).
v3.20.4
Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Assets    
Interest rate swap agreements   $ 3
Total assets $ 235,902 276,618
Liabilities    
Accrued expenses and other current liabilities   996
Total liabilities 24,104 23,381
Money market funds    
Assets    
Money market funds 235,902 276,615
Natural gas fixed price forward contracts    
Liabilities    
Derivatives: 2,574 6,968
Embedded EPP derivatives    
Liabilities    
Derivatives: 5,541 6,176
Interest rate swap agreements    
Liabilities    
Derivatives: 15,989 9,241
Level 1    
Assets    
Interest rate swap agreements   0
Total assets 235,902 276,615
Liabilities    
Accrued expenses and other current liabilities   996
Total liabilities 0 996
Level 1 | Money market funds    
Assets    
Money market funds 235,902 276,615
Level 1 | Natural gas fixed price forward contracts    
Liabilities    
Derivatives: 0 0
Level 1 | Embedded EPP derivatives    
Liabilities    
Derivatives: 0 0
Level 1 | Interest rate swap agreements    
Liabilities    
Derivatives: 0 0
Level 2    
Assets    
Interest rate swap agreements   3
Total assets 0 3
Liabilities    
Accrued expenses and other current liabilities   0
Total liabilities 15,989 9,241
Level 2 | Money market funds    
Assets    
Money market funds 0 0
Level 2 | Natural gas fixed price forward contracts    
Liabilities    
Derivatives: 0 0
Level 2 | Embedded EPP derivatives    
Liabilities    
Derivatives: 0 0
Level 2 | Interest rate swap agreements    
Liabilities    
Derivatives: 15,989 9,241
Level 3    
Assets    
Interest rate swap agreements   0
Total assets 0 0
Liabilities    
Accrued expenses and other current liabilities   0
Total liabilities 8,115 13,144
Level 3 | Money market funds    
Assets    
Money market funds 0 0
Level 3 | Natural gas fixed price forward contracts    
Liabilities    
Derivatives: 2,574 6,968
Level 3 | Embedded EPP derivatives    
Liabilities    
Derivatives: 5,541 6,176
Level 3 | Interest rate swap agreements    
Liabilities    
Derivatives: $ 0 $ 0
v3.20.4
Fair Value - Natural Gas Derivatives (Details) - Not designated as hedging instrument - Natural gas forward contract
MMBTU in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
MMBTU
Dec. 31, 2019
USD ($)
MMBTU
Derivatives, Fair Value [Line Items]    
Number of Contracts (MMBTU) | MMBTU 830 1,991
Derivative liability | $ $ 2,574 $ 6,968
v3.20.4
Fair Value - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash flow hedge gain (loss) to be reclassified within 12 months $ (1.9)    
Gain (loss) on derivative $ 0.6 $ (2.2) $ 0.2
Measurement Input, Long-term Revenue Growth Rate | Valuation Technique, Option Pricing Model      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Embedded derivative liability, unobservable inputs 0.07 0.07  
Measurement Input, Price Volatility | Valuation Technique, Option Pricing Model      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Embedded derivative liability, unobservable inputs 0.20 0.20  
Not designated as hedging instrument | Natural gas forward contract      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Gain (loss) on derivative $ (0.1) $ (0.8)  
Gain on the settlement of contracts $ 4.5 $ 3.6  
v3.20.4
Fair Value - Change in Level 3 Financial Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 13,144 $ 13,744
Settlement of natural gas fixed price forward contracts (4,503) (3,605)
Changes in fair value (526) 3,005
Ending balance 8,115 13,144
Natural Gas Fixed Price Forward Contracts    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 6,968 9,729
Settlement of natural gas fixed price forward contracts (4,503) (3,605)
Changes in fair value 109 844
Ending balance 2,574 6,968
Embedded EPP Derivative Liability    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 6,176 4,015
Settlement of natural gas fixed price forward contracts 0 0
Changes in fair value (635) 2,161
Ending balance $ 5,541 $ 6,176
v3.20.4
Fair Value - Unobservable Inputs Related to our Level 3 Liabilities (Details) - Level 3 - Natural gas forward contract
$ in Thousands
Dec. 31, 2020
USD ($)
usdPerMMBtu
Derivatives, Fair Value [Line Items]  
Derivative liabilities | $ $ 2,574
Minimum | Measurement Input, Commodity Forward Price | Valuation Technique, Discounted Cash Flow  
Derivatives, Fair Value [Line Items]  
Derivative measurement input 2.82
Maximum | Measurement Input, Commodity Forward Price | Valuation Technique, Discounted Cash Flow  
Derivatives, Fair Value [Line Items]  
Derivative measurement input 5.03
Weighted Average | Measurement Input, Commodity Forward Price | Valuation Technique, Discounted Cash Flow  
Derivatives, Fair Value [Line Items]  
Derivative measurement input 3.67
v3.20.4
Fair Value - Estimated Fair Values and Carrying Values for Customer Receivables and Debt Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Aug. 31, 2020
May 01, 2020
Mar. 31, 2020
Mar. 30, 2020
Dec. 31, 2019
Dec. 31, 2018
Term loan | Net Carrying Value | Term Loan due November 2020, Recourse              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument $ 0         $ 1,536  
Term loan | Net Carrying Value | Term Loan due September 2028, Non-Recourse              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 31,746         34,969  
Term loan | Net Carrying Value | Term Loan due December 2021, Non-Recourse              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 114,138         120,437  
Term loan | Fair Value | Term Loan due November 2020, Recourse              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 0         1,590  
Term loan | Fair Value | Term Loan due September 2028, Non-Recourse              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 37,658         41,108  
Term loan | Fair Value | Term Loan due December 2021, Non-Recourse              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 116,113         120,510  
Convertible promissory notes | Net Carrying Value | Convertible Promissory Notes Interest Rate 5% Due December 2020, Recourse              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 0         36,482  
Convertible promissory notes | Net Carrying Value | 10% Convertible Promissory Notes due December 2021              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 0         273,410  
Convertible promissory notes | Fair Value | Convertible Promissory Notes Interest Rate 5% Due December 2020, Recourse              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 0         32,070  
Convertible promissory notes | Fair Value | 10% Convertible Promissory Notes due December 2021              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 0         302,047  
Notes | Net Carrying Value | 10% Senior Secured notes due July 2024              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 0         89,962  
Notes | Net Carrying Value | 10.25% Senior Secured Notes due March 2027              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 68,614         0  
Notes | Fair Value | 10% Senior Secured notes due July 2024              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 0         97,512  
Notes | Fair Value | 10.25% Senior Secured Notes due March 2027              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 71,831         0  
Senior secured notes | Net Carrying Value | 2.5% Green Convertible Senior Notes due August 2025              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 99,394         0  
Senior secured notes | Net Carrying Value | Senior Secured Notes due March 2030, Non-Recourse              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 77,007         80,016  
Senior secured notes | Fair Value | 2.5% Green Convertible Senior Notes due August 2025              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument 426,229         0  
Senior secured notes | Fair Value | Senior Secured Notes due March 2030, Non-Recourse              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument           87,618  
Customer financing receivables | Net Carrying Value              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Customer financing receivables 50,746         55,855  
Customer financing receivables | Fair Value              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Customer financing receivables $ 42,679         $ 44,002  
Term Loan due November 2020, Recourse | Term loan              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Interest rate percentage 4.00%         4.00%  
Convertible Promissory Notes Interest Rate 5% Due December 2020, Recourse | Convertible promissory notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Interest rate percentage 5.00%       5.00% 5.00%  
10% Convertible Promissory Notes due December 2021 | Convertible promissory notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Interest rate percentage 10.00%     10.00%   10.00% 10.00%
10% Senior Secured notes due July 2024 | Notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Interest rate percentage 10.00%         10.00%  
10.25% Senior Secured Notes due March 2027              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Interest rate percentage     10.25%        
10.25% Senior Secured Notes due March 2027 | Notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Interest rate percentage 10.25%         10.25%  
2.5% Green Convertible Senior Notes due August 2025 | Senior secured notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Interest rate percentage 2.50% 2.50%       2.50%  
Term Loan due September 2028, Non-Recourse | Term loan              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Interest rate percentage 7.50%         7.50%  
Senior Secured Notes due March 2030, Non-Recourse | Senior secured notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Interest rate percentage 6.07%         6.07%  
Senior Secured Notes due March 2030, Non-Recourse | Senior secured notes | Fair Value              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Debt Instrument $ 89,654            
Term Loan due December 2021, Non-Recourse | Term loan              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Interest rate percentage 2.50%         2.50%  
v3.20.4
Balance Sheet Components - Inventories, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 79,090 $ 67,829
Work-in-progress 29,063 21,207
Finished goods 33,906 20,570
Inventory, net 142,059 109,606
Inventory reserves $ 14,000 $ 14,600
v3.20.4
Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Government incentives receivable $ 479 $ 893
Prepaid hardware and software maintenance 5,227 3,763
Receivables from employees 5,160 6,130
Other prepaid expenses and other current assets 19,852 17,282
Prepaid Expense and Other Assets, Current [1] $ 30,718 $ 28,068
[1] We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings).
