BLOOM ENERGY CORP, 10-K filed on 3/31/2020
Annual Report
v3.20.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2019
Mar. 16, 2020
Jun. 28, 2019
Document Information [Line Items]      
Entity Registrant Name Bloom Energy Corp    
Entity Central Index Key 0001664703    
Current Fiscal Year End Date --12-31    
Entity Filer Category Accelerated Filer    
Document Type 10-K    
Document Period End Date Dec. 31, 2019    
Document Fiscal Year Focus 2019    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Emerging Growth Company true    
Entity Small Business false    
Entity Ex Transition Period false    
Entity Shell Company false    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Public Float     $ 659,700,000
Class A common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   90,231,067  
Class B common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   34,872,888  
v3.20.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Current assets:                  
Cash and cash equivalents $ 202,823 [1] $ 226,499 $ 308,009 $ 320,414 $ 220,728 $ 220,728 [1] $ 395,516 $ 91,596 $ 88,227
Restricted cash 30,804 [1] 14,486 23,706 18,419 28,657 28,657 [1] 17,931 25,860 22,998
Short-term investments 0       104,350 104,350 4,494 15,703 20,138
Accounts receivable 37,828 [1] 26,353 40,038 85,647 89,779 88,784 [1] 45,261 40,442 61,996
Inventories 109,606 132,607 106,889 119,871 135,265 135,265 137,778 129,284 94,032
Deferred cost of revenue 58,470 41,042 80,307 52,911 43,809 43,809 45,183 35,654 43,415
Customer financing receivable 5,108 [1] 5,919 5,817 5,717 5,594 5,594 [1] 5,496 5,398 5,303
Prepaid expense and other current assets 28,068 [1] 28,642 26,483 30,073 36,887 36,747 [1] 36,499 24,820 28,944
Total current assets 472,707 475,548 591,249 633,052 665,069 663,934 688,158 368,757 365,053
Property, plant and equipment, net 607,059 [1] 627,385 641,259 711,631 716,751 716,751 [1] 698,123 697,344 702,228
Customer financing receivable, non-current 50,747 [1] 62,615 64,146 65,620 67,082 67,082 [1] 68,535 69,963 71,337
Restricted cash, non-current 143,761 [1] 116,890 39,351 31,101 31,100 31,100 [1] 30,779 32,416 32,367
Deferred cost of revenue, non-current 6,665 3,724 3,846 1,933 45 45 45 60 53
Other long-term assets 41,652 [1] 70,951 72,836 45,447 45,354 42,882 [1] 44,397 45,241 43,179
Total assets 1,322,591 1,357,113 1,412,687 1,488,784 1,525,401 1,521,794 1,530,037 1,213,781 1,214,217
Current liabilities:                  
Accounts payable 55,579 [1] 81,060 61,427 64,425 66,889 66,889 [1] 59,818 53,798 47,755
Accrued warranty 10,333 12,862 10,240 14,237 16,936 17,968 17,312 14,287 16,394
Accrued other current liabilities 70,284 [1] 79,616 105,393 64,073 66,838 66,838 [1] 63,986 49,932 53,654
Deferred revenue and customer deposits [1] 89,192       72,285 67,632      
Financing obligations 10,993 77,551 118,738 75,069 8,128 8,128 72,738 66,054 71,486
Current portion of recourse debt 304,627 15,678 15,681 15,683 8,686 8,686 1,686 10,351 6,017
Current portion of non-recourse debt 8,273 [1] 7,983 7,654 19,486 18,962 18,962 [1] 18,499 18,025 17,583
Current portion of recourse debt from related parties 20,801         0      
Current portion of non-recourse debt from related parties 3,882 [1] 3,500 2,889 2,341 2,200 2,200 [1] 1,737 1,630 1,525
Total current liabilities 573,964 288,670 332,049 264,133 260,924 257,303 243,556 220,869 220,970
Derivative liabilities 17,551 [1] 20,284 18,175 15,722 14,143 14,143 [1] 13,658 192,416 168,071
Deferred revenue and customer deposits, net of current portion 125,529 [1] 122,276 110,750 103,751 105,290 87,308 [1] 89,204 88,630 89,501
Financing obligations, non-current 446,165 397,272 400,078 394,037 385,650 385,650 375,254 356,727 321,682
Long-term portion of recourse debt 75,962 359,959 362,424 357,876 360,339 360,339 358,363 524,934 517,483
Long-term portion of non-recourse debt 192,180 [1] 217,334 219,182 284,541 289,241 289,241 [1] 293,593 298,048 302,345
Long-term portion of recourse debt from related parties 0 27,734 27,734 27,734 27,734 27,734 32,168 72,087 70,202
Long-term portion of non-recourse debt from related parties 31,087 [1] 31,781 32,643 33,417 34,119 34,119 [1] 34,765 35,054 35,312
Other long-term liabilities 28,013 28,852 29,979 28,970 26,196 26,196 18,437 21,564 21,753
Total liabilities 1,490,451 1,494,162 1,533,014 1,510,181 1,503,636 1,482,033 1,458,998 1,812,698 1,753,873
Commitments and contingencies (Note 14)              
Redeemable noncontrolling interest 443 557 505 58,802 57,261 57,261 56,446 54,940 58,176
Stockholders’ deficit:                  
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively. 12 12 11 11 11 11 11 1 1
Additional paid-in capital 2,686,759 2,647,874 2,604,034 2,552,011 2,481,352 2,481,352 2,388,116 166,805 158,605
Accumulated other comprehensive income 19 (147) (148) 5 131 131 272 217 117
Accumulated deficit (2,946,384) (2,880,551) (2,828,801) (2,746,890) (2,642,100) (2,624,104) (2,508,655) (2,428,154) (2,372,155)
Total stockholders’ deficit (259,594) (232,812) (224,904) (194,863) (160,606) (142,610) (120,256) (2,261,131) (2,213,432)
Noncontrolling interest 91,291 95,206 104,072 114,664 125,110 125,110 134,849 141,433 149,759
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest $ 1,322,591 $ 1,357,113 $ 1,412,687 $ 1,488,784 $ 1,525,401 $ 1,521,794 $ 1,530,037 $ 1,213,781 $ 1,214,217
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2019
Dec. 31, 2018
Common Class A and B    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Class A common stock    
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 84,549,511 20,868,286
Common stock, outstanding (in shares) 84,549,511 20,868,286
Class B common stock    
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 36,486,778 88,552,897
Common stock, outstanding (in shares) 36,486,778 88,552,897
v3.20.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenue $ 213,543 $ 224,307 $ 200,326 $ 147,001 $ 157,145 $ 168,619 $ 138,302 $ 168,582 $ 347,327 $ 306,884 $ 571,634 $ 475,503 $ 785,177 $ 632,648 $ 365,623
Cost of revenue 188,595 181,582 171,976 145,437 150,224 141,209 111,318 124,147 317,413 235,465 498,995 376,674 687,590 526,898 381,934
Gross profit (loss) 24,948 42,725 28,350 1,564 6,921 27,410 26,984 44,435 29,914 71,419 72,639 98,829 97,587 105,750 (16,311)
Operating expenses:                              
Research and development 22,148 23,389 29,772 28,859 32,970 27,021 14,413 14,731 58,631 29,144 82,020 56,165 104,168 89,135 51,146
Sales and marketing 17,357 17,649 18,194 20,373 24,951 21,396 8,167 8,293 38,567 16,460 56,216 37,856 73,573 62,807 31,926
General and administrative 33,315 36,599 43,662 39,074 47,471 40,999 15,359 14,988 82,736 30,347 119,335 71,346 152,650 118,817 55,689
Total operating expenses 72,820 77,637 91,628 88,306 105,392 89,416 37,939 38,012 179,934 75,951 257,571 165,367 330,391 270,759 138,761
Loss from operations (47,872) (34,912) (63,278) (86,742) (98,471) (62,006) (10,955) 6,423 (150,020) (4,532) (184,932) (66,538) (232,804) (165,009) (155,072)
Interest income 862 1,214 1,700 1,885 1,996 1,467 444 415 3,585 859 4,799 2,326 5,661 4,322 759
Interest expense (21,635) (21,323) (22,722) (21,800) (21,757) (22,125) (27,147) (25,992) (44,522) (53,139) (65,845) (75,264) (87,480) (97,021) (112,039)
Interest expense to related parties (1,933) (1,605) (1,606) (1,612) (1,628) (1,966) (2,672) (2,627) (3,218) (5,299) (4,823) (7,265) (6,756) (8,893) (12,265)
Other income (expense), net 138 525 (222) 265 636 (705) (855) (75) 43 (930) 568 (1,635) 706 (999) (491)
Gain (loss) on revaluation of warrant liabilities and embedded derivatives (540) (540) (540) (540) 192 900 (19,197) (4,034) (1,080) (23,231) (1,620) (22,331) (2,160) (22,139) (15,284)
Loss before income taxes (70,980) (56,641) (86,668) (108,544) (119,032) (84,435) (60,382) (25,890) (195,212) (86,272) (251,853) (170,707) (322,833) (289,739) (294,392)
Income tax provision 31 136 258 208 1,079 (3) 128 333 466 461 602 458 633 1,537 636
Net loss (71,011) (56,777) (86,926) (108,752) (120,111) (84,432) (60,510) (26,223) (195,678) (86,733) (252,455) (171,165) (323,466) (291,276) (295,028)
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests (5,178) (5,027) (5,015) (3,832) (4,662) (3,930) (4,512) (4,632) (8,847) (9,144) (13,874) (13,074) (19,052) (17,736) (18,666)
Net loss available to Class A and Class B common stockholders (65,833) (51,750) (81,911) (104,920) (115,449) (80,502) (55,998) (21,591) (186,831) (77,589) (238,581) (158,091) (304,414) (273,540) (276,362)
Less: deemed dividend to noncontrolling interest (2,454) 0 0 0 0 0 0 0         (2,454) 0 0
Net loss available to Class A and Class B common stockholders $ (68,287) $ (51,750) $ (81,911) $ (104,920) $ (115,449) $ (80,502) $ (55,998) $ (21,591)         $ (306,868) $ (273,540) $ (276,362)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share) $ (0.58) $ (0.44) $ (0.72) $ (0.94) $ (1.06) $ (0.99) $ (5.31) $ (2.08)         $ (2.67) $ (5.14) $ (26.97)
Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in shares) 118,588 116,330 113,624 111,842 109,416 81,321 10,536 10,404         115,118 53,268 10,248
Product                              
Revenue $ 158,427 $ 163,902 $ 144,081 $ 90,926 $ 103,937 $ 102,433 $ 78,497 $ 115,771 235,007 194,268 398,909 296,701 $ 557,336 $ 400,638 $ 157,192
Cost of revenue 141,782 91,697 113,228 88,772 86,154 69,053 49,603 76,465 202,000 126,068 293,697 195,121 435,479 281,275 192,361
Installation                              
Revenue 14,429 21,102 13,076 12,219 11,066 24,691 19,643 12,795 25,295 32,438 46,397 57,129 60,826 68,195 57,937
Cost of revenue 16,901 26,141 17,685 15,760 20,651 35,506 29,951 9,198 33,445 39,149 59,586 74,655 76,487 95,306 54,970
Service                              
Revenue 25,628 23,665 23,026 23,467 21,778 21,056 20,299 20,134 46,493 40,433 70,158 61,489 95,786 83,267 74,892
Cost of revenue 17,127 36,427 18,763 27,921 31,818 24,470 19,702 24,699 46,684 44,401 83,111 68,871 100,238 100,689 85,128
Electricity                              
Revenue 15,059 15,638 20,143 20,389 20,364 20,439 19,863 19,882 40,532 39,745 56,170 60,184 71,229 80,548 75,602
Cost of revenue $ 12,785 $ 27,317 $ 22,300 $ 12,984 $ 11,601 $ 12,180 $ 12,062 $ 13,785 $ 35,284 $ 25,847 $ 62,601 $ 38,027 $ 75,386 $ 49,628 $ 49,475
v3.20.1
Consolidated Statements of Comprehensive Loss Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of Comprehensive Income [Abstract]      
Net loss $ (323,466) $ (291,276) $ (295,028)
Other comprehensive income (loss), net of taxes:      
Unrealized gain (loss) on available-for-sale securities 14 26 (13)
Change in effective portion of interest rate swap (295) 267 393
Other comprehensive income (281) 293 380
Comprehensive loss $ (323,747) $ (290,983) $ (294,648)
v3.20.1
Consolidated Statements of Convertible Redeemable Preferred Stock, Redeemable Noncontrolling Interest, Stockholders' Deficit and Noncontrolling Interest - USD ($)
$ in Thousands
Total
Total Stockholders' Deficit
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Redeemable Noncontrolling Interest
Noncontrolling Interest
Convertible Redeemable Preferred Stock
Class A common stock