v3.20.4
Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 910,298 $ 869,681
Less: accumulated depreciation (309,670) (262,622)
Property, plant and equipment, net 600,628 607,059
Energy Servers    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 669,422 650,600
Computers, software and hardware    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 20,432 20,275
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 106,644 101,650
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 8,455 8,339
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 37,497 35,694
Building    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 46,730 40,512
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 21,118 $ 12,611
v3.20.4
Balance Sheet Components - Property Plant and Equipment, Net (Additional Information) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
MW
Dec. 31, 2018
USD ($)
Property Subject to or Available for Operating Lease [Line Items]        
Depreciation and amortization   $ 52,279 $ 78,584 $ 53,887
Cost of revenue   628,454 687,590 526,898
Operating leases, depreciation expense   23,800 27,100 25,500
Debt make-whole payment   0 $ 5,934 0
New Energy Server Systems | PPA II        
Property Subject to or Available for Operating Lease [Line Items]        
Number Of Replacement Megawatts | MW     30  
Energy Server Repurchased | MW     27.5  
Write Off Of Energy Servers | PPA II        
Property Subject to or Available for Operating Lease [Line Items]        
Cost of revenue     $ 52,500  
Electricity        
Property Subject to or Available for Operating Lease [Line Items]        
Cost of revenue   46,859 75,386 49,628
Electricity | PPA II        
Property Subject to or Available for Operating Lease [Line Items]        
Cost of revenue     78,400  
PPA Entities | PPA IIIb        
Property Subject to or Available for Operating Lease [Line Items]        
Depreciation and amortization $ 1,700      
Debt make-whole payment     18,000  
PPA Entities | Sale Of Energy Servers | PPA II        
Property Subject to or Available for Operating Lease [Line Items]        
Depreciation and amortization     22,600  
PPA Entities | Property subject to operating lease        
Property Subject to or Available for Operating Lease [Line Items]        
Property, plant and equipment 371,400 368,000 371,400  
Accumulated depreciation $ 95,500 115,900 95,500  
Property, plant and equipment        
Property Subject to or Available for Operating Lease [Line Items]        
Depreciation and amortization   $ 52,200 $ 78,600 $ 53,100
v3.20.4
Balance Sheet Components - Other Long-Term Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid and other long-term assets $ 24,116 $ 29,153
Deferred commissions 6,732 5,007
Equity-method investments 1,954 5,733
Long-term deposits 1,709 1,759
Other long-term assets [1] $ 34,511 $ 41,652
[1] We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings).
v3.20.4
Balance Sheet Components - Accrued Warranty (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Product warranty $ 1,549 $ 2,345
Product performance 8,605 7,536
Maintenance services contracts 109 453
Accrued warranty liabilities $ 10,263 $ 10,334
v3.20.4
Balance Sheet Components - Standard Product Warranty Liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Movement in Standard Product Warranty Accrual [Roll Forward]      
Accrued warranty beginning balance $ 9,881 $ 9,668  
Cumulative effect upon adoption of ASC 606     $ 1,032
Accrued warranty, net 5,944 1,849  
Warranty expenditures during the year (5,671) (2,668)  
Accrued warranty ending balance $ 10,154 $ 9,881  
v3.20.4
Balance Sheet Components - Accrued Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Jan. 01, 2020
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Compensation and benefits $ 28,343   $ 17,173
Current portion of derivative liabilities 19,116   4,834
Sales-related liabilities 14,479   416
Accrued installation 16,468   10,348
Sales tax liabilities 2,732   3,849
Interest payable 2,224   3,875
Other 28,642   29,789
Accrued other current liabilities $ 112,004 [1] $ 68,970 $ 70,284 [1]
[1] We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings).
v3.20.4
Balance Sheet Components - Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Jan. 01, 2020
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Delaware grant $ 9,212   $ 10,469
Other 3,067   17,544
Other long-term liabilities $ 12,279 [1] $ 17,673 $ 28,013 [1]
[1] We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings).
v3.20.4
Balance Sheet Components - Other Long-Term Liabilities (Additional Information) (Details) - USD ($)
$ in Thousands
 106 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Mar. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Grants receivable     $ 16,500
Proceeds from government grants $ 12,000    
Grant agreement, recapture provision repayments 1,500    
Deferred government grant obligation, current 1,300    
Delaware grant $ 9,212 $ 10,469  
v3.20.4
Outstanding Loans and Security Agreements - Schedule of Debt (Details) - USD ($)
Dec. 31, 2020
Aug. 31, 2020
May 01, 2020
Mar. 31, 2020
Mar. 30, 2020
Dec. 31, 2019
Dec. 31, 2018
Debt Instrument [Line Items]              
Unpaid Principal Balance $ 527,054,000         $ 658,083,000  
Current portion of debt 120,846,000         337,583,000  
Long-term portion of debt 270,053,000         299,229,000  
Total 390,899,000         636,812,000  
Unused Borrowing Capacity 968,000         1,220,000  
10.25% Senior Secured Notes due March 2027              
Debt Instrument [Line Items]              
Interest rate percentage     10.25%        
Letter of Credit due December 2021, Non-Recourse              
Debt Instrument [Line Items]              
Unpaid Principal Balance           0  
Current portion of debt           0  
Long-term portion of debt           0  
Total           0  
Letters of Credit | Letter of Credit due December 2021, Non-Recourse              
Debt Instrument [Line Items]              
Unused Borrowing Capacity $ 968,000         $ 1,220,000  
Interest rate percentage 2.25%         2.25%  
Term loan | Term Loan due November 2020, Recourse              
Debt Instrument [Line Items]              
Unpaid Principal Balance $ 0         $ 1,571,000  
Current portion of debt           1,536,000  
Long-term portion of debt           0  
Total           $ 1,536,000  
Interest rate percentage 4.00%         4.00%  
Term loan | Term Loan due September 2028, Non-Recourse              
Debt Instrument [Line Items]              
Unpaid Principal Balance $ 34,456,000         $ 38,337,000  
Current portion of debt 2,826,000         3,882,000  
Long-term portion of debt 28,920,000         31,087,000  
Total $ 31,746,000         $ 34,969,000  
Interest rate percentage 7.50%         7.50%  
Term loan | Term Loan due December 2021, Non-Recourse              
Debt Instrument [Line Items]              
Unpaid Principal Balance $ 114,761,000         $ 121,784,000  
Current portion of debt 114,138,000         5,122,000  
Long-term portion of debt 0         115,315,000  
Total $ 114,138,000         $ 120,437,000  
Interest rate percentage 2.50%         2.50%  
Convertible promissory notes | 10% Convertible Promissory Notes due December 2021              
Debt Instrument [Line Items]              
Interest rate percentage 10.00%     10.00%   10.00% 10.00%
Convertible promissory notes | Convertible Promissory Notes Interest Rate 5% Due December 2020, Recourse              
Debt Instrument [Line Items]              
Unpaid Principal Balance           $ 33,104,000  
Current portion of debt           36,482,000  
Long-term portion of debt           0  
Total           $ 36,482,000  
Interest rate percentage 5.00%       5.00% 5.00%  
Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse              
Debt Instrument [Line Items]              
Unpaid Principal Balance           $ 289,299,000  
Current portion of debt           273,410,000  
Long-term portion of debt           0  
Total           $ 273,410,000  
Interest rate percentage 10.00%         6.00%  
Notes | 10% Senior Secured notes due July 2024              
Debt Instrument [Line Items]              
Unpaid Principal Balance           $ 93,000,000  
Current portion of debt $ 79,000,000.0         14,000,000  
Long-term portion of debt           75,962,000  
Total           $ 89,962,000  
Interest rate percentage 10.00%         10.00%  
Notes | 10.25% Senior Secured Notes due March 2027              
Debt Instrument [Line Items]              
Unpaid Principal Balance $ 70,000,000.0            
Current portion of debt 0            
Long-term portion of debt 68,614,000            
Total $ 68,614,000            
Interest rate percentage 10.25%         10.25%  
Senior secured notes | 2.5% Green Convertible Senior Notes due August 2025              
Debt Instrument [Line Items]              
Unpaid Principal Balance $ 230,000,000 $ 230,000,000.0          
Current portion of debt 0            
Long-term portion of debt 99,394,000            
Total $ 99,394,000            
Interest rate percentage 2.50% 2.50%       2.50%  
Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse              
Debt Instrument [Line Items]              
Unpaid Principal Balance $ 77,837,000         $ 80,988,000  
Current portion of debt 3,882,000         3,151,000  
Long-term portion of debt 73,125,000         76,865,000  
Total $ 77,007,000         $ 80,016,000  
Interest rate percentage 6.07%         6.07%  
Recourse debt              
Debt Instrument [Line Items]              
Unpaid Principal Balance $ 300,000,000         $ 416,974,000  
Current portion of debt 0         325,428,000  