Class A common stock
Total Stockholders' 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' Deficit
Class B common stock
Common Stock
Class B common stock
Additional Paid-In Capital
Previously Reported
Previously Reported
Total Stockholders' Deficit
Previously Reported
Common Stock
Previously Reported
Additional Paid-In Capital
Previously Reported
Accumulated Other Comprehensive Income (Loss)
Previously Reported
Accumulated Deficit
Previously Reported
Redeemable Noncontrolling Interest
Previously Reported
Noncontrolling Interest
Previously Reported
Convertible Redeemable Preferred Stock
Restatement Adjustment
Restatement Adjustment
Total Stockholders' Deficit
Restatement Adjustment
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2016 [1]     10,132,220                                 10,132,220                  
Beginning balance at Dec. 31, 2016   $ (1,966,096) $ 1 [1] $ 108,647 $ (542) $ (2,074,202) $ 59,320 $ 175,668                     $ (1,959,942) $ 1 [1] $ 108,647 $ (542) $ (2,068,048) $ 59,320 $ 175,668     $ (6,154) $ (6,154)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
Contributions from noncontrolling interests               13,652                                          
Issuance of common stock warrant   9,410   9,410                                                  
Issuance of common stock (in shares) [1]     64,000                                                    
Issuance of Common Stock   1,981   1,981                                                  
Issuance of restricted stock awards (in shares) [1]     33,896                                                    
Issuance of restricted stock awards   1,254   1,254                                                  
Exercise of stock options (in shares) [1]     123,153                                                    
Exercise of stock options   432   432                                                  
Stock-based compensation expense   29,080   29,080                                                  
Conversion of redeemable convertible preferred stock Series A-G $ 0                                                        
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital 0                                                        
Reclassification of derivative liability into additional paid-in capital 0                                                        
Excess fair value of consideration paid over the noncontrolling interest reduction (13) (13)     (13)                                                
Change in effective portion of interest rate swap agreement 393 393     393   1 500                                          
Distributions to noncontrolling interests             5,104 11,845                                          
Net income (loss) (295,028) (276,362)       (276,362) 3,937 (22,603)                   $ (281,265)                 $ (13,763)    
Ending balance (in shares) at Dec. 31, 2017 [1]     10,353,269                                                    
Ending balance at Dec. 31, 2017   (2,199,921) $ 1 [1] 150,804 (162) (2,350,564) 58,154 155,372                                          
Beginning balance (in shares) at Dec. 31, 2016                 71,740,162                                 71,740,162      
Beginning balance at Dec. 31, 2016                 $ 1,465,841                                 $ 1,465,841      
Ending balance (in shares) at Dec. 31, 2017                 71,740,162                                        
Ending balance at Dec. 31, 2017                 $ 1,465,841                                        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
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 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 expense   177,646   177,646                                                  
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 Class A and B common stock upon exercise of warrants (in shares) [1]     312,575                                                    
Conversion of redeemable convertible preferred stock Series A-G [1]     71,740,162                                                    
Conversion of redeemable convertible preferred stock Series A-G 1,465,841 1,465,841 $ 7 [1] 1,465,834                                                  
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 177,208 177,963   177,963                                                  
Excess fair value of consideration paid over the noncontrolling interest reduction 26 26     26                                                
Change in effective portion of interest rate swap agreement 267 267     267   2 1,829                                          
Distributions to noncontrolling interests             6,788 8,462                                          
Net income (loss) (291,276) (273,540)       (273,540) 5,893 (23,629)                   $ (259,489)                 $ (31,787)    
Ending balance (in shares) at Dec. 31, 2018     109,421,183 [1]             20,868,286       88,552,897                              
Ending balance at Dec. 31, 2018   (142,610) $ 11 [1] 2,481,352 131 (2,624,104) 57,261 125,110                                          
Increase (Decrease) in Temporary Equity [Roll Forward]                                                          
Temporary Equity,Conversion of redeemable convertible preferred stock Series A-G (in shares)                 (71,740,162)                                        
Temporary Equity, Conversion of redeemable convertible preferred stock Series A-G                 $ 1,465,841                                        
Ending balance (in shares) at Dec. 31, 2018                 0                                        
Ending balance at Dec. 31, 2018                 $ 0                                        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
Conversion of Notes (in shares) [1]     616,302                                                    
Conversion of Notes   6,933   6,933                                                  
Issuance of restricted stock awards (in shares) [1]     8,921,807                                                    
Issuance of restricted stock awards   1 $ 1 [1]                                                    
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 expense   188,114   188,114                                                  
Conversion of redeemable convertible preferred stock Series A-G 0                                                        
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital 0                                                        
Reclassification of derivative liability into additional paid-in capital 0                                                        
Excess fair value of consideration paid over the noncontrolling interest reduction 14 14     14                                                
Change in effective portion of interest rate swap agreement (295) (295)     (295)     (5,790)                                          
Distributions to noncontrolling interests   102   102     (4,011) (5,970)                                          
Mandatory redemption of noncontrolling interests   (2,285)   (2,454) 169   (55,684)                                            
Cumulative effect of hedge accounting   130       130   (130)                                          
Net income (loss) $ (323,466) (304,414)       (304,414) 2,877 (21,929)                                          
Ending balance (in shares) at Dec. 31, 2019     121,036,289 [1]             84,549,511       36,486,778                              
Ending balance at Dec. 31, 2019   $ (259,594) $ 12 [1] $ 2,686,759 $ 19 $ (2,946,384) $ 443 $ 91,291                                          
Ending balance (in shares) at Dec. 31, 2019                 0                                        
Ending balance at Dec. 31, 2019                 $ 0                                        
[1] Common Stock issued and converted to Class A Common and Class B Common effective July 2018.
v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income (loss) $ (323,466) $ (291,276) $ (295,028)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 78,584 53,887 54,376
Write-off of property, plant and equipment, net 3,117 939 48
Write-off of customer financing receivable 11,302 0 0
Write-off of PPA II and PPA IIIb decommissioned assets 70,543 0 0
Debt make-whole expense 5,934 0 0
Revaluation of derivative contracts 2,779 29,021 15,042
Stock-based compensation 196,291 168,482 29,101
Loss (gain) on long-term REC purchase contract 53 200 (70)
Revaluation of stock warrants 0 (9,108) (2,975)
Amortization of debt issuance cost 22,130 25,437 47,312
Changes in operating assets and liabilities:      
Accounts receivable 51,952 (55,023) 3,242
Inventories 18,425 (36,974) (10,636)
Deferred cost of revenue (21,992) 14,223 (31,278)
Customer financing receivable and other 5,520 4,878 5,459
Prepaid expenses and other current assets 8,643 (8,032) (982)
Other long-term assets 3,618 (202) 756
Accounts payable (11,310) 18,307 7,076
Accrued warranty (6,603) 1,498 (7,365)
Accrued expenses and other current liabilities 6,728 (5,984) 7,997
Deferred revenue and customer deposits 37,146 (21,774) 48,322
Other long-term liabilities 4,376 19,553 37,637
Net cash provided by (used in) operating activities 163,770 (91,948) (91,966)
Cash flows from investing activities:      
Purchase of property, plant and equipment (51,053) (45,205) (61,454)
Payments for acquisition of intangible assets 0 (3,256) 0
Purchase of marketable securities 0 (103,914) (29,043)
Proceeds from maturity of marketable securities 104,500 27,000 2,250
Net cash provided by (used in) investing activities 53,447 (125,375) (88,247)
Cash flows from financing activities:      
Borrowings from issuance of debt 0 0 100,000
Repayment of debt (119,277) (18,770) (20,507)
Repayment of debt to related parties (2,200) (1,390) (912)
Debt make-whole payment (5,934) 0 0
Debt issuance costs 0 0 (6,108)
Proceeds from financing obligations 72,334 70,265 84,314
Repayment of financing obligations (8,954) (6,188) (3,210)
Proceeds from noncontrolling and redeemable noncontrolling interests 0 0 13,652
Payments to noncontrolling and redeemable noncontrolling interests (56,459) 0 0
Distributions to noncontrolling and redeemable noncontrolling interests (12,537) (15,250) (23,659)
Proceeds from issuance of common stock 12,713 1,521 432
Proceeds from public offerings, net of underwriting discounts and commissions 0 292,529 0
Payments of initial public offering issuance costs 0 (5,521) (1,092)
Net cash provided by (used in) financing activities (120,314) 317,196 142,910
Net increase (decrease) in cash, cash equivalents, and restricted cash 96,903 99,873 (37,303)
Beginning of period 280,485 180,612 217,915
End of period 377,388 280,485 180,612
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 69,851 59,549 37,628
Cash paid during the period for taxes 860 1,748 616
Non-cash investing and financing activities:      
Liabilities recorded for property, plant and equipment 1,745 12,236 975