Long-term portion of debt 168,008,000         75,962,000  
Total 168,008,000         401,390,000  
Letters of Credit | Letter of Credit due December 2021, Non-Recourse              
Debt Instrument [Line Items]              
Unpaid Principal Balance 0            
Current portion of debt 0            
Long-term portion of debt 0            
Total 0            
Non-recourse debt              
Debt Instrument [Line Items]              
Unpaid Principal Balance 227,054,000         241,109,000  
Current portion of debt 120,846,000         12,155,000  
Long-term portion of debt 102,045,000         223,267,000  
Total 222,891,000         235,422,000  
Unused Borrowing Capacity $ 968,000         $ 1,220,000  
v3.20.4
Outstanding Loans and Security Agreements - Recourse Debt Facilities (Additional Information) (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Jun. 18, 2020
USD ($)
shares
$ / shares
May 01, 2020
USD ($)
Mar. 31, 2020
USD ($)
$ / shares
Oct. 31, 2020
USD ($)
shares
Aug. 31, 2020
USD ($)
$ / shares
shares
Nov. 30, 2019
$ / shares
shares
Mar. 31, 2020
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Mar. 30, 2020
$ / shares
Jul. 01, 2017
Debt Instrument [Line Items]                        
Unpaid Principal Balance               $ 527,054,000 $ 658,083,000      
Long-term debt carrying value               390,899,000 636,812,000      
Loss on extinguishment of debt               12,878,000 0 $ 0    
Payments of debt issuance costs               13,247,000 0 0    
Current portion of debt               120,846,000 337,583,000      
Long-term portion of debt               270,053,000 299,229,000      
Interest expense               78,800,000 94,200,000 105,900,000    
Contractual interest expense               $ 76,276,000 $ 87,480,000 $ 97,021,000    
10.25% Senior Secured Notes due March 2027                        
Debt Instrument [Line Items]                        
Interest rate percentage   10.25%                    
Redemption price, percentage               101.00%        
Term loan | Term Loan due November 2020, Recourse                        
Debt Instrument [Line Items]                        
Weighted average interest rate (as a percentage)                 6.30%      
Unpaid Principal Balance               $ 0 $ 1,571,000      
Interest rate percentage               4.00% 4.00%      
Long-term debt carrying value                 $ 1,536,000      
Current portion of debt                 1,536,000      
Long-term portion of debt                 0      
Term loan | Term Loan due November 2020, Recourse | LIBOR                        
Debt Instrument [Line Items]                        
LIBOR margin (as a percentage)               4.00%        
Term loan | Term Loan due December 2021, Non-Recourse                        
Debt Instrument [Line Items]                        
Unpaid Principal Balance               $ 114,761,000 $ 121,784,000      
Interest rate percentage               2.50% 2.50%      
Long-term debt carrying value               $ 114,138,000 $ 120,437,000      
Current portion of debt               114,138,000 5,122,000      
Long-term portion of debt               $ 0 115,315,000      
Convertible promissory notes | Convertible Promissory Notes Interest Rate 5% Due December 2020, Recourse                        
Debt Instrument [Line Items]                        
Unpaid Principal Balance                 $ 33,104,000      
Interest rate percentage               5.00% 5.00%   5.00%  
Debt make-whole expense             $ 3,800,000          
Long-term debt carrying value                 $ 36,482,000      
Current portion of debt                 36,482,000      
Long-term portion of debt                 0      
Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse                        
Debt Instrument [Line Items]                        
Unpaid Principal Balance                 $ 289,299,000      
Interest rate percentage               10.00% 6.00%      
Convertible stock price (in dollars per share) | $ / shares           $ 11.25            
Long-term debt carrying value                 $ 273,410,000      
Debt conversion, shares issued (in shares) | shares           616,302            
Current portion of debt                 273,410,000      
Long-term portion of debt                 $ 0      
Convertible promissory notes | 10% Convertible Promissory Notes due December 2021                        
Debt Instrument [Line Items]                        
Interest rate percentage     10.00%       10.00% 10.00% 10.00% 10.00%    
Convertible promissory notes | Convertible Promissory Notes Interest Rate 10% Due December 2021                        
Debt Instrument [Line Items]                        
Convertible stock price (in dollars per share) | $ / shares     $ 8.00       $ 8.00          
Converted instrument, amount               $ 252,797,000 $ 0 $ 0    
Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse, Amendment                        
Debt Instrument [Line Items]                        
Convertible, number of equity instruments (in shares) | shares 4,700,000                      
Debt instrument, unamortized premium $ 3,400,000                      
Convertible debt | Convertible Promissory Notes Interest Rate 5% Due December 2020, Recourse                        
Debt Instrument [Line Items]                        
Extinguishment of debt amount     $ 33,100,000                  
Debt make-whole expense     3,800,000                  
Long-term debt, fair value     40,700,000       $ 40,700,000          
Convertible debt | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse                        
Debt Instrument [Line Items]                        
Long-term debt, fair value     340,700,000       340,700,000          
Debt instrument, unamortized premium   $ 4,300,000                    
Long-term debt carrying value     279,000,000.0       279,000,000.0          
Debt face amount     289,300,000       289,300,000          
Loss on extinguishment of debt             10,300,000          
Accrued and unpaid interest     1,400,000       1,400,000          
Debt issuance costs, net     1,000,000.0       1,000,000.0          
Payments of debt issuance costs             1,200,000          
Repayments of convertible debt   70,000,000.0                    
Debt instrument, unamortized discount     10,700,000       10,700,000          
Convertible debt | Additional Convertible Notes                        
Debt Instrument [Line Items]                        
Debt face amount     30,000,000.0       30,000,000.0          
Convertible debt | Convertible Promissory Notes Interest Rate 10% Due December 2021                        
Debt Instrument [Line Items]                        
Repayments of convertible debt   70,000,000.0                    
Maximum borrowing capacity   150,000,000.0                    
Current borrowing capacity   80,000,000.0                    
Notes | 10% Senior Secured notes due July 2024                        
Debt Instrument [Line Items]                        
Unpaid Principal Balance                 $ 93,000,000      
Interest rate percentage               10.00% 10.00%      
Debt instrument, unamortized premium               $ 3,200,000        
Long-term debt carrying value                 $ 89,962,000      
Accrued and unpaid interest               2,100,000        
Debt issuance costs, net               2,000,000.0        
Current portion of debt               $ 79,000,000.0 14,000,000      
Premium percentage               0.04        
Redemption price, percentage of principal amount redeemed               104.00%        
Long-term portion of debt                 $ 75,962,000      
Notes | 10.25% Senior Secured Notes due March 2027                        
Debt Instrument [Line Items]                        
Unpaid Principal Balance               $ 70,000,000.0        
Interest rate percentage               10.25% 10.25%      
Long-term debt carrying value               $ 68,614,000        
Debt face amount   $ 70,000,000.0                    
Current portion of debt               0        
Long-term portion of debt               68,614,000        
Senior secured notes | 2.5% Green Convertible Senior Notes due August 2025                        
Debt Instrument [Line Items]                        
Unpaid Principal Balance         $ 230,000,000.0     $ 230,000,000        
Interest rate percentage         2.50%     2.50% 2.50%      
Long-term debt carrying value               $ 99,394,000        
Debt issuance costs, net         $ 9,900,000              
Current portion of debt               0        
Long-term portion of debt               $ 99,394,000        
Debt instrument, unamortized discount         6,900,000              
Debt other issuance costs, net         3,000,000.0              
Proceeds from debt, net of issuance costs         220,100,000              
Convertible, conversion ratio               0.0616808        
Debt issuance costs, attributable to liability component, net         4,200,000              
Debt issuance costs, attributable to equity component, net         5,700,000              
Convertible, carrying amount of liability component         93,300,000              
Convertible, carrying amount of equity component         138,100,000              
Interest expense               $ 8,300,000        
Amortization of debt discount (premium)         5,900,000              
Amortization of debt issuance costs         200,000              
Interest rate percentage, attributable to liability component               0.219        
Debt instrument, term               4 years 8 months 12 days        