Liabilities recorded for intangible assets 0 3,180 2,138
Issuance of common stock warrant 0 0 9,410
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital 0 882 0
Conversion of redeemable convertible preferred stock into additional paid-in capital 0 1,465,841 0
Conversion of 8% convertible promissory notes into additional paid-in capital 0 181,469 0
Conversion of 6% and 8% convertible promissory notes into additional paid-in capital to related parties 6,933 40,110 0
Reclassification of derivative liability into additional paid-in capital 0 177,208 0
Reclassification of prior year prepaid initial public offering costs to additional paid-in capital 0 4,732 0
Issuance of common stock 0 0 1,981
Issuance of restricted stock 0 0 1,254
Accrued distributions to Equity Investors 373 576 576
Accrued interest for notes 1,812 19,041 29,705
Accrued interest for notes to related parties $ 0 $ 2,733 $ 4,368
v3.20.1
Consolidated Statements of Cash Flows (Parenthetical)
Dec. 31, 2019
Jan. 18, 2018
Dec. 31, 2014
Interest rate percentage 6.00%    
Convertible promissory notes | Convertible Promissory Notes due December 2019, Recourse      
Interest rate percentage 5.00%    
Convertible promissory notes | Convertible Promissory Notes due December 2019, Recourse | Affiliated entity      
Interest rate percentage 8.00% 8.00% 8.00%
Convertible promissory notes | 6% Notes | Affiliated entity      
Interest rate percentage 6.00%    
v3.20.1
Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies
Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies
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. We were originally incorporated in Delaware under the name of Ion America Corporation on January 18, 2001 and on September 16, 2006, we changed our name to Bloom Energy Corporation.
Liquidity
We have incurred operating losses and negative cash flows from operations since our inception. Additionally, as disclosed in Note 17, Subsequent Events, the impact of COVID-19 on our ability to execute our business strategy and on our financial position and results of operations is uncertain. Additionally, as of December 31, 2019, the current portion of our total debt was $337.6 million, which would require cash payments of $353.5 million in the next 12 months. Cash and cash equivalents and other liquidity was insufficient to satisfy the above current debt obligations as well as operating cash flow requirements as of December 31, 2019. As a result, on March 31, 2020, we extended the maturity for our current debt as follows:
•
We entered into an Amendment Support Agreement (the “Amendment Support Agreement”) with the beneficial owners (the “Noteholders”) of its outstanding 6.0% Convertible Notes due 2020 (the “Convertible Notes”) pursuant to which such Noteholders have agreed, to extend the maturity date of the Convertible Notes to December 1, 2021. In connection with the extension, the interest rate was increased to 10% and the strike price on the conversion feature was reduced to $8/share. The Amendment Support Agreement requires that we repay at least $70.0 million of the Convertible Notes on or before September 1, 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 certain terms of our outstanding Amended and Restated Subordinated Secured Convertible Note issued to Constellation were modified to extend the maturity date to December 31, 2021.
•
On March 31, 2020, we entered into a note purchase agreement pursuant to which certain investors have agreed to purchase, and we have agreed to issue, $70.0 million of 10.25% Senior Secured Notes due 2027 (the “Senior Secured Notes”) in a private placement (the “Senior Secured Notes Private Placement”). The funding of the Note Purchase Agreement, which is expected to occur no later than May 29, 2020, is subject to certain conditions, including obtaining a rating from a rating agency which is dependent upon providing audited financial statements as of and for the year ended December 31, 2019. Upon funding by the purchasers, 100% of any funds received is required to be utilized to pay one holder of the Convertible Notes discussed above. This payment will be used to extinguish the $70.0 million due as of September 1, 2020.
•
Also on March 31, 2020, we entered into a convertible note purchase agreement (the “Convertible Note Purchase Agreement”) with Foris Ventures, LLC and New Enterprise Associates 10, Limited Partnership (together, the “Purchasers”), pursuant to which such Purchasers were issued $30.0 million aggregate principal amount of additional Convertible Notes.
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 products, the timing of receipt by us of distributions from our PPA Entities and overall economic conditions including the impact of COVID-19 on our future operations. However, in the opinion of management, the combination of our existing cash and cash equivalents, the extension of the Convertible Notes and Constellation Note Modification to December 2021, the proceeds from the convertible note agreement, 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 this Annual Report on Form 10-K.
For additional information on the terms of the amended Notes and the terms and provision of the new notes obtained, see Note 17, Subsequent Events.
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").
The consolidated balance sheets as of December 31, 2019 and 2018, the consolidated statements of operations, the consolidated statements of comprehensive loss, the consolidated statements of convertible redeemable preferred stock, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest, and the consolidated statements of cash flows for the years ended December 31, 2019, 2018 and 2017, as well as other information disclosed in the accompanying notes have been prepared in accordance with generally accepted accounting principles as applied in the United States ("U.S. GAAP").
Restatement and Revision of Previously Issued Consolidated Financial Statements
In this Annual Report on Form 10-K, we have restated our consolidated financial statements for the year ended December 31, 2018, as well as the unaudited financial statements for the three month period ended March 31, 2019, the three and six month periods ended June 30, 2019 and 2018 and the three and nine month periods ended September 30, 2019 and 2018, to correct misstatements in those prior periods primarily related to (i) misstatements identified in improperly applying accounting guidance on certain managed services and similar transactions and recognizing them as sales, rather than financing transactions, under the guidance of Accounting Standards Codification ("ASC") Topic 840 - Leases, (ii) misstatements relating to not capitalizing stock-based compensation expenses directly associated with the product manufacturing operations process and expensed when the capitalized asset is used in the normal course of the sales or services process under the provisions of SEC Staff Accounting Bulletin Topic 14, (iii) misstatements related to not recording derivative liabilities for embedded derivatives in certain revenue agreements for an escalator price protection (“EPP”) feature given to our customers, and (iv) certain other identified misstatements which were not material individually or in the aggregate.
In addition, management determined that the impact of these misstatements to periods prior to the three months ended June 30, 2018 was not material to warrant restatement of reported figures; however, our consolidated financial statements as of and for the year ended December 31, 2017 and the unaudited interim condensed consolidated financial information for the three month period ended March 31, 2018 are revised to correct these misstatements.
See Note 2, Restatement and Revision of Previously Issued Consolidated Financial Statements for additional information regarding the errors identified in this Annual Report on Form 10-K and the restatement and revision adjustments made to the Consolidated Financial Statements.
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 ("VIE"), which we refer to as our power purchase agreement entities ("PPA Entities"). This approach focuses on determining whether we haves 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 other than with respect to the PPA II Entity, as discussed below.
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. On June 14, 2019, we entered into a transaction with SP Diamond State Class B Holdings, LLC (“SPDS”), a wholly owned subsidiary of Southern Power Company, in which SPDS will purchase a majority interest in PPA II, which operates in Delaware providing alternative energy generation for state tariff rate payers (the "PPA II upgrade of Energy Servers"). PPA II will use the funds received to purchase current generation Bloom Energy Servers in connection with the upgrade of its energy generation assets fleet. In connection with the closing of this transaction, SPDS was admitted as a member of Diamond State Generation Partners, LLC ("DSGP"). DSGP, an operating company, is now owned by Diamond State Generation Holdings, LLC ("DSGH") and SPDS. As a result of the PPA II upgrade of Energy Servers, we determined that we no longer retain a controlling interest in PPA II and therefore DSGP was no longer consolidated as a VIE into our consolidated financial statements as of June 30, 2019. On November 27, 2019, we entered into a PPA IIIb upgrade of Energy Servers transaction such that the Project Company became indirectly wholly-owned by us and therefore, it was no longer a VIE.
For additional information, see Note 13, Power Purchase Agreement Programs - PPA II Upgrade of Energy Servers.
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 best estimate of selling price under ASC 605, and stand-alone selling price under ASC 606, 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 lease and non-lease components and related financing obligations such as incremental borrowing rates, estimated output, efficiency and residual value of the Energy Servers, warranty, product performance guaranties and extended maintenance, derivative valuations, estimates for recapture of U.S. Treasury grants and similar grants, estimates relating to contractual indemnities provisions, estimates for income taxes and deferred tax asset valuation allowances, and stock-based compensation costs . 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, China, India, and the Republic of Korea (collectively, our "Asia Pacific region"). In the year ended December 31, 2019 and 2018, total revenue in the Asia Pacific region was 23% and 14%, respectively, of our total revenue.
Credit Risk - At December 31, 2019, two customers, Costco Wholesale Corporation and The Kraft Group LLC accounted for approximately 19% and 17%, respectively, of accounts receivable. At December 31, 2018, SK (Korea) accounted for approximately 64% of accounts receivable. At December 31, 2019 and 2018, we did not maintain any allowances for doubtful accounts as we deemed all of our receivables fully collectible. To date, we have neither provided an allowance for uncollectible accounts nor experienced any credit loss.

Customer Risk - In the year ended December 31, 2019, revenue from two customers, The Southern Company and SK (Korea) 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. The Southern Company wholly owns a Third-Party PPA which purchases Energy Servers from us, however such purchases and resulting revenue are made on behalf of various customers of this Third-Party PPA.
Cybersecurity Risk
All of our installed Energy Servers are connected to and controlled and monitored by our centralized remote monitoring service. Additionally, we rely on internal computer networks for many of the systems used to operate the business generally. We may be vulnerable to breaches, unauthorized access, misuse, computer viruses or other malicious code and cyber-attacks. We take protective measures and endeavors to modify these internal systems as circumstances warrant to prevent unauthorized intrusions or disruptions.
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 power purchase agreements. 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 lease our Energy Servers through one of our financing partners via our Managed Services Program or as a traditional lease. Finally, customers may purchase electricity through our Power Purchase Agreement Programs.
Prior to Adoption of ASC 606 Revenue from Contracts with Customers
Prior to the adoption of ASC 606 Revenue from Contracts with Customers, 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 are met:
•
Persuasive evidence of an arrangement exists. We rely upon non-cancelable sales agreements and purchase orders to determine the existence of an arrangement.
•
Delivery and acceptance have occurred. We use shipping documents and confirmation from our installations team that the deployed systems are running at full power as defined in each contract to verify delivery and acceptance.
•
The fee is fixed or determinable. We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction.
•
Collectability is reasonably assured. We assess collectability based on the customer’s credit analysis and payment history.
When these criteria are met, we allocate 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 is 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 limit the amount of revenue recognized for delivered elements to an amount that is not contingent upon future delivery of additional products or services or upon meeting any specified performance conditions.
We have not been able to obtain reliable evidence of the selling price of the standalone Energy Server. Given that we typically sell an Energy Server with a maintenance service agreement and have not provided maintenance services to a customer who does not have use of an Energy Server, we have no evidence of selling prices for either and virtually no customers have elected to cancel their maintenance service agreements while continuing to operate the Energy Servers. Our objective is to determine the price at which we would transact business if the items were being sold separately. As a result, our estimate of our selling price is 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 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 and to expected installation costs to determine the selling price to be used in our BESP model. Costs for maintenance service arrangements are estimated over the expected life of the maintenance contracts and include estimated future service costs and future material costs. Material costs over the expected 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. As our business offerings and eligibility for the Investment Tax Credit ("ITC") evolve over time, we may be required to modify our estimated selling prices in subsequent periods and our revenue could be adversely affected.
Subsequent to adoption of 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")." This standard superseded most of the previous revenue recognition guidance under U.S. GAAP and is intended to improve and converge with international standards' related financial reporting requirements for revenue recognition. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. Subsequently, the FASB issued several standards that clarified certain aspects of ASU 2014-09, but did not significantly change the original standard. We adopted ASU 2014-09 and its related amendments (collectively “ASC 606”) as of January 1, 2019 using the modified retrospective method. Under the modified retrospective method, results for reporting periods beginning after December 31, 2018 are presented under ASC 606 while prior period financial information is not adjusted and continues to be reported under prior guidance (“ASC 605”). See “Accounting Guidance Implemented in Fiscal Year 2019” below for additional information on the impact of adopting ASC 606.
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 service 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 service renewal options which 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 service 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 service 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 revenue to each performance obligation based on the total transaction price for each contract. Our maintenance service contracts are typically subject to renewal by customers on an annual basis. We assess these maintenance service renewal options at contract inception to determine whether they provide customers with material rights that give rise to a separate performance obligation.
The total transaction price is determined based on the total consideration specified in the contract, including variable consideration in the form of a production guarantee 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. We allocate the transaction price to each performance obligation in an amount that depicts the amount of consideration to which we expect to be entitled in exchange for transferring and installing the Energy Server and providing associated maintenance services.
Given that we typically sell an Energy Server with a maintenance service 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 service 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 service agreements based on their respective costs or, in the case of maintenance service 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 service 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, 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 leases 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 service contract are not combined.
Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until the acceptance criteria as defined within the customer contract are met. The related cost of such product and installation is also deferred as a component of deferred cost in the consolidated balance sheets until acceptance.
Installation Revenue - Nearly all of our installation revenue relates to the installation of Energy Servers sold to direct purchase, including financing partners on Third-Party PPAs and traditional lease customers. Generally, we recognize installation revenue when the system has been installed and is running at full power.
Service Revenue - Service revenue is generated from maintenance services agreements. We typically provide to our customers a standard one-year warranty, against manufacturing or performance defects in our Energy Servers. We also sell to these customers extended annual maintenance services that effectively extend the standard one-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. 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.
Revenue is recognized over the term of the renewed one-year service period. Given our customers' renewal history, we anticipate that almost all of our customers will continue to renew their maintenance services agreements each year through their expected use of the Energy Server. As a result, we estimate the standalone selling price for customer renewal options that give rise to material rights using the practical alternative by reference to optional operations and maintenance services renewal periods expected to be provided and the corresponding expected consideration for these services. This reflects that our additional performance obligations in any contractual renewal period are consistent with the services provided under the initial maintenance service contract.
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 using a cost-to-cost basis that reflects the cost of providing these services.
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 power purchase agreements ("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 product sales, we are a party to master lease agreements that provide for the sale of our Energy Servers to third-parties and the simultaneous leaseback of the systems, which we then sublease to our customers. In sale-leaseback sublease arrangements ("Managed Services"), we first determine whether the Energy Servers under the sale-leaseback arrangement are “integral equipment”. As the Energy Servers are determined not to be integral equipment, we determine if the leaseback is classified as a capital lease or an operating lease.
Our managed services arrangements with the financing party are classified as capital leases and are recorded as financing transactions, while the sub-lease arrangements with the end customer are classified as operating leases. Payments received from the financier are recorded as financing leases. We then recognize revenue for the electricity generated by allocating the total proceeds based on the relative standalone selling prices to electricity revenue and to service revenue. Electricity revenue relating to power purchase agreements is typically accounted for in accordance with ASC 840 Leases and service revenue in accordance with ASC 606.
We recognize revenue from the PPAs and Managed Services contracts as the electricity is provided over the term of the agreement.
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. Lastly, 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. During fiscal 2019, we did not recognize any material revenue for contracts modified during the period that had performance obligations satisfied in prior periods.
We recognize a contract liability (deferred revenue) 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 goods sold 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.
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 customers, including financing partners on Third-Party PPA, 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. Estimated standard one-year warranty costs are also included in cost of product revenue for those contracts that do not contain material rights, 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, including financing partners on Third-Party PPAs and 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 Power Purchase Agreement Programs (See Note 13 - Power Purchase Agreement Programs)
In 2010, we began offering our Energy Servers through our Bloom Electrons financing program. This program is financed via a special purpose Investment Company and Operating Company, collectively referred to as a PPA Entity, and are owned partly by us and partly by third-party investors. The investors contribute cash to the PPA Entity in exchange for an equity interest, which then allows the PPA Entity to purchase our Energy Server from us. The cash contributions held are classified as short-term or long-term restricted cash according to the terms of each power purchase agreement. As we identify end customers, the PPA Entity enters into a PPA with the end customer pursuant to which the customer agrees to purchase the power generated by the Bloom Energy Server at a specified rate per kilowatt hour ("kWh") for a specified term, which can range from 10 to 21 years. The PPA Entity typically enters into a maintenance services agreement with us following the first year of service to extend the standard one-year warranty service and performance guaranties. This intercompany arrangement is eliminated in consolidation. Those power purchase agreements 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. For both operating leases and tariff agreements, 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 arrangements entered into by certain PPA entities, including Bloom Energy 2009 PPA Project Company, LLC ("PPA I"), 2012 ESA Project Company, LLC ("PPA IIIa") and 2013B ESA Project Company, LLC ("PPA IIIb"), qualify as sales-type leases in accordance with FASB ASC Topic 840, Leases ("ASC 840"). 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 customer contracts, we may also be obligated to supply fuel for the Energy Servers. The amount billed for the delivery of the electricity to PPA I’s customers primarily consists of returns on the amounts financed including interest revenue, service revenue and fuel revenue for certain arrangements.
We are obligated to supply fuel to the Energy Servers that deliver electricity under the PPA I agreements. Based on the customer offtake agreements, the customers pay an all-inclusive rate per kWh of electricity produced by the Energy Servers. The consideration received under the PPA I agreements primarily consists of returns on the amounts financed including interest revenue, service revenue and fuel revenue on the consolidated statements of operations.
As the Power Purchase Agreement Programs 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. 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 $2.9 million, $3.4 million and $4.0 million for the years ended December 31, 2019, 2018 and 2017, respectively, is included in electricity revenue in the consolidated statements of operations.
Product revenue associated with the sale of the Energy Servers under the PPAs that qualify as sales-type leases is recognized at the present value of the minimum lease payments, which approximates fair value, assuming all other conditions for revenue recognition noted above have also been met. A sale is typically recognized as revenue when an Energy Server begins generating electricity and has been accepted, which is consistent across all purchase options in that acceptance generally occurs after the Energy Server has been installed and is running at full power as defined in each contract. There was no product revenue recognized under sales-type leases for the years ended December 31, 2019, 2018 and 2017.
Operating Leases - Certain Power Purchase Agreement Program leases entered into by PPA IIIa, PPA IIIb, 2014 ESA Holdco, LLC ("PPA IV") and 2015 ESA Holdco, LLC ("PPAV") that are leases in substance, but do not meet the criteria of sales-type leases or direct financing leases in accordance with ASC 840, are accounted for as operating leases. Revenue under these arrangements is recognized as electricity sales and service revenue and is provided to the customer at rates specified under the contracts. During the years ended December 31, 2019, 2018 and 2017, revenue from electricity sales from these PPA arrangements amounted to $29.7 million, $30.9 million and $29.9 million, respectively. During the years ended December 31, 2019, 2018 and 2017, service revenue amounted to $14.6 million, $15.2 million and $15.6 million, respectively.
Financing Leases Under Managed Services Agreements - Certain of our customers use managed services agreements to finance their lease of Bloom Energy Servers which are accounted for as operating leases with the end customer. As a result, revenue is recognized over the life of the managed service agreements as power is generated by the Energy Servers. The Managed Services Program is one of several financing vehicles we use to sell our Energy Servers. Under our Managed Services Program, we sell our equipment to a bank financing party, which pays us for the Energy Server and takes title to the Energy Server. We then enter into a sublease contract with an end customer, which pays us a fixed, monthly fee for its use of the Energy Server and pays us for our maintenance services on the Energy Server. The fees we receive for the maintenance services on the Energy Server is recognized as services revenue. In addition, the payments received from our customers under our Managed Services program for power generated by our Energy Servers are also recorded as services revenue, as well as electricity revenue over the term of the agreement using our standalone selling price model allocation.
The fixed, monthly fee for the use of the Energy Server is then paid to the bank to pay down the lease obligation, with interest thereon being calculated on an effective interest rate basis.
Incentives and Grants
Tariff Agreement - PPA II entered into an agreement with Delmarva, 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 $11.3 million, $23.0 million and $23.3 million for the years ended December 31, 2019, 2018 and 2017, respectively, is included in electricity sales in the consolidated statements of operations. Revenue relating to power generation at the Delmarva sites of $6.8 million, $13.7 million and $13.9 million for the years ended December 31, 2019, 2018 and 2017, respectively, is included in service revenue in the consolidated statements of operations.
Investment Tax Credits ("ITCs") - 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 Power Purchase Agreement Programs, 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 investment tax credits for fuel cell systems applicable retroactively to January 1, 2017. Due to this reinstatement of ITC in 2018, the benefit of ITC to total revenue was $45.5 million of revenue benefit related to the retroactive ITC for 2017 acceptances.
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 incentives. No ITC recapture has occurred during the years ended December 31, 2019, 2018 and 2017.
Recapture of U.S. Treasury Grants and Similar Grants 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 incentives. Our purchase of Energy Servers were by the PPA Entities and, therefore, the PPA Entities bear the risk of repayment 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 grants and established tariffs fail to occur. Based on outside expert guidance, 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 direct customers for one year following the date of acceptance of the products (the “standard one-year warranty”). To estimate the product warranty costs, we continuously monitor product returns for warranty failures and maintains the reserve for the related warranty expense based on various factors including historical warranty claims, field monitoring and results of lab testing. Our performance obligations under our standard product warranty and managed services agreements are generally in the form of product replacement, repair or reimbursement for higher customer electricity costs. The standard one-year warranty covers defects in materials and workmanship under normal use and service conditions and against manufacturing or performance defects. Prior to adoption of ASC 606 Revenue From Contracts With Customers, 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 accrue for warranty costs based on estimated costs that may be incurred including material costs, labor costs and higher customer electricity costs should the units not work for extended periods.
With the adoption of ASC 606 Revenue From Contracts With Customers for the year ended 2019, 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.
As part of both 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 product performance guaranty, we will reimburse the customer for this underperformance. Our performance obligation includes ensuring the customer’s equipment operates at least at the efficiency and power output levels set forth in the customer agreement. Our aggregate reimbursement obligation for this 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 product 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 record costs related to shipping and handling in cost of revenue, 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, 2019, 2018 and 2017.
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 and restricted stock units ("RSUs") awarded to employees and non-employee directors under the provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718 - Compensation-Stock Compensation ("ASC 718") using the Black-Scholes valuation model to estimate fair value. The Black-Scholes valuation model requires us to make estimates and assumptions regarding the underlying stock’s fair value, the expected life of the option and RSUs, the risk-free rate of return interest rate, the expected volatility of our common stock price and the expected dividend yield. In developing estimates used to calculate assumptions, we established the expected term for employee options and RSUs, as well as expected forfeiture rates, based on the historical settlement experience and after giving consideration to vesting schedules. 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 under the straight-line attribution method over the vesting term, which is generally four years for options, and record stock-based compensation costs for performance-based awards using the graded-vesting method. 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.
Stock-based compensation cost for RSUs is measured based on the fair value of the underlying shares on the date of grant. Up to the date of our IPO, RSUs were subject to a time-based vesting condition and a performance-based vesting condition, both of which require satisfaction before the RSUs vest and settle for shares of common stock. The performance-based condition was tied to a liquidity event such as a sale event of Bloom or the completion of our IPO. The time-based conditions range between six months and four years from the end of the lock-up period after our IPO. Upon completion of our IPO in July 2018, the performance-based condition of our RSUs was satisfied and we began recognizing stock-based compensation over the remaining time-based vesting condition, which ranges from six months and up to four years from IPO.
We use the Black-Scholes valuation model to estimate the fair value of stock purchase rights under our 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. Stock-based compensation expense is recorded in the consolidated statements of operations based on the employees’ respective function.
For performance-based awards, stock-based compensation costs are recognized over the expected performance achievement period of individual's performance milestone(s) as the achievement of each individual performance milestone become probable. For performance-based awards with a vesting schedule, based entirely on the attainment of market conditions, stock-based compensation costs are recognized for performance and market conditions when the relevant market condition is considered probable of achievement. The fair value of such awards is estimated on the grant date using Monte Carlo simulations, see Note 12, Stock-Based Compensation and Employee Benefit Plans.
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.
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, or NOL, position), based on the amount of compensation cost recognized and our statutory tax rate. With our adoption of ASU 2016-09 Improvements to Employee Share-Based Payment Accounting (Topic 718) ("ASU 2016-09") in the first quarter of 2017 on a prospective basis, stock-based compensation excess tax benefits or deficiencies are reflected in the consolidated statements of operations as a component of the provision for income taxes. No tax benefit or expense for stock-based compensation has been recorded for the years ended December 31, 2019, 2018 and 2017 since we remain in an NOL position.
Determining the amount of stock-based compensation to be recorded requires us to develop estimates for the inputs used in the Black-Scholes valuation model to calculate the grant-date fair value of stock options. We use weighted-average assumptions in applying the Black-Scholes valuation model.
The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury zero-coupon issues in effect at the grant date for periods corresponding with the expected term of option. Our estimate of an expected term is calculated based on our historical share option exercise data. We have not and do not expect to pay dividends in the foreseeable future. The estimated stock price volatility is derived based on historical volatility of our peer group, which represents our best estimate of expected volatility.
The amount of stock-based compensation costs recognized during a period is based on the value of that portion of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered option. We review historical forfeiture data and determines the appropriate forfeiture rate based on that data. We reevaluate this analysis periodically and adjust the forfeiture rate as necessary and ultimately recognize the actual expense over the vesting period only for the shares that vest.
Refer to Note 12, 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 FASB ASC Topic 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 740-10, 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 10, 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
FASB ASC Topic 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 1
 