Contractual interest expense         $ 2,200,000              
Affiliated entity                        
Debt Instrument [Line Items]                        
Unpaid Principal Balance               $ 59,138,000        
Long-term debt carrying value               55,771,000        
Current portion of debt               24,683,000        
Long-term portion of debt               31,088,000        
Affiliated entity | Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse                        
Debt Instrument [Line Items]                        
Interest rate percentage                       6.00%
Embedded derivative, fair value, net     $ 24,000,000.0       $ 24,000,000.0          
Affiliated entity | Convertible promissory notes | 10% Convertible Promissory Notes due December 2021                        
Debt Instrument [Line Items]                        
Convertible stock price (in dollars per share) | $ / shares $ 8.00   $ 8.00       $ 8.00       $ 38.64  
Affiliated entity | Convertible promissory notes | Convertible Promissory Notes Interest Rate 10% Due December 2021                        
Debt Instrument [Line Items]                        
Interest rate percentage     10.00%       10.00%          
Affiliated entity | Convertible debt | Convertible Promissory Notes Interest Rate 10% Due December 2021                        
Debt Instrument [Line Items]                        
Unpaid Principal Balance       $ 96,200,000                
Interest rate percentage     10.00%       10.00%          
Debt instrument, unamortized premium       $ 3,200,000                
Converted instrument, amount               $ 153,100,000        
Class A common stock | Senior secured notes | 2.5% Green Convertible Senior Notes due August 2025                        
Debt Instrument [Line Items]                        
Convertible stock price (in dollars per share) | $ / shares         $ 16.21              
Class A common stock | Affiliated entity | Convertible debt | Convertible Promissory Notes Interest Rate 10% Due December 2021                        
Debt Instrument [Line Items]                        
Conversion of notes (in shares) | shares       12,000,000.0                
Class B common stock | Convertible promissory notes | Convertible Promissory Notes Interest Rate 10% Due December 2021                        
Debt Instrument [Line Items]                        
Conversion of notes (in shares) | shares               19,100,000        
Class B common stock | Foris Ventures LLC                        
Debt Instrument [Line Items]                        
Converted instrument, amount         $ 10,000,000.0              
Conversion of notes (in shares) | shares         1,300,000              
On or after March 27, 2022 | 10.25% Senior Secured Notes due March 2027                        
Debt Instrument [Line Items]                        
Redemption price, percentage               108.00%        
On or after March 27, 2023 | 10.25% Senior Secured Notes due March 2027                        
Debt Instrument [Line Items]                        
Redemption price, percentage               104.00%        
On or after March 27, 2024 | 10.25% Senior Secured Notes due March 2027                        
Debt Instrument [Line Items]                        
Redemption price, percentage               102.00%        
On or after March 27, 2026 | 10.25% Senior Secured Notes due March 2027                        
Debt Instrument [Line Items]                        
Redemption price, percentage               100.00%        
v3.20.4
Outstanding Loans and Security Agreements - Non-recourse Debt Facilities (Additional Information) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2015
Jun. 30, 2015
Dec. 31, 2012
Debt Instrument [Line Items]          
Unused borrowing capacity $ 968,000 $ 1,220,000      
Term loan | Term Loan due September 2028, Non-Recourse          
Debt Instrument [Line Items]          
Interest rate percentage 7.50% 7.50%      
Term loan | Term Loan due December 2021, Non-Recourse          
Debt Instrument [Line Items]          
Interest rate percentage 2.50% 2.50%      
Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse          
Debt Instrument [Line Items]          
Interest rate percentage 6.07% 6.07%      
PPA IIIa | Term loan | Term Loan due September 2028, Non-Recourse          
Debt Instrument [Line Items]          
Debt face amount         $ 46,800,000
Interest rate percentage         7.50%
Debt minimum debt service reserves required $ 3,800,000 $ 3,800,000      
PPA IV | Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse          
Debt Instrument [Line Items]          
Interest rate percentage     6.07%    
Debt minimum debt service reserves required $ 8,500,000 8,000,000.0      
PPA V | Term loan | Term Loan due December 2021, Non-Recourse          
Debt Instrument [Line Items]          
Debt face amount       $ 131,200,000  
Commitment fee percentage 0.50%        
PPA V | Term loan | Term Loan due December 2021, Years One Through Three, Non-Recourse | LIBOR          
Debt Instrument [Line Items]          
LIBOR margin (as a percentage) 2.25%        
PPA V | Term loan | Term Loan due December 2021, After Year Three, Non-Recourse | LIBOR          
Debt Instrument [Line Items]          
LIBOR margin (as a percentage) 2.50%        
PPA V | Letters of Credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 6,200,000     $ 6,400,000  
Amount outstanding 5,200,000 5,000,000.0      
Unused borrowing capacity $ 1,000,000.0 $ 1,200,000      
v3.20.4
Outstanding Loans and Security Agreements - Schedule of Repayments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Long-term Debt, Fiscal Year Maturity [Abstract]      
2021 $ 121,469    
2022 16,393    
2023 22,166    
2024 24,886    
2025 258,022    
Thereafter 84,118    
Total 527,054 $ 658,083  
Interest expense 78,800 94,200 $ 105,900
Interest expense to related parties $ 2,513 $ 6,756 $ 8,893
v3.20.4
Derivative Financial Instruments - Fair Value Derivatives (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Derivative [Line Items]    
Interest rate swap agreements   $ 3
Derivatives designated as hedging instruments | Interest rate swap agreements    
Derivative [Line Items]    
Interest rate swap agreements $ 0 3
Derivative liability 15,989 9,241
Derivatives designated as hedging instruments | Prepaid expenses and other current assets | Interest rate swap agreements    
Derivative [Line Items]    
Interest rate swap agreements 0 3
Derivatives designated as hedging instruments | Accrued expenses and other current liabilities | Interest rate swap agreements    
Derivative [Line Items]    
Derivative liability 15,989 782
Derivatives designated as hedging instruments | Derivative liabilities | Interest rate swap agreements    
Derivative [Line Items]    
Derivative liability $ 0 $ 8,459
v3.20.4
Derivative Financial Instruments - Interest Rate Swaps (Additional Information) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Jul. 31, 2015
agreement
Credit Derivatives [Line Items]        
Gain (loss) on derivative $ 600 $ (2,200) $ 200  
Interest rate swap        
Credit Derivatives [Line Items]        
Gain (loss) on derivative 145 225    
Natural gas forward contract | Not designated as hedging instrument        
Credit Derivatives [Line Items]        
Gain (loss) on derivative (100) (800)    
Gain on the settlement of contracts 4,500 3,600    
Cash flow hedging | Interest rate swap | PPA Company V        
Credit Derivatives [Line Items]        
Number of swap agreements entered into | agreement       9
Derivative, notional amount $ 181,400 $ 184,200 $ 186,600  
Cash flow hedging | Interest rate swap maturing In 2016 | PPA Company V        
Credit Derivatives [Line Items]        
Number of swap agreements entered into | agreement       3
Cash flow hedging | Interest rate swap maturing December 21, 2021 | PPA Company V        
Credit Derivatives [Line Items]        
Number of swap agreements entered into | agreement       3
Cash flow hedging | Interest rate swap maturing September 30, 2031 | PPA Company V        
Credit Derivatives [Line Items]        
Number of swap agreements entered into | agreement       3
v3.20.4
Derivative Financial Instruments - Changes in Fair Value of Derivative Contracts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax:      
Net loss recognized in other comprehensive loss $ 6,919 $ 6,071 $ (2,124)
Gain recognized in earnings (600) 2,200 (200)
Interest rate swap agreements      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax:      
Gain recognized in earnings (145) (225)  
Derivative contracts      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax:      
Beginning balance 9,238 3,548  
Loss recognized in other comprehensive loss 8,465 6,131  
Amounts reclassified from other comprehensive loss to earnings (1,569) (216)  
Net loss recognized in other comprehensive loss 6,896 5,915  
Ending balance $ 15,989 $ 9,238 $ 3,548
v3.20.4
Derivative Financial Instruments - Embedded Derivatives (Additional Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Gain (loss) on derivative $ 0.6 $ (2.2) $ 0.2
Embedded derivative liability $ 5.5 $ 6.2 $ 4.0
v3.20.4
Stockholders' Equity (Details)
 12 Months Ended
Dec. 31, 2020
vote
$ / shares
shares
Dec. 31, 2019
$ / shares
shares
Class of Stock [Line Items]    
Preferred stock, authorized (in shares) 10,000,000 10,000,000
Preferred stock, outstanding (in shares) 0 0
Total shares outstanding (in shares) 168,002,726 121,036,289
Percentage of class B shares representing number of class A shares 0.05  
2002 Stock Plan    
Class of Stock [Line Items]    