Quoted 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 2
 
Inputs 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. Financial instruments utilizing Level 2 inputs include interest rate swaps.
 
 
 
Level 3
 
Unobservable 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 derivatives, warrants issued to purchase our preferred stock and embedded derivatives in sales contracts and bifurcated from 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, Short-Term Investments and Restricted Cash - Cash equivalents consist of highly liquid short-term investments with maturities of 90 days or less at the date of purchase.
Short-term investments consist of highly liquid investments with maturities of greater than 90 days at the reporting period end date. Short-term investments are reported at fair value with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss). Short-term investments are anticipated to be used for current operations and are, therefore, classified as available-for-sale in current assets even though their maturities may extend beyond one year. We periodically review short-term investments for impairment. In the event a decline in value is determined to be other-than-temporary, an impairment loss is recognized. When determining if a decline in value is other-than-temporary, we take into consideration the current market conditions and the duration and severity of and the reason for the decline as well as considering the likelihood that it would need to sell the security prior to a recovery of par value.
The specific identification method is used to determine the cost of any securities disposed with any realized gains or losses recognized as income or expense in the consolidated statements of operations.
As of December 31, 2019, we held no short-term investments. As of December 31, 2018, short-term investments consisted of $104.4 million of U.S. Treasury Bills. The cost of these securities approximated fair value and there was no material gross realized or unrealized gains or losses in the years ended December 31, 2019, 2018 and 2017. There were also no impairments in the investments' value in the years ended December 31, 2019, 2018 and 2017.
Restricted cash is held as collateral to provide financial assurance that we will fulfill obligations and commitments primarily related to our power purchase agreement 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 Bloom Electrons program (refer to Note 13, Power Purchase Agreement Programs). 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. We also issued derivative financial instruments embedded in our 6% 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 and for those that do not qualify for hedge accounting or are not designated hedges are recorded through earnings in the consolidated statements of operations.
While we hedge certain of our natural gas purchase requirements under our power purchase agreements, 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. We evaluate and calculate the effectiveness of the hedge at each reporting date. 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 Accounting Standards Update ("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 agreement 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 topic 815-40, were determined to be embedded derivatives and were bifurcated from the debt and were classified prior to the IPO as liabilities on the consolidated balance sheets. 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 are classified as either operating or sales-type leases in accordance with the relevant accounting guidelines and customer financing receivables are generated by Energy Servers leased to PPA Entities’ customers in leasing arrangements that qualify as sales-type leases. Customer financing receivables represents 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 sales-type leases are recognized as cost of revenue when the Energy Servers are placed in service.
We review our customer financing receivables by aging category to identify significant customer balances with known disputes or collection issues. In determining the allowance, we make judgments about the credit worthiness of a majority of our customers based on ongoing credit evaluations. We also consider our historical level of credit losses as well as current economic trends that might impact the level of future credit losses. We write off customer financing receivables when they are deemed uncollectible. We do not maintain an allowance for doubtful accounts to reserve for potentially uncollectible customer financing receivables as historically all of our receivables on the consolidated balance sheets have been collected in full.
Accounts Receivable - Accounts receivable primarily represents trade receivables from sales to customers recorded at net realizable value. As we do for our customer financing receivables, we review our accounts receivable by aging category to identify significant customer balances with known disputes or collection issues. In determining the allowance, we make judgments about the creditworthiness of a majority of our customers based on ongoing credit evaluations. We also consider our historical level of credit losses as well as current economic trends that might impact the level of future credit losses. We write off accounts receivable when they are deemed uncollectible. We do not maintain an allowance for doubtful accounts to reserve for potentially uncollectible accounts receivable as historically all of our receivables on the consolidated balance sheets have been collected in full.
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, including inventory from purchase commitments, 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. The inventory reserves were $14.6 million and $13.0 million as of December 31, 2019 and 2018, respectively.
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 power purchase 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
  
35 years

When assets are retired or disposed, the assets and related accumulated depreciation and amortization are removed from our general ledger and the resulting gain or loss is reflected in the consolidated statements of operations.
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.
Preferred Stock Warrants - We accounted for freestanding warrants to purchase shares of our convertible preferred stock as liabilities on the consolidated balance sheets at fair value upon issuance. In accordance with ASC 480 - Distinguishing Liability from Equity ("ASC 480"), these warrants were classified within warrant liability in the consolidated balance sheets as the underlying shares of convertible preferred stock were contingently redeemable which, therefore, may have obligated us to transfer assets at some point in the future. These warrants were valued on the date of issuance, using the Probability-Weighted Expected Return Model ("PWERM"). The warrants were subject to remeasurement to fair value at each balance sheet date or immediately prior to exercise. Any change in fair value was recognized in the consolidated statements of operations. Our convertible preferred stock warrants were converted into common stock warrants upon the completion of our IPO in July 2018. At that time, the convertible preferred stock warrant liability was reclassified to additional paid-in capital.
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 PPE Entities. Refer to Note 13, Power Purchase Agreement Programs 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
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 Fiscal Year 2019
Revenue Recognition - In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts With Customers (Topic 606), as amended ("ASC 606"). The guidance provides principles for recognizing revenue for the transfer of promised goods or services to customers with the consideration to which the entity expects to be entitled in exchange for those goods or services, as well as guidance on the recognition of costs related to obtaining and fulfilling customer contracts. The guidance also requires expanded disclosures about the nature, amount, timing, and uncertainty of revenues and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASC 606 is effective for our annual period beginning January 1, 2019, and for our interim periods beginning on January 1, 2020. ASC 606 can be adopted using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within the guidance (“full retrospective method”); or (ii) retrospective with the cumulative effect of initially applying the guidance recognized at the date of initial application and providing certain additional disclosures as defined per the guidance (“modified retrospective method”). We adopted ASC 606 in the year ended December 31, 2019 using the modified retrospective method. As a policy election, Topic ASC was applied only to contracts that were not complete as of the date of adoption. We recognized the cumulative effect of initially applying ASC 606 as an adjustment to the January 1, 2019 opening balance of accumulated deficit. The prior period consolidated financial statements have not been retrospectively adjusted and continue to be reported under the accounting standards in effect for those periods.
As part of our adoption of ASC 606, we elected to apply the following practical expedients:
•
We have not restated contracts that begin and are completed within the same annual reporting period;
•
For completed contracts that have variable consideration, we used the transaction price at the date upon which the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods;
•
We have excluded disclosures of transaction prices allocated to remaining performance obligations and when we expect to recognize such revenue for all periods prior to the date of initial application;
•
We have not retrospectively restated our contracts to account for those modifications that were entered into before January 1, 2019, the earliest reporting period impacted by ASC 606;
See Note 3 Revenue Recognition for additional information.
Statement of Cash Flows - In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (Topic 230) ("ASU 2016-15"), which clarifies the classification of the activity in the consolidated statements of cash flows and how the predominant principle should be applied when cash receipts and cash payments have more than one class of cash flows. Adoption will be applied retrospectively to all periods presented. We adopted ASU 2016-15 on January 1, 2019. Adoption of ASU 2016-15 had no impact on our consolidated financial statements.
Hedging Activities - As of January 1, 2019, we adopted Accounting Standards Update ("ASU") 2017-12 Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12") to help entities recognize the economic results of their hedging strategies in the financial statements so that stakeholders can better interpret and understand the effect of hedge accounting on reported results. It is intended to more clearly disclose an entity’s risk exposures and how we manage those exposures through hedging, and it is expected to simplify the application of hedge accounting guidance. The new guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. There was not a material impact to our consolidated financial statements upon adoption of ASU 2017-12.
Income Taxes - As of January 1, 2019, we adopted ASU 2016-16, Income Taxes-Intra-Entity Transfers of Assets Other Than Inventory (Topic 740) ("ASU 2016-16"), which requires that entities recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-16 is effective for us in our Annual Report on Form 10-K for the year ended December 31, 2019 and is required to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the adoption period. Adoption of ASU 2016-16 had no impact on our consolidated financial statements.
Income Taxes - As of January 1, 2019, we adopted ASU 2018-02 Income Statement-Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which permits reclassification of certain tax effects in Other Comprehensive Income ("OCI") caused by the U.S. tax reform enacted in December 2017 to retained earnings. We do not have any tax effect (due to full valuation allowance) in our OCI account, thus this guidance has no impact on our consolidated financial statements.
Codification Improvements - In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses; Topic 815, Derivatives and Hedging; and Topic 825, Financial Instruments ("ASU 2019-04"), that clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01), respectively. The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of a company’s next annual reporting period. Early adoption is permitted. As discussed above, we adopted ASU 2017-12 on January 1, 2019 and the amendments of ASU 2019-04 did not have a material impact on our consolidated financial statements.
Cloud Computing - In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), to clarify the guidance on the costs of implementing a cloud computing hosting arrangement that is a service contract. Under ASU 2018-15, the entity is required to follow the guidance in Subtopic 350-40, Internal-Use Software, to determine which implementation costs under the service contract to be capitalized as an asset and which costs to expense. ASU 2018-15 is effective for us for the annual periods beginning in 2021 and the interim periods in 2022 on a retrospective or prospective basis and early adoption is permitted. We adopted ASU 2018-15 on a prospective basis in the fiscal year ended December 31, 2019 and ASU 2018-15 did not have a material impact on the consolidated financial statements and related disclosures.
Accounting Guidance Not Yet Adopted
Leases - In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended (“ASC 842”), which provides new authoritative guidance on lease accounting. Among its provisions, the standard changes the definition of a lease, requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for operating leases and also requires additional qualitative and quantitative disclosures about lease arrangements. All leases in scope will be classified as either operating or financing. Operating and financing leases will require the recognition of an asset and liability to be measured at the present value of the lease payments. ASC 842 also makes a distinction between operating and financing leases for purposes of reporting expenses on the income statement. We are the lessee under various agreements for facilities and equipment that are currently accounted for as operating leases and expect to continue to enter into new such leases. Additionally, we expect to continue to enter into Managed Services related financing leases in the future and are the lessor of Energy Servers that are subject to power purchase arrangements with customers under our PPA and Managed Services programs that are currently accounted for as leases.
We are currently evaluating the impact of the adoption of this update on our financial statements. We expect that the most significant impacts will be assessing whether new power purchase arrangements with customers meet the new definition of a lease and recognizing right of use assets and lease liabilities for arrangements currently accounted for as operating leases where we are the lessee. We expect to adopt this guidance on a prospective basis on January 1, 2021.
Financial Instruments - In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326). The pronouncement was issued to provide more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. This pronouncement will be effective for us from fiscal year 2021. A prospective transition approach is required for debt securities for which an other than temporary impairment had been recognized before the effective date. We are currently evaluating the impact of the adoption of this update on our financial statements.
Stock Compensation - In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting ("ASU 2018-07") which aligns the accounting for share-based payment awards issued to employees and nonemployees. Measurement of equity-classified nonemployee awards will now be valued on the grant date and will no longer be remeasured through the performance completion date. ASU 2018-07 also changes the accounting for nonemployee awards with performance conditions to recognize compensation cost when achievement of the performance condition is probable, rather than upon achievement of the performance condition, as well as eliminating the requirement to reassess the equity or liability classification for nonemployee awards upon vesting, except for certain award types. ASU 2018-07 is effective for us for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We plan to adopt ASU 2018-07 on a modified retrospective approach in January 2020. We do not expect the adoption of ASU 2018-07 to have a material effect on our financial statements and related disclosures.
Fair Value Measurement - In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 has eliminated, amended and added disclosure requirements for fair value measurements. Entities will no longer be required to disclose the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy, the policy of timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. Companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted. ASU 2018-13 will have an impact on our disclosures. We are evaluating the effect on our financial statements and related disclosures.
v3.20.1
Restatement of Previously Issued Consolidated Financial Statements (Notes)
 12 Months Ended
Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes [Text Block]
Restatement and Revision of Previously Issued Consolidated Financial Statements
We have restated herein our consolidated financial statements as of and for the year ended December 31, 2018 and revised herein our consolidated financial statements as of and for the year ended December 31, 2017. We have also restated and revised related amounts within the accompanying footnotes to the consolidated financial statements to conform to the corrected amounts in the financial statements.
Restatement Background
On February 11, 2020, our management, in consultation with the Audit Committee of our Board of Directors, determined that Bloom's previously issued consolidated financial statements as of and for the year ended December 31, 2018, as well as financial statements for the three month period ended March 31, 2019, the three and six month periods ended June 30, 2019 and 2018 and the three and nine month periods ended September 30, 2019 and 2018 should no longer be relied upon due to misstatements related to our Managed Services Agreements and similar arrangements and we would restate such financial statements to make the necessary accounting corrections. The revenue for the Managed Services Agreements and similar transactions will now be recognized over the duration of the contract instead of upfront. In addition, management determined that the impact of these misstatements to periods prior to the three months ended June 30, 2018 was not material to warrant restatement of reported figures, however, our consolidated financial statements as of and for the year ended December 31, 2017 and the relevant unaudited selected quarterly financial data for the three month period ended March 31, 2018 would be revised to correct these misstatements. The restatement also includes corrections for additional identified immaterial misstatements in certain of the impacted periods.
The misstatements are described in greater detail below.
Description of Misstatements
Under our Managed Services program, we sell our equipment to a bank financing party under a sale-leaseback transaction, which pays us for the Energy Server and takes title to the Energy Server. We then enter into a service contract with an end customer, who pays the bank a fixed, monthly fee for its use of the Energy Server and pays us for our maintenance and operation of the Energy Server.
The majority of these Managed Services Agreements and similar transactions were originally recorded as sales, subject to an operating lease, in which revenues and associated costs were recognized at the time of installation and acceptance of the Bloom Energy Server at the customer site.
In December 2019, in the course of reviewing a Managed Services transaction that closed on November 27, 2019, an issue was identified related to the accounting for our Managed Services transactions. The issue primarily related to whether the terms of our Managed Services Agreements and similar arrangements, including the events of default provisions, satisfied the requirements for sales under the revenue accounting standards. Subsequently, it was determined that the previous accounting for the Managed Services Agreements and similar transactions was misstated, as the Managed Services Agreements and similar transactions should have been accounted for as financing transactions under lease accounting standards.
The impact of the correction of the misstatement is to recognize amounts received from the bank financing party as a financing obligations, and the Energy Server is recorded within property, plant and equipment, net on our consolidated balance sheets. We recognize revenue for the electricity generated by the systems, based on payments received by the bank from the customer, and the corresponding financing obligations to the bank is also amortized as these payments are received by the bank from the customer, with interest thereon being calculated on an effective interest rate basis. Depreciation expense is also recognized over the estimated useful life of the Energy Server.
In addition, it was determined that stock-based compensation costs relating to manufacturing employees that were previously expensed as incurred incorrectly, should have been capitalized as a component of Energy Server manufacturing costs to inventory, deferred cost of revenues, construction-in-progress and property, plant and equipment in accordance with SEC Staff Accounting Bulletin Topic 14. These costs will now be expensed on consumption of the related inventory and over the economic useful life of the property, plant and equipment, as applicable.
Also, as part of a review of historical revenue agreements as a result of the above errors, it was noted that the Company failed to identify embedded derivatives in certain revenue agreements for an escalator price protection (“EPP”) feature given to our customers. As a result, the Company has recorded a derivative liability, with an offset to revenue, to account for the fair value of this feature at inception and will record the liability at its then fair value at each period end with any changes in fair value recognized in other income (expense).
Finally, there were certain other immaterial misstatements identified or which had been previously identified which are also being corrected in connection with the restatement and/or revision of previously issued financial statements.
Description of Restatement and Revision Reconciliation Tables
In the following tables, we have presented a reconciliation of our consolidated balance sheets, statement of operations and cash flows from our prior periods as previously reported to the restated and revised amounts as of and for the years ended December 31, 2018 and 2017, respectively. The Consolidated Statements of Comprehensive Loss and the Consolidated Statements of Convertible Redeemable Preferred Stock, Redeemable Noncontrolling Interest, Stockholders' Deficit and Noncontrolling Interest for the years ended December 31, 2018 and 2017 have been restated and revised, respectively, for the restatement and revision impacts to Net Loss and, for the latter statements, for the correction of an uncorrected misstatement within Additional Paid-In Capital for $0.8 million in 2018. See the statement of operations reconciliation tables below for additional information on the restatement and revision impacts to Net Loss. For the misstatements arising in periods commencing prior to 2017, the cumulative impact of all periods prior to January 1, 2017 has been reflected as an adjustment to opening accumulated deficit as of that date in the Consolidated Statements of Convertible Redeemable Preferred Stock, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest.