Number of outstanding options (in shares) 1,265,656 1,856,154
2018 Equity Incentive Plan    
Class of Stock [Line Items]    
Shares reserved for future issuance (in shares) 20,233,754 17,233,144
2018 ESPP    
Class of Stock [Line Items]    
Shares reserved for future issuance (in shares) 2,587,874 3,030,407
Common Stock Warrant, Exercise Price of $27.78    
Class of Stock [Line Items]    
Warrant exercise price (in dollars per share) | $ / shares $ 27.78  
Warrants outstanding (in shares) 468,548 481,181
Common Stock Warrant, Exercise Price of $38.64    
Class of Stock [Line Items]    
Warrant exercise price (in dollars per share) | $ / shares $ 38.64  
Warrants outstanding (in shares) 12,940 12,940
Class A common stock    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) | $ / shares $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, outstanding (in shares) 140,094,633 84,549,511
Voting rights per share | vote 1  
Common stock, conversion ratio (in shares) 1  
Class A common stock | 2018 Equity Incentive Plan    
Class of Stock [Line Items]    
Number of outstanding options (in shares) 5,210,823 5,998,406
Class A common stock | 2018 Equity Incentive Plan | Restricted Stock    
Class of Stock [Line Items]    
Number of outstanding options (in shares) 5,914,754 3,456,172
Class B common stock    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) | $ / shares $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, outstanding (in shares) 27,908,093 36,486,778
Voting rights per share | vote 10  
Class B common stock | 2002 Stock Plan    
Class of Stock [Line Items]    
Number of outstanding options (in shares) 1,265,656  
Class B common stock | 2012 Equity Incentive Plan    
Class of Stock [Line Items]    
Number of outstanding options (in shares) 8,877,792 9,982,756
Class B common stock | 2012 Equity Incentive Plan | Restricted Stock    
Class of Stock [Line Items]    
Shares reserved for future issuance (in shares) 504,034 6,656,094
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Stock Plan (Additional Information) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average exercise price, outstanding options (in dollars per share) $ 21.27 $ 20.76 $ 25.93
Number of additional shares authorized, percent 4.00%    
2002 Stock Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of outstanding options (in shares) 1,265,656 1,856,154  
Weighted average exercise price, outstanding options (in dollars per share) $ 26.64    
2002 Stock Plan | Class B common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of outstanding options (in shares) 1,265,656    
Stock-based compensation vesting period 4 years    
Expiration period 10 years    
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Equity Incentive Plan (Additional Information) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average exercise price, outstanding options (in dollars per share) $ 21.27 $ 20.76 $ 25.93
2002 Stock Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of outstanding options (in shares) 1,265,656 1,856,154  
Weighted average exercise price, outstanding options (in dollars per share) $ 26.64    
2002 Stock Plan | Class B common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
Stock-based compensation vesting period 4 years    
Number of outstanding options (in shares) 1,265,656    
2012 Equity Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average exercise price, outstanding options (in dollars per share) $ 27.43    
2012 Equity Incentive Plan | Class B common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
Stock-based compensation vesting period 4 years    
Number of outstanding options (in shares) 8,877,792 9,982,756  
2012 Equity Incentive Plan | Class B common stock | RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares reserved for future issuance (in shares) 504,034 6,656,094  
2018 Equity Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average exercise price, outstanding options (in dollars per share) $ 9.48    
Shares reserved for future issuance (in shares) 20,233,754 17,233,144  
2018 Equity Incentive Plan | Class A common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
Stock-based compensation vesting period 4 years    
Number of outstanding options (in shares) 5,210,823 5,998,406  
2018 Equity Incentive Plan | Class A common stock | RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of outstanding options (in shares) 5,914,754 3,456,172  
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Weighted-Average Assumptions (Details)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 0.60%    
Risk-free interest rate (minimum)   1.70% 2.50%
Risk-free interest rate (maximum)   2.60% 3.10%
Expected term (years) 6 years 7 months 6 days    
Expected dividend yield 0.00% 0.00% 0.00%
Expected volatility 71.00%    
Expected volatility (minimum)   45.70% 52.40%
Expected volatility (maximum)   50.20% 56.10%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years)   6 years 4 months 24 days 6 years 2 months 12 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years)   6 years 8 months 12 days 6 years 8 months 12 days
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation expense $ 73,893 $ 196,291 $ 168,482
Share-based payment arrangement, amount capitalized 5,900 7,300 13,600
Cost of revenue      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation expense 17,475 45,429 29,680
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation expense 19,037 40,949 39,029
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation expense 10,997 32,478 32,284
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation expense $ 26,384 $ 77,435 $ 67,489
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Stock Option and Restricted Stock Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Outstanding Options/RSUs, Number of Shares      
Outstanding (in shares) 17,837,316 14,558,420  
Granted (in shares) 200,000 4,956,064  
Exercised (in shares) (1,341,324) (358,564)  
Cancelled (in shares) (1,341,721) (1,318,604)  
Outstanding (in shares) 15,354,271 17,837,316 14,558,420
Outstanding Options Weighted Average Exercise Price      
Outstanding (in dollars per share) $ 20.76 $ 25.93  
Granted (in dollars per share) 7.30 5.60  
Exercised (in dollars per share) 11.18 4.26  
Cancelled (in dollars per share) 22.49 25.33  
Outstanding (in dollars per share) $ 21.27 $ 20.76 $ 25.93
Outstanding, remaining contractual life 6 years 6 years 10 months 24 days 6 years 9 months 18 days
Outstanding, aggregate intrinsic value $ 129,855 $ 14,964 $ 3,084
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Vested and expected to vest (in shares) 14,976,706    
Exercisable (in shares) 10,311,316    
Vested and expected to vest, weighted average exercise price (in dollars per share) $ 21.55    
Exercisable, weighted average exercise price (in dollars per share) $ 26.37    
Vested and expected to vest, remaining contractual life 5 years 10 months 24 days    
Exercisable, remaining contractual life 4 years 10 months 24 days    
Vested and expected to vest, aggregate intrinsic value $ 122,813    
Exercisable, aggregate intrinsic value $ 39,569    
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Stock Options (Additional Information) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Arrangements with Employees and Nonemployees [Abstract]      
Granted (in dollars per share) $ 7.30 $ 5.60  
Unrecognized compensation cost related to unvested stock options $ 20.7 $ 41.9  
Expense expected to be recognized over remaining weighted-average period 1 year 9 months 18 days 2 years 9 months 18 days  
Cash received from Stock options exercised $ 15.0 $ 1.5  
Class A common stock      
Share-based Arrangements with Employees and Nonemployees [Abstract]      
Granted options (in shares) 200,000 4,956,064  
Granted (in dollars per share) $ 7.30 $ 5.60  
Employee Stock Option      
Share-based Arrangements with Employees and Nonemployees [Abstract]      
Allocated share-based compensation expense $ 19.1 $ 36.2 $ 33.3
Stock options exercised, intrinsic value $ 11.2 $ 2.6 $ 9.2
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Unvested Restricted Stock Unit Activity (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Unvested Restricted Stock Unit Activity    
Unvested balance (in shares) 10,112,266 16,784,800
Granted (in shares) 4,744,467 3,219,959
Vested (in shares) (7,806,038) (8,921,807)
Forfeited (in shares) (631,907) (970,686)
Unvested balance (in shares) 6,418,788 10,112,266
Weighted Average Grant Date Fair Value    
Unvested balance (in dollars per share) $ 17.29 $ 18.74
Granted (in dollars per share) 12.43 11.81
Vested (in dollars per share) 17.48 18.03
Forfeited (in dollars per share) 14.93 17.34
Unvested balance (in dollars per share) $ 13.71 $ 17.29
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Restricted Stock Units (Additional Information) (Details) - Restricted Stock - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Allocated share-based compensation expense $ 44.1 $ 141.3 $ 142.4
Unrecognized stock-based compensation cost $ 59.8 $ 52.0  
Expense expected to be recognized over a weighted-average period 2 years 2 months 12 days 1 year 1 month 6 days  
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Executive Awards (Details) - tranche
 1 Months Ended
Jun. 30, 2020
Nov. 30, 2019
2019 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Payment Arrangement, Number of Tranche   3
2020 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Payment Arrangement, Number of Tranche 3  
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Number of Shares Available for Grant (Details) - shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Options/ RSUs Available for Grant    
Beginning balance (in shares) 17,233,144 17,457,847
Added to plan (in shares) 7,179,751 7,585,422
Granted (in shares) (4,944,467) (8,176,023)
Cancelled (in shares) 1,965,801 2,289,290
Expired (in shares) (1,200,475) (1,923,392)
Ending Balance (in shares) 20,233,754 17,233,144
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Employee Stock Purchase Plan (Details)
 12 Months Ended
Jul. 25, 2018
shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
shares
Apr. 30, 2018
shares
Employee Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of share maximum per employee   2,500    
Share-Based Compensation Arrangement By Share-based Payment Award, Purchase Period   6 months    
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Amount | $   $ 25,000    
2018 ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee stock ownership plan (ESOP), compensation expense | $   $ 5,700,000 $ 10,300,000  
Share-based compensation arrangement by share-based payment award, shares issued in period   1,937,825    
Number of additional shares authorized (in shares)   1,494,819    
Number of common stock reserved for issuance (in shares)   2,587,401    
Unrecognized stock-based compensation cost | $   $ 1,700,000    
Expense expected to be recognized over a weighted-average period   3 months 18 days    
Shares reserved for future issuance (in shares)   2,587,874 3,030,407  
2018 ESPP | Employee Stock | Class A common stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of common stock reserved for issuance (in shares)       33,333,333
Shares reserved for future issuance (in shares) 3,333,333      
Employee Purchase Plan, Number Of Share Reserved For Issuance Increase, Term 9 years      
Employee Purchase Plan, Percentage Of Total Outstanding Shares 0.01      
Purchase price of common stock, percentage of fair market value   85.00%    
v3.20.4
Stock-Based Compensation and Employee Benefit Plan - Fair Value of Shares Purchased Under the 2018 ESPP (Details)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate (minimum)   1.70% 2.50%
Risk-free interest rate (maximum)   2.60% 3.10%
Expected term (years) 6 years 7 months 6 days    
Expected dividend yield 0.00% 0.00% 0.00%
Expected volatility 71.00%    
Expected volatility (minimum)   45.70% 52.40%
Expected volatility (maximum)   50.20% 56.10%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years)   6 years 4 months 24 days 6 years 2 months 12 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years)   6 years 8 months 12 days 6 years 8 months 12 days
2018 ESPP | Employee Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate (minimum) 0.12% 1.50%  
Risk-free interest rate (maximum) 1.51% 2.60%  
Expected dividend yield 0.00% 0.00%  
Expected volatility (minimum) 61.00% 45.90%  
Expected volatility (maximum) 119.20% 54.00%  
2018 ESPP | Employee Stock | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 months 6 months  
2018 ESPP | Employee Stock | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 2 years 2 years  
v3.20.4
Income Taxes - Domestic and Foreign Components of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
United States $ (179,657) $ (324,467) $ (291,574)
Foreign 826 1,634 1,835
Total $ (178,831) $ (322,833) $ (289,739)
v3.20.4
Income Taxes - Provisions/ Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
Federal $ 0 $ 0 $ 0
State 21 26 191
Foreign 472 595 1,407
Total current 493 621 1,598
Federal 0 0 0
State 0 0 0
Foreign (237) 12 (61)
Total deferred (237) 12 (61)
Provision for income taxes $ 256 $ 633 $ 1,537
v3.20.4
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
Tax at federal statutory rate $ (37,552) $ (67,795) $ (60,845)
State taxes, net of federal effect 21 26 191
Impact on noncontrolling interest 4,522 4,001 3,725
Non-U.S. tax effect 78 264 960
Nondeductible expenses 908 144 6,796
Stock-based compensation 5,956 6,484 3,892
Loss on debt extinguishment 214 0 0
U.S. tax on foreign earnings (GILTI) 203 221 127
Change in valuation allowance 25,906 57,288 46,691
Provision for income taxes $ 256 $ 633 $ 1,537
v3.20.4
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Tax Credit Carryforward [Line Items]      
Income tax provision $ 256,000 $ 633,000 $ 1,537,000
Net loss before income taxes $ 178,831,000 $ 322,833,000 $ 289,739,000
Effective income tax rate (0.10%) (0.20%) (0.50%)
Valuation allowance $ 614,958,000 $ 633,591,000  
Increase (decrease) in valuation allowance 18,600,000 62,300,000  
Uncertain tax positions increase 3,300,000    
Unrecognized tax benefits that would impact valuation allowance 34,700,000    
Interest and penalties accrued 0 $ 0  
Domestic Tax Authority      
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards 1,900,000,000    
Operating loss carryforwards, subject to expiration 1,700,000,000    
Operating loss carryforwards, not subject to expiration 224,800,000    
Domestic Tax Authority | Research Tax Credit Carryforward      
Tax Credit Carryforward [Line Items]      
Tax credit carryforwards 23,000,000.0    
Domestic Tax Authority | Investment Tax Credit Carryforward      
Tax Credit Carryforward [Line Items]      
Tax credit carryforwards 6,600,000    
State and Local Jurisdiction      
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards 1,600,000,000    
State and Local Jurisdiction | Research Tax Credit Carryforward      
Tax Credit Carryforward [Line Items]      
Tax credit carryforwards $ 14,700,000    
v3.20.4
Income Taxes - Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]    
Tax credits and net operating loss carryforwards $ 510,599 $ 494,084
Lease liabilities 128,151 122,145
Depreciation and amortization 7,541 8,523
Deferred revenue 27,134 6,688
Accruals and reserves 15,068 5,874
Stock-based compensation 35,815 61,808
Other items - deferred tax assets 25,931 24,443
Gross deferred tax assets 750,239 723,565
Valuation allowance (614,958) (633,591)
Net deferred tax assets 135,281 89,974
Investment in PPA entities (10,757) (13,494)
Debt issuance cost 0 (4,055)
Discount upon issuance of debt (29,513) 0
Managed services - deferred costs (21,898) 0
Right-of-use assets and leased assets (70,818) (65,978)
Other items - deferred tax liability (1,413) (5,803)
Gross deferred tax liabilities (134,399) (89,330)
Deferred tax assets, net $ 882 $ 644
v3.20.4
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Unrecognized tax benefits beginning balance $ 34,480 $ 30,311
Gross decrease for tax positions of prior year 0 (93)
Gross increase for tax positions of prior year 307 615
Gross increase for tax positions of current year 2,966 3,647
Unrecognized tax benefits end balance $ 37,753 $ 34,480
v3.20.4
Net Loss per Share Attributable to Common Stockholders - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 26, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Earnings Per Share [Abstract]        
Deemed dividends $ 2,500 $ 0 $ 2,454 $ 0
v3.20.4
Net Loss per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Nov. 26, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Numerator:        
Net loss attributable to Class A and Class B common stockholders   $ (157,553) $ (304,414) $ (273,540)
Deemed dividend $ (2,500) 0 (2,454) 0
Net loss available to Class A and Class B common stockholders   $ (157,553) $ (306,868) $ (273,540)
Denominator:        
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted (in shares)   138,722 115,118 53,268
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share)   $ (1.14) $ (2.67) $ (5.14)
v3.20.4
Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 35,838 31,844 32,192
Convertible notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 29,729 27,213 27,230
Stock options and awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 6,109 4,631 4,962
v3.20.4
Portfolio Financings - Schedule of VIEs (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
MWh
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Variable Interest Entity [Line Items]      
Distributions to Equity Investor $ 0 $ 373 $ 576
PPA IIIa      
Variable Interest Entity [Line Items]      
Maximum size of installation (in megawatts) | MWh 10    
Installed size (in megawatts) | MWh 10    
Term of power purchase agreements (in years) 15 years    
Income (loss) and tax benefits allocation to Equity Investor 99.00%    
Cash allocation to Equity Investor 99.00%    
Income (loss), tax and cash allocations to Equity Investor after the flip date 5.00%    
Company cash contributions $ 32,223    
Company non-cash contributions 8,655    
Equity Investor cash contributions 36,967    
Debt financing 44,968    
Distributions to Equity Investor 4,847 4,803 4,063
Debt repayment—principal $ 10,513 6,631 4,431
PPA IV      
Variable Interest Entity [Line Items]      
Maximum size of installation (in megawatts) | MWh 21    
Installed size (in megawatts) | MWh 19    
Term of power purchase agreements (in years) 15 years    
Income (loss) and tax benefits allocation to Equity Investor 90.00%    
Cash allocation to Equity Investor 90.00%    
Company cash contributions $ 11,669    
Company non-cash contributions 0    
Equity Investor cash contributions 84,782    
Debt financing 99,000    
Distributions to Equity Investor 8,852 6,692 4,568
Debt repayment—principal $ 21,163 18,012 15,543
PPA V      
Variable Interest Entity [Line Items]      
Maximum size of installation (in megawatts) | MWh 40    
Installed size (in megawatts) | MWh 37    
Term of power purchase agreements (in years) 15 years    
Income (loss) and tax benefits allocation to Equity Investor 99.00%    
Cash allocation to Equity Investor 90.00%    