Bloom Energy Corporation
Consolidated Balance Sheet
(in thousands, except share and per share data)
 
 
December 31, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
Restatement Reference
 
As Restated
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
220,728

 
$
—

 
 
 
$
220,728

Restricted cash
 
28,657

 
—

 
 
 
28,657

Short-term investments
 
104,350

 
—

 
 
 
104,350

Accounts receivable
 
84,887

 
3,897

 
1 
 
88,784

Inventories
 
132,476

 
2,789

 
2 
 
135,265

Deferred cost of revenue
 
62,147

 
(18,338
)
 
3 
 
43,809

Customer financing receivable
 
5,594

 
—

 
 
 
5,594

Prepaid expenses and other current assets
 
33,742

 
3,005

 
4
 
36,747

Total current assets
 
672,581

 
(8,647
)
 
 
 
663,934

Property, plant and equipment, net
 
481,414

 
235,337

 
5
 
716,751

Customer financing receivable, non-current
 
67,082

 
—

 
 
 
67,082

Restricted cash, non-current
 
31,100

 
—

 
 
 
31,100

Deferred cost of revenue, non-current
 
102,699

 
(102,654
)
 
3
 
45

Other long-term assets
 
34,792

 
8,090

 
6
 
42,882

Total assets
 
$
1,389,668

 
$
132,126

 
 
 
$
1,521,794

Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interests
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
$
66,889

 
$
—

 
 
 
$
66,889

Accrued warranty
 
19,236

 
(1,268
)
 
7
 
17,968

Accrued expenses and other current liabilities
 
69,535

 
(2,697
)
 
8
 
66,838

Financing obligations
 
—

 
8,128

 
9
 
8,128

Deferred revenue and customer deposits
 
94,158

 
(26,526
)
 
10
 
67,632

Current portion of recourse debt
 
8,686

 
—

 
 
 
8,686

Current portion of non-recourse debt
 
18,962

 
—

 
 
 
18,962

Current portion of non-recourse debt from related parties
 
2,200

 
—

 
 
 
2,200

Total current liabilities
 
279,666

 
(22,363
)
 
 
 
257,303

Derivative liabilities
 
10,128

 
4,015

 
11
 
14,143

Deferred revenue and customer deposits, net of current portion
 
241,794

 
(154,486
)
 
10
 
87,308

Financing obligations, non-current
 
—

 
385,650

 
9
 
385,650

Long-term portion of recourse debt
 
360,339

 
—

 
 
 
360,339

Long-term portion of non-recourse debt
 
289,241

 
—

 
 
 
289,241

Long-term portion of recourse debt from related parties
 
27,734

 
—

 
 
 
27,734

Long-term portion of non-recourse debt from related parties
 
34,119

 
—

 
 
 
34,119

Other long-term liabilities
 
55,937

 
(29,741
)
 
8
 
26,196

Total liabilities
 
1,298,958

 
183,075

 
 
 
1,482,033

 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
 
57,261

 
—

 
 
 
57,261

Stockholders’ deficit:
 
 
 
 
 
 
 
 
Common stock
 
11

 
—

 
 
 
11

Additional paid-in capital
 
2,480,597

 
755

 
12
 
2,481,352

Accumulated other comprehensive income
 
131

 
—

 
 
 
131

 
 
December 31, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
Restatement Reference
 
As Restated
Accumulated deficit
 
(2,572,400
)
 
(51,704
)
 
 
 
(2,624,104
)
Total stockholders’ deficit
 
(91,661
)
 
(50,949
)
 
 
 
(142,610
)
Noncontrolling interest
 
125,110

 
—

 
 
 
125,110

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,389,668

 
$
132,126

 
 
 
$
1,521,794

1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation cost of $8.1 million, reclassification of inventories of $6.0 million held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net and an increase to inventory to correct a misstatement related to an in-transit shipment of $0.7 million.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $19.6 million current and $102.7 million non-current, net capitalization of stock-based compensation costs of $2.2 million into current deferred cost of revenue together with the correction of an immaterial misstatements identified to reduce deferred cost of revenue of $0.9 million.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install cost of revenues are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $232.1 million. This includes a net capitalization of stock-based compensation cost for these assets of $3.2 million.
6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.5 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities, reducing accrued warranty by $0.7 million.
8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed, and an increase to accrued liabilities to correct a misstatement related to an in-transit inventory shipment of $0.7 million.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10 Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability.
12 APIC — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million.