Company cash contributions $ 27,932    
Company non-cash contributions 0    
Equity Investor cash contributions 227,344    
Debt financing 131,237    
Distributions to Equity Investor 24,809 70,591 66,745
Debt repayment—principal $ 16,475 $ 9,453 $ 5,780
v3.20.4
Portfolio Financings - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Variable Interest Entity [Line Items]    
Redeemable noncontrolling interest $ 377 $ 443
PPA IIIa    
Variable Interest Entity [Line Items]    
Percentage of cash distributions and profit and losses received 0.95  
v3.20.4
Portfolio Financings - Schedule of PPA Entities' Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Jan. 01, 2020
Dec. 31, 2019
Current assets:      
Cash and cash equivalents [1] $ 246,947   $ 202,823
Restricted cash, current [1] 52,470   30,804
Accounts receivable [1] 99,513   37,828
Customer financing receivable [1] 5,428   5,108
Total current assets 618,604   472,707
Property and equipment, net [1] 600,628   607,059
Non-current portion of net investment in sales-type leases [1] 45,268   50,747
Restricted cash, non-current [1] 117,293   143,761
Other long-term assets [1] 34,511   41,652
Total assets 1,454,387 $ 1,350,712 1,322,591
Current liabilities:      
Accrued expenses and other current liabilities 112,004 [1] 68,970 70,284 [1]
Deferred revenue and customer deposits [1] 114,286   89,192
Current portion of debt 120,846   337,583
Total current liabilities 436,377 578,185 573,964
Derivative liabilities [1] 4,989   17,551
Deferred revenue and customer deposits, non-current [1] 87,463   125,529
Long-term portion of debt 270,053   299,229
Other long-term liabilities 12,279 [1] 17,673 28,013 [1]
Total liabilities 1,312,991 $ 1,518,572 1,490,451
PPA Entities      
Current assets:      
Cash and cash equivalents 1,421   1,894
Restricted cash, current 4,698   2,244
Accounts receivable 4,420   4,194
Customer financing receivable 5,428   5,108
Prepaid expenses and other current assets 3,048   3,587
Total current assets 19,015   17,027
Property and equipment, net 252,020   275,481
Non-current portion of net investment in sales-type leases 45,268   50,747
Restricted cash, non-current 15,320   15,045
Other long-term assets 37   607
Total assets 331,660   358,907
Current liabilities:      
Accrued expenses and other current liabilities 19,510   1,391
Deferred revenue and customer deposits 662   662
Current portion of debt 120,846   12,155
Total current liabilities 141,018   14,208
Derivative liabilities 0   8,459
Deferred revenue and customer deposits, non-current 6,072   6,735
Long-term portion of debt 102,045   223,267
Other long-term liabilities 0   2,355
Total liabilities $ 249,135   $ 255,024
[1] We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings).
v3.20.4
Portfolio Financings - Schedule of Consolidated Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Jan. 01, 2020
Dec. 31, 2019
Variable Interest Entity [Line Items]      
Current assets $ 618,604   $ 472,707
Long-term assets 835,783   849,884
Total assets 1,454,387 $ 1,350,712 1,322,591
Current liabilities 315,531   236,381
Current portion of debt 120,846   337,583
Long-term liabilities 606,561   617,258
Long-term portion of debt 270,053   299,229
Total liabilities 1,312,991 $ 1,518,572 1,490,451
Bloom Energy      
Variable Interest Entity [Line Items]      
Current assets 599,589   455,680
Long-term assets 523,138   508,004
Total assets 1,122,727   963,684
Current liabilities 295,359   234,328
Current portion of debt 0   325,428
Long-term liabilities 600,489   599,709
Long-term portion of debt 168,008   75,962
Total liabilities 1,063,856   1,235,427
PPA Entities      
Variable Interest Entity [Line Items]      
Current assets 19,015   17,027
Long-term assets 312,645   341,880
Total assets 331,660   358,907
Current liabilities 20,172   2,053
Current portion of debt 120,846   12,155
Long-term liabilities 6,072   17,549
Long-term portion of debt 102,045   223,267
Total liabilities $ 249,135   $ 255,024
v3.20.4
Commitments and Contingencies - Additional Information (Details)
 3 Months Ended 12 Months Ended 106 Months Ended
Dec. 31, 2020
USD ($)
ft²
numberOfEmployees
Dec. 31, 2020
USD ($)
ft²
numberOfEmployees
Dec. 31, 2019
USD ($)
numberOfEmployees
Dec. 31, 2018
USD ($)
Dec. 31, 2020
USD ($)
ft²
numberOfEmployees
Mar. 31, 2020
USD ($)
Sep. 30, 2017
USD ($)
numberOfEmployees
Jun. 30, 2015
USD ($)
Mar. 31, 2012
USD ($)
Operating Leased Assets [Line Items]                  
Term of customer contract for negotiated rates   15 years              
Area of real estate property | ft² 370,601 370,601     370,601        
Operating leases, rent expense     $ 7,800,000 $ 6,300,000          
Restricted Cash $ 169,763,000 $ 169,763,000 174,565,000   $ 169,763,000        
Grants receivable                 $ 16,500,000
Number of employees to be hired per incentive grant agreement | numberOfEmployees             900    
Minimum cumulative employee compensation, recapture period one             $ 108,000,000.0    
Minimum cumulative employee compensation, recapture period three             $ 324,000,000.0    
Cumulative compensation expense incurred 152,200,000 152,200,000 120,100,000   152,200,000        
Proceeds from government grants         12,000,000.0        
Grant agreement, maximum possible repayment amount, recapture period two 2,000,000.0 2,000,000.0     2,000,000.0        
Grant agreement, maximum possible repayment amount, recapture period three 2,500,000 2,500,000     2,500,000        
Grant agreement, recapture provision repayments 1,500,000 1,500,000     1,500,000        
Delaware grant obligation 9,212,000 9,212,000 $ 10,469,000   9,212,000        
Payment for civil penalty   200,000              
Civil penalty accrual           $ 1,200,000      
Civil penalty expense 1,200,000                
PPA II | PPA Entities                  
Operating Leased Assets [Line Items]                  
Restricted Cash $ 108,700,000 $ 108,700,000     $ 108,700,000        
PPA IIIb | PPA Entities                  
Operating Leased Assets [Line Items]                  
Pledged assets, term     7 years            
Cash and cash equivalents, period increase (decrease)     $ 20,000,000.0            
Delaware                  
Operating Leased Assets [Line Items]                  
Number of full time employees | numberOfEmployees 424 424 323   424        
PPA V                  
Operating Leased Assets [Line Items]                  
PPA expenses   $ 7,400,000 $ 3,500,000            
Term loan | PPA V | Term Loan due December 2021, Non-Recourse                  
Operating Leased Assets [Line Items]                  
Debt face amount               $ 131,200,000  
Letters of Credit | PPA V                  
Operating Leased Assets [Line Items]                  
Maximum borrowing capacity $ 6,200,000 6,200,000     $ 6,200,000     $ 6,400,000  
Amount outstanding $ 5,200,000 $ 5,200,000 $ 5,000,000.0   $ 5,200,000        
v3.20.4
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Related Party Transactions [Abstract]      
Total revenue from related parties $ 7,562 $ 228,100 $ 32,381
Interest expense to related parties 2,513 6,756 8,893
Consulting Expense, Related Party $ 0 $ 0 $ 125
v3.20.4
Related Party Transactions - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
Aug. 31, 2020
Nov. 30, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Mar. 31, 2020
Jul. 01, 2017
Dec. 31, 2012
Related Party Transaction [Line Items]                
Total revenue from related parties     $ 7,562,000 $ 228,100,000 $ 32,381,000      
Interest paid     71,651,000 $ 69,851,000 59,549,000      
Unamortized premium, reclassified to additional paid-in capital     $ 2,300,000          
Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse                
Related Party Transaction [Line Items]                
Debt instrument convertible principal   $ 6,900,000            
Interest rate percentage     10.00% 6.00%        
Convertible stock price (in dollars per share)   $ 11.25            
Debt conversion, shares issued (in shares)   616,302            
Convertible debt | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse                
Related Party Transaction [Line Items]                
Debt face amount           $ 289,300,000    
Convertible debt | Additional Convertible Notes                
Related Party Transaction [Line Items]                
Debt face amount           $ 30,000,000.0    
Term loan | Term Loan due September 2028, Non-Recourse                
Related Party Transaction [Line Items]                
Interest rate percentage     7.50% 7.50%        
PPA IIIa                
Related Party Transaction [Line Items]                
Repayments of debt     $ 10,513,000 $ 6,631,000 $ 4,431,000      
PPA IIIa | Term loan | Term Loan due September 2028, Non-Recourse                
Related Party Transaction [Line Items]                
Interest rate percentage               7.50%
Debt face amount               $ 46,800,000
NEA | Class B common stock                
Related Party Transaction [Line Items]                
Converted instrument, amount $ 33,900,000              
Conversion of notes (in shares) 4,200,000              
Foris Ventures LLC | Class B common stock                
Related Party Transaction [Line Items]                
Converted instrument, amount $ 10,000,000.0              
Conversion of notes (in shares) 1,300,000              
KPCB | Class B common stock                
Related Party Transaction [Line Items]                
Converted instrument, amount $ 6,900,000              
Conversion of notes (in shares) 900,000              
SK Engineering & Construction Co., Ltd.                
Related Party Transaction [Line Items]                
Total revenue from related parties     4,200,000          
Accounts receivable     0          
Equity Method Investee | Softbank Corp.                
Related Party Transaction [Line Items]                
Accounts receivable     2,400,000 2,400,000        
Affiliated entity | Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse                
Related Party Transaction [Line Items]                
Interest rate percentage             6.00%  
Affiliated entity | PPA IIIa | Term loan | Term Loan due September 2028, Non-Recourse                
Related Party Transaction [Line Items]                
Repayments of debt     2,100,000 2,200,000        
Interest paid     700,000 3,000,000.0        
Service | Equity Method Investee | Softbank Corp.                
Related Party Transaction [Line Items]                
Total revenue from related parties     $ 3,400,000 $ 4,200,000        
v3.20.4
Related Party Transactions - Debt to Related Parties (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Related Party Transaction [Line Items]    
Unpaid Principal Balance $ 527,054 $ 658,083
Current portion of debt 120,846 337,583
Long-term portion of debt 270,053 299,229
Total 390,899 636,812
Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | Convertible promissory notes    
Related Party Transaction [Line Items]    
Unpaid Principal Balance   289,299
Current portion of debt   273,410
Long-term portion of debt   0
Total   273,410
Term Loan due September 2028, Non-Recourse | Term loan    
Related Party Transaction [Line Items]    
Unpaid Principal Balance 34,456 38,337
Current portion of debt 2,826 3,882
Long-term portion of debt 28,920 31,087
Total 31,746 $ 34,969
Affiliated entity    
Related Party Transaction [Line Items]    
Unpaid Principal Balance 59,138  
Current portion of debt 24,683  
Long-term portion of debt 31,088  
Total 55,771  
Affiliated entity | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | Convertible promissory notes | PPA IIIa    
Related Party Transaction [Line Items]    
Unpaid Principal Balance 20,801  
Current portion of debt 20,801  
Long-term portion of debt 0  
Total 20,801  
Affiliated entity | Term Loan due September 2028, Non-Recourse | Term loan    
Related Party Transaction [Line Items]    
Unpaid Principal Balance 38,337  
Current portion of debt 3,882  
Long-term portion of debt 31,088  
Total $ 34,970  
v3.20.4
Leases - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
ft²
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Lessee, Lease, Description [Line Items]      
Rent expense $ 9,900    
Rent expense   $ 7,800 $ 6,300
Financing obligations, non-current $ 459,981 $ 446,165  
Lease not yet commenced, term of contract 3 years    
Total plant space (in square feet) | ft² 370,601    
Minimum      
Lessee, Lease, Description [Line Items]      
Remaining lease term 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Remaining lease term 9 years    
v3.20.4
Leases - Operating and Financing Lease Right-of-Use Assets and Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Jan. 01, 2020
Dec. 31, 2019
Assets and Liabilities, Lessee:      
Operating lease right-of-use assets, net $ 35,621 $ 28,121 $ 0
Finance lease right-of-use assets, net 334    
Total 35,955    
Operating lease liabilities 7,899 5,535 0
Financing lease liabilities 74    
Total current lease liabilities 7,973    
Operating lease liabilities 41,849 $ 34,240 $ 0
Financing lease liabilities 267    
Total non-current lease liabilities 42,116    
Total lease liabilities $ 50,089    
v3.20.4
Leases - Costs (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Leases [Abstract]  
Operating lease costs $ 9,804
Amortization of financing lease right-of-use assets 51
Interest expense for financing lease liabilities 16
Total financing lease costs 67
Short-term lease costs 613
Total lease costs $ 10,484
v3.20.4
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)
Dec. 31, 2020
Remaining lease term (years):  
Operating leases 6 years 8 months 12 days
Finance leases 4 years 2 months 12 days
Discount rate:  
Operating leases 8.70%
Finance leases 7.00%
v3.20.4
Leases - Future Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Operating Leases  
2021 $ 11,388
2022 8,211
2023 8,292
2024 8,472
2025 8,330
Thereafter 19,863
Total minimum lease payments 64,556
Less: amounts representing interest or imputed interest (14,808)
Present value of lease liabilities 49,748
Finance Leases  
2021 95
2022 95
2023 90
2024 84
2025 28
Thereafter 0
Total minimum lease payments 392
Less: amounts representing interest or imputed interest (51)
Present value of lease liabilities 341
Financing lease liabilities (74)
Financing lease liabilities 267
Operating leases, lease not yet commenced, future payments 5,200
PPA Entities  
Operating Leases  
2021 43,176
2022 44,258
2023 45,345
2024 46,590
2025 47,612
Thereafter 264,207
Total minimum lease payments 491,188
Finance Leases  
2021 40,589
2022 41,584
2023 42,526
2024 40,429
2025 39,379
Thereafter 87,623
Total minimum lease payments 292,130
Less: amounts representing interest or imputed interest (172,860)
Present value of lease liabilities 119,270
Financing lease liabilities (12,745)
Financing lease liabilities $ 106,525
v3.20.4
Leases - Future Minimum Lease Payments Under Operating Leases (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Leases [Abstract]  
2020 $ 7,250
2021 5,495
2022 4,168
2023 4,230
2024 4,357
Thereafter 17,913
Total lease payments $ 43,413
v3.20.4
Leases - Financial Obligations and Sublease Payments (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Finance Leases  
2021 $ 95
2022 95
2023 90
2024 84
2025 28
Thereafter 0
Total minimum lease payments 392
Less: amounts representing interest or imputed interest (51)
Present value of lease liabilities 341
Financing lease liabilities (74)
Financing lease liabilities 267
PPA Entities  
Finance Leases  
2021 40,589
2022 41,584
2023 42,526
2024 40,429
2025 39,379
Thereafter 87,623
Total minimum lease payments 292,130
Less: amounts representing interest or imputed interest (172,860)
Present value of lease liabilities 119,270
Financing lease liabilities (12,745)
Financing lease liabilities 106,525
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]  
2021 (40,589)
2022 (41,584)
2023 (42,526)
2024 (40,429)
2025 (39,379)
Thereafter (87,623)
Total lease payments $ (292,130)
v3.20.4
Leases - Sales-Type Leases (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Net Investment in Lease [Abstract]  
Sales-type Lease, Lease Receivable $ 49,806
Sales-type Lease, Unguaranteed Residual Asset 890
Sales-type Lease, Net Investment in Lease 50,696
Net Investment in Lease, Current (5,428)
Net Investment in Lease, Noncurrent 45,268
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract]  
2021 5,796
2022 6,110
2023 6,435
2024 6,797
2025 7,125
Thereafter 19,176
Total undiscounted cash flows 51,439
Less: imputed interest (1,582)
Present value of lease payments 49,857
Lease receivable, current portion 5,400
Lease receivable, long-term portion 44,400
Current estimated credit losses $ 100
v3.20.4
Leases - Customer Financing Leases Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Total minimum lease payments to be received   $ 76,886
Less: Amounts representing estimated executory costs   (19,931)
Net present value of minimum lease payments to be received   56,955
Estimated residual value of leased assets   890
Less: Unearned income   (1,990)
Net investment in sales-type financing leases   55,855
Less: Current portion [1] $ (5,428) (5,108)
Non-current portion of net investment in sales-type leases [1] $ 45,268 $ 50,747
[1] We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets (see Note 13 - Portfolio Financings).
v3.20.4
Leases - Future Scheduled Customer Payments (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract]  
2020 $ 5,108
2021 5,428
2022 5,784
2023 6,155
2024 6,567
Thereafter $ 25,923