Bloom Energy Corporation
Consolidated Statement of Operations
(in thousands, except per share data)
 
 
For the year ended December 31, 2018 
 
 
As Previously Reported 
 
Restatement Impacts 
 
Restatement Reference 
 
As Restated
 
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
Product
 
$
512,322

 
$
(111,684
)
 
a
 
$
400,638

Installation
 
91,416

 
(23,221
)
 
a
 
68,195

Service
 
82,385

 
882

 
a
 
83,267

Electricity
 
55,915

 
24,633

 
a
 
80,548

Total revenue
 
742,038

 
(109,390
)
 
 
 
632,648

Cost of revenue:
 
 
 
 
 
 
 
 
Product
 
374,590

 
(93,315
)
 
c, d
 
281,275

Installation
 
119,474

 
(24,168
)
 
c
 
95,306

Service
 
94,639

 
6,050

 
b, d
 
100,689

Electricity
 
36,265

 
13,363

 
c
 
49,628

Total cost of revenue
 
624,968

 
(98,070
)
 
 
 
526,898

Gross profit
 
117,070

 
(11,320
)
 
 
 
105,750

Operating expenses:
 
 
 
 
 
 
 
 
Research and development
 
89,135

 
—

 
 
 
89,135

Sales and marketing
 
62,975

 
(168
)
 
e
 
62,807

General and administrative
 
118,817

 
—

 
 
 
118,817

Total operating expenses
 
270,927

 
(168
)
 
 
 
270,759

Loss from operations
 
(153,857
)
 
(11,152
)
 
 
 
(165,009
)
Interest income
 
4,322

 
—

 
 
 
4,322

Interest expense
 
(76,935
)
 
(20,086
)
 
f
 
(97,021
)
Interest expense to related parties
 
(8,893
)
 
—

 
 
 
(8,893
)
Other expense, net
 
(999
)
 
—

 
 
 
(999
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
(21,590
)
 
(549
)
 
g
 
(22,139
)
Loss before income taxes
 
(257,952
)
 
(31,787
)
 
 
 
(289,739
)
Income tax provision
 
1,537

 
—

 
 
 
1,537

Net loss
 
(259,489
)
 
(31,787
)
 
 
 
(291,276
)
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(17,736
)
 
—

 
 
 
(17,736
)
Net loss attributable to Class A and Class B common stockholders
 
$
(241,753
)
 
$
(31,787
)
 
 
 
$
(273,540
)
Net loss per share available to Class A and Class B common stockholders, basic and diluted
 
$
(4.54
)
 
 
 
 
 
$
(5.14
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a decrease in service cost of revenue of $0.5 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change of from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $75.0 million and installation cost of revenue of $25.1 million, offset by an increase in electricity cost of revenue of $13.3 million, together with the correction of another immaterial misstatements identified to record installation cost of revenue of$0.9 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $18.3 million and an increase in service cost of revenue of $6.5 million, due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing — The correction of these misstatements resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligations and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The liability has reduced in value by $0.2 million in 2018, resulting in a credit to this line item. In addition, we corrected a misstatement in the valuation of our 6% Notes derivative, resulting in $0.8 million of additional expense in the period.


Bloom Energy Corporation
Consolidated Statement of Operations
(in thousands, except per share data)
 
 
For the year ended December 31, 2017
 
 
As Previously Reported
 
Revision Impacts
 
Revision Reference
 
As Revised
 
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
Product
 
$
179,768

 
$
(22,576
)
 
a
 
$
157,192

Installation
 
63,226

 
(5,289
)
 
a
 
57,937

Service
 
76,904

 
(2,012
)
 
a, b
 
74,892

Electricity
 
56,098

 
19,504

 
a
 
75,602

Total revenue
 
375,996

 
(10,373
)
 
 
 
365,623

Cost of revenue:
 
 
 
 
 
 
 
 
Product
 
210,773

 
(18,412
)
 
c, d
 
192,361

Installation
 
59,929

 
(4,959
)
 
c
 
54,970

Service
 
83,597

 
1,531

 
b, d
 
85,128

Electricity
 
39,741

 
9,734

 
c
 
49,475

Total cost of revenue
 
394,040

 
(12,106
)
 
 
 
381,934

Gross loss
 
(18,044
)
 
1,733

 
 
 
(16,311
)
Operating expenses:
 
 
 
 
 
 
 
 
Research and development
 
51,146

 
—

 
 
 
51,146

Sales and marketing
 
32,415

 
(489
)
 
e
 
31,926

General and administrative
 
55,674

 
15

 
e
 
55,689

Total operating expenses
 
139,235

 
(474
)
 
 
 
138,761

Loss from operations
 
(157,279
)
 
2,207

 
 
 
(155,072
)
Interest income
 
759

 
—

 
 
 
759

Interest expense
 
(96,358
)
 
(15,681
)
 
f
 
(112,039
)
Interest expense to related parties
 
(12,265
)
 
—

 
 
 
(12,265
)
Other income (expense), net
 
(491
)
 
—

 
 
 
(491
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
(14,995
)
 
(289
)
 
g
 
(15,284
)
Loss before income taxes
 
(280,629
)
 
(13,763
)
 
 
 
(294,392
)
Income tax provision
 
636

 
—

 
 
 
636

Net loss
 
(281,265
)
 
(13,763
)
 
 
 
(295,028
)
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(18,666
)
 
—

 
 
 
(18,666
)
Net loss attributable to Class A and Class B common stockholders
 
$
(262,599
)
 
$
(13,763
)
 
 
 
$
(276,362
)
 
 
 
 
 
 
 
 

Net loss per share available to Class A and Class B common stockholders, basic and diluted
 
$
(25.62
)
 
 
 
 
 
$
(26.97
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation by $1.1 million.
b Service revenue and service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a decrease in service cost of revenue of $0.3 million and a decrease of service revenue of $3.1 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in product cost of revenue of $15.2 million, installation cost of revenue of $5.0 million and electricity cost of revenue of $9.7 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $3.2 million and an increase in service cost of revenue of $1.8 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligations and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives —The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The liability has increased in value by $0.3 million resulting in a loss on revaluation of embedded derivatives.

Bloom Energy Corporation
Consolidated Statements of Cash Flows
(in thousands)
 
 
For the year ended December 31, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
Restatement Reference
 
As Restated
 
 
 
 
 
 
 
 
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
Net loss
 
$
(259,489
)
 
$
(31,787
)
 
 
 
$
(291,276
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
43,459

 
10,428

 
A 
 
53,887

Write-off of property, plant and equipment, net
 
939

 
—

 
 
 
939

Revaluation of derivative contracts
 
28,471

 
550

 
B 
 
29,021

Stock-based compensation
 
180,284

 
(11,802
)
 
C 
 
168,482

Loss on long-term REC purchase contract
 
200

 
—

 
 
 
200

Revaluation of stock warrants
 
(9,108
)
 
—

 
 
 
(9,108
)
Amortization of debt issuance cost
 
25,437

 
—

 
 
 
25,437

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
Accounts receivable
 
(54,570
)
 
(453
)
 
D 
 
(55,023
)
Inventories
 
(42,216
)
 
5,242

 
E 
 
(36,974
)
Deferred cost of revenue
 
88,324

 
(74,101
)
 
F 
 
14,223

Customer financing receivable and other
 
4,878

 
—

 
 
 
4,878

Prepaid expenses and other current assets
 
(7,064
)
 
(968
)
 
G 
 
(8,032
)
Other long-term assets
 
1,897

 
(2,099
)
 
H 
 
(202
)
Accounts payable
 
18,307

 
—

 
 
 
18,307

Accrued warranty
 
2,426

 
(928
)
 
I 
 
1,498

Accrued expense and other current liabilities
 
(6,800
)
 
816

 
J 
 
(5,984
)
Deferred revenue and customer deposits
 
(91,996
)
 
70,222

 
K 
 
(21,774
)
Other long-term liabilities
 
18,204

 
1,349

 
L 
 
19,553

Net cash used in operating activities
 
(58,417
)
 
(33,531
)
 
 
 
(91,948
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(14,659
)
 
(30,546
)
 
M 
 
(45,205
)
Payments for acquisition of intangible assets
 
(3,256
)
 
—

 
 
 
(3,256
)
Purchase of marketable securities
 
(103,914
)
 
—

 
 
 
(103,914
)
Proceeds from maturity of marketable securities
 
27,000

 
—

 
 
 
27,000

Net cash used in investing activities
 
(94,829
)
 
(30,546
)
 
 
 
(125,375
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
Repayment of debt
 
(18,770
)
 
—

 
 
 
(18,770
)
Repayment of debt to related parties
 
(1,390
)
 
—

 
 
 
(1,390
)
Proceeds from financing obligations
 
—

 
70,265

 
N 
 
70,265

Repayment of financing obligations
 
—

 
(6,188
)
 
N 
 
(6,188
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(15,250
)
 
—

 
 
 
(15,250
)
Proceeds from issuance of common stock
 
1,521

 
—

 
 
 
1,521

Proceeds from public offerings, net of underwriting discounts and commissions
 
292,529

 
—

 
 
 
292,529

Payments of initial public offering issuance costs
 
(5,521
)
 
—

 
 
 
(5,521
)
Net cash provided by financing activities
 
253,119

 
64,077

 
 
 
317,196

Net increase in cash, cash equivalents, and restricted cash
 
99,873

 
—

 
 
 
99,873

Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
 
 
Beginning of period
 
180,612

 
—

 
 
 
180,612

End of period
 
$
280,485

 
$
—

 
 
 
$
280,485

 
 
 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
 
 
Cash paid during the period for interest
 
$
39,465

 
$
20,084

 
N 
 
$
59,549

Cash paid during the period for taxes
 
1,748

 
—

 
 
 
1,748

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, and depreciated over their useful lives of 21 years.
B Revaluation of derivative contracts — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability and recorded as an accrued liability. We now consider the commitments a derivative liability, with the initial value recorded as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter, resulting in a credit of $0.2 million, with $0.8 million of additional expense recorded to correct a misstatement in the valuation of our 6% Notes derivative.
C Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation cost into inventory of $10.3 million. The correction of this misstatement also resulted in the capitalization of $1.5 million of stock-based compensation costs related to assets, under the Managed Services Program now recorded as construction in progress within property, plant and equipment, net.
D Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within accounts receivable.
E Inventories — The correction of these misstatements resulted from the change of accounting for inventories, held for shipments planned to customers under the Managed Services Program and other similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
F Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $71.9 million, and the net capitalization of stock-based compensation costs of $2.2 million in current deferred cost of revenue.
G Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
H Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, including the timing difference of capacity billings to end customers of $0.1 million, payments received from the financing entity now recorded within long term receivables of $1.9 million, and commission payments now classified within long term commission expenses of $0.1 million.
I Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis on our Managed Services Agreements and similar arrangements. The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we've provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote and therefore, no accrual was made. We now consider $0.3 million accrual has made, with the initial value of treated as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
J Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as lease loan liability.
K Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to the recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
L Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as lease loan liability.
M Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
N Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where instead of recognizing the upfront proceeds received from the bank as revenue, the bank proceeds received and due are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.

Bloom Energy Corporation
Consolidated Statements of Cash Flows
(in thousands)
 
 
For the year ended December 31, 2017
 
 
As Previously Reported
 
Revision Impacts
 
Revision Reference
 
As Revised
 
 
 
 
 
 
 
 
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
Net loss
 
$
(281,265
)
 
$
(13,763
)
 
 
 
$
(295,028
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
46,105

 
8,271

 
A
 
54,376

Write-off of property, plant and equipment, net
 
48

 
—

 
 
 
48

Revaluation of derivative contracts
 
14,754

 
288

 
B
 
15,042

Stock-based compensation
 
30,479

 
(1,378
)
 
C
 
29,101

Gain on long-term REC purchase contract
 
(70
)
 
—

 
 
 
(70
)
Revaluation of stock warrants
 
(2,975
)
 
—

 
 
 
(2,975
)
Amortization of debt issuance cost
 
47,312

 
—

 
 
 
47,312

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
Accounts receivable
 
4,849

 
(1,607
)
 
D
 
3,242

Inventories
 
(7,105
)
 
(3,531
)
 
E
 
(10,636
)
Deferred cost of revenue
 
(70,979
)
 
39,701

 
F
 
(31,278
)
Customer financing receivable and other
 
5,459

 
—

 
 
 
5,459

Prepaid expenses and other current assets
 
(2,175
)
 
1,193

 
G
 
(982
)
Other long-term assets
 
4,625

 
(3,869
)
 
H
 
756

Accounts payable
 
7,076

 
—

 
 
 
7,076

Accrued warranty
 
(7,045
)
 
(320
)
 
I
 
(7,365
)
Accrued expense and other current liabilities
 
8,599

 
(602
)
 
J
 
7,997

Deferred revenue and customer deposits
 
91,893

 
(43,571
)
 
K
 
48,322

Other long-term liabilities
 
43,239

 
(5,602
)
 
L
 
37,637

Net cash used in operating activities
 
(67,176
)
 
(24,790
)
 
 
 
(91,966
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(5,140
)
 
(56,314
)
 
M
 
(61,454
)
Purchase of marketable securities
 
(29,043
)
 
—

 
 
 
(29,043
)
Proceeds from maturity of marketable securities
 
2,250

 
—

 
 
 
2,250

Net cash used in investing activities
 
(31,933
)
 
(56,314
)
 
 
 
(88,247
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
Borrowings from issuance of debt
 
100,000

 
—

 
 
 
100,000

Repayment of debt
 
(20,507
)
 
—

 
 
 
(20,507
)
Repayment of debt to related parties
 
(912
)
 
—

 
 
 
(912
)
Debt issuance costs
 
(6,108
)
 
—

 
 
 
(6,108
)
Proceeds from financing obligations
 
—

 
84,314

 
N
 
84,314

Repayment of financing obligations
 
—

 
(3,210
)
 
N
 
(3,210
)
Proceeds from noncontrolling and redeemable noncontrolling interests
 
13,652

 
—

 
 
 
13,652

Distributions to noncontrolling and redeemable noncontrolling interests
 
(23,659
)
 
—

 
 
 
(23,659
)
Proceeds from issuance of common stock
 
432

 
—

 
 
 
432

Payments of initial public offering issuance costs
 
(1,092
)
 
—

 
 
 
(1,092
)
Net cash provided by financing activities
 
61,806

 
81,104

 
 
 
142,910

Net decrease in cash, cash equivalents, and restricted cash
 
(37,303
)
 
—

 
 
 
(37,303
)
Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
 
 
Beginning of period
 
217,915

 
—

 
 
 
217,915

End of period
 
$
180,612

 
$
—

 
 
 
$
180,612

 
 
 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
 
 
Cash paid during the period for interest
 
$
21,948

 
$
15,680

 
N
 
$
37,628

Cash paid during the period for taxes
 
616

 
—

 
 
 
616

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and other similar arrangements that would have been product and install costs of goods sold, but are now recorded as property, plant and equipment, and depreciated over their useful lives of 21 years.
B Revaluation of derivative contracts - The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability and recorded as an accrued liability. We now consider the commitments a derivative liability, with the initial value recorded as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
C Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation cost into inventory of $0.6 million. The correction of this misstatement also resulted in the capitalization of $0.7 million of stock-based compensation, cost related to assets, under the Managed Services Program now recorded as construction in progress within property, plant and equipment, net.
D Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within accounts receivable.
E Inventories — The correction of these misstatements resulted from the change of accounting for inventories, held for shipments planned to customers under the Managed Services Program and other similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
F Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $39.1 million, and the net capitalization of stock-based compensation costs of $0.6 million in current deferred cost of revenue.
G Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
H Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, including the timing difference of capacity billings to end customers of $1.7 million, payments received from the financing entity now recorded within long term receivables of $1.8 million, and commission payments now classified within long term commission expenses of $0.4 million.
I Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis on our Managed Services Agreements and similar arrangements. The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we've provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote and therefore, no accrual was made. We now consider $0.3 million accrual has made, with the initial value of treated as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
J Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as lease loan liability.
K Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to the recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
L Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as lease loan liability.
M Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
N Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where instead of recognizing the upfront proceeds received from the bank as revenue, the bank proceeds received and due are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.
v3.20.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Revenue Recognition
Adoption of ASC 606
The cumulative effect of the changes made to our consolidated January 1, 2019 consolidated balance sheet for the adoption of ASC 606 was as follows (in thousands):
 
 
Balances at
December 31, 2018
 
Adjustments
from Adoption
of ASC 606
 
Balances at
January 1, 2019
 
 
As Restated
 
 
 
As Recast
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
220,728

 
$
—

 
$
220,728

Restricted cash
 
28,657

 
—

 
28,657

Short-term investments
 
104,350

 
—

 
104,350

Accounts receivable
 
88,784

 
995

 
89,779

Inventories
 
135,265

 
—

 
135,265

Deferred cost of revenue
 
43,809

 
—

 
43,809

Customer financing receivable
 
5,594

 
—

 
5,594

Prepaid expenses and other current assets
 
36,747

 
140

 
36,887

Total current assets
 
663,934

 
1,135

 
665,069

Property, plant and equipment, net
 
716,751

 
—

 
716,751

Customer financing receivable, non-current
 
67,082

 
—

 
67,082

Restricted cash (non-current)
 
31,100

 
—

 
31,100

Deferred cost of revenue, non-current
 
45

 
—

 
45

Other long-term assets
 
42,882

 
2,472

 
45,354

Total assets
 
$
1,521,794

 
$
3,607

 
$
1,525,401

Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
66,889

 
$
—

 
$
66,889

Accrued warranty
 
17,968

 
(1,032
)
 
16,936

Accrued expenses and other current liabilities
 
66,838

 
—

 
66,838

Financing obligations
 
8,128

 
—

 
8,128

Deferred revenue and customer deposits
 
67,632

 
4,653

 
72,285

Current portion of recourse debt
 
8,686

 
—

 
8,686

Current portion of non-recourse debt
 
18,962

 
—

 
18,962

Current portion of non-recourse debt from related parties
 
2,200

 
—

 
2,200

Total current liabilities
 
257,303

 
3,621

 
260,924

Derivative liabilities
 
14,143

 
—

 
14,143

Deferred revenue and customer deposits, net of current portion
 
87,308

 
17,982

 
105,290

Financing obligations, non-current
 
385,650

 
—

 
385,650

Long-term portion of recourse debt
 
360,339

 
—

 
360,339

Long-term portion of non-recourse debt
 
289,241

 
—

 
289,241

Long-term portion of recourse debt from related parties
 
27,734

 
—

 
27,734

Long-term portion of non-recourse debt from related parties
 
34,119

 
—

 
34,119

Other long-term liabilities
 
26,196

 
—

 
26,196

Total liabilities
 
1,482,033

 
21,603

 
1,503,636

Redeemable noncontrolling interest
 
57,261

 
—

 
57,261

Stockholders’ deficit:
 
 
 
 
 
 
Common stock: $0.0001 par value; Class A shares and, Class B shares
 
11

 
—

 
11

Additional paid-in capital
 
2,481,352

 
—

 
2,481,352

Accumulated other comprehensive income
 
131

 
—

 
131

Accumulated deficit
 
(2,624,104
)
 
(17,996
)
 
(2,642,100
)
Total stockholders’ deficit
 
(142,610
)
 
(17,996
)
 
(160,606
)
Noncontrolling interest
 
125,110

 
—

 
125,110

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,521,794

 
$
3,607

 
$
1,525,401

In accordance with the ASC 606 requirements, the impact of adoption on our consolidated balance sheet was as follows as of December 31, 2019 (in thousands):
 
 
 
December 31, 2019
 
 
As Reported
 
Balances Without
Adoption of ASC 606
 
Effect of Change
Higher / (Lower)
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
202,823

 
$
202,823

 
$
—

Restricted cash
 
30,804

 
30,804

 
—

Accounts receivable
 
37,828

 
47,442

 
(9,614
)
Inventories
 
109,606

 
109,606

 
—

Deferred cost of revenue
 
58,470

 
58,470

 
—

Customer financing receivable
 
5,108

 
5,108

 
—

Prepaid expenses and other current assets
 
28,068

 
27,860

 
208

Total current assets
 
472,707

 
482,113

 
(9,406
)
Property, plant and equipment, net
 
607,059

 
607,059

 
—

Customer financing receivable, non-current
 
50,747

 
50,747

 
—

Restricted cash, non-current
 
143,761

 
143,761

 
—

Deferred cost of revenue, non-current
 
6,665

 
6,665

 
—

Other long-term assets
 
41,652

 
37,849

 
3,803

Total assets
 
$
1,322,591

 
$
1,328,194

 
$
(5,603
)
Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
55,579

 
$
55,579

 
$
—

Accrued warranty
 
10,333

 
11,952

 
(1,619
)
Accrued expenses and other current liabilities
 
70,284

 
70,284

 
—

Financing obligations
 
10,993

 
10,993

 
—

Deferred revenue and customer deposits
 
89,192

 
90,075

 
(883
)
Current portion of recourse debt
 
304,627

 
304,627

 
—

Current portion of non-recourse debt
 
8,273

 
8,273

 
—

Current portion of recourse debt from related parties
 
20,801

 
20,801

 
—

Current portion of non-recourse debt from related parties
 
3,882

 
3,882

 
—

Total current liabilities
 
573,964

 
576,466

 
(2,502
)
Derivative liabilities
 
17,551

 
17,551

 
—

Deferred revenue and customer deposits, net of current portion
 
125,529

 
84,594

 
40,935

Financing obligations, non-current
 
446,165

 
446,165

 
—

Long-term portion of recourse debt
 
75,962

 
75,962

 
—

Long-term portion of non-recourse debt
 
192,180

 
192,180

 
—

Long-term portion of non-recourse debt from related parties
 
31,087

 
31,087

 
—

Other long-term liabilities
 
28,013

 
28,013

 
—

Total liabilities
 
1,490,451

 
1,452,018

 
38,433

Redeemable noncontrolling interest
 
443

 
443

 
—

Stockholders’ deficit:
 
 
 
 
 
 
Common stock: $0.0001 par value; Class A shares and, Class B shares
 
12

 
12

 
—

Additional paid-in capital
 
2,686,759

 
2,686,759

 
—

 
 
December 31, 2019
 
 
As Reported
 
Balances Without
Adoption of ASC 606
 
Effect of Change
Higher / (Lower)
Accumulated other comprehensive income
 
19

 
19

 
—

Accumulated deficit
 
(2,946,384
)
 
(2,902,348
)
 
(44,036
)
Total stockholders’ deficit
 
(259,594
)
 
(215,558
)
 
(44,036
)
Noncontrolling interest
 
91,291

 
91,291

 
—

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,322,591

 
$
1,328,194

 
$
(5,603
)

In accordance with ASC 606 requirements, the impact of adoption on our consolidated statement of operations for the year ended December 31, 2019 was as follows (in thousands):
 
 
Year ended December 31, 2019
 
 
As Reported
 
Balances Without
Adoption of ASC 606
 
Effect of Change
Higher / (Lower)
Revenue:
 
 

 
 

 
 

Product
 
$
557,336

 
$
601,857

 
$
(44,521
)
Installation
 
60,826

 
54,716

 
6,110

Service
 
95,786

 
91,944

 
3,842

Electricity
 
71,229

 
71,229

 
—

Total revenue
 
785,177

 
819,746

 
(34,569
)
Cost of revenue:
 
 
 
 
 
 
Product
 
435,479

 
436,064

 
(585
)
Installation
 
76,487

 
76,487

 
—

Service
 
100,238

 
106,782

 
(6,544
)
Electricity
 
75,386

 
75,386

 
—

Total cost of revenue
 
687,590

 
694,719

 
(7,129
)
Gross profit
 
97,587

 
125,027

 
(27,440
)
Operating expenses:
 
 
 
 
 
 
Research and development
 
104,168

 
104,168

 
—

Sales and marketing
 
73,573

 
74,973

 
(1,400
)
General and administrative
 
152,650

 
152,650

 
—

Total operating expenses
 
330,391

 
331,791

 
(1,400
)
Loss from operations
 
(232,804
)
 
(206,764
)
 
(26,040
)
Interest income
 
5,661

 
5,661

 
—

Interest expense
 
(87,480
)
 
(87,480
)
 
—

Interest expense to related parties
 
(6,756
)
 
(6,756
)
 
—

Other income (expense), net
 
706

 
706

 
—

Loss on revaluation of warrant liabilities and embedded derivatives
 
(2,160
)
 
(2,160
)
 
—

Loss before income taxes
 
(322,833
)
 
(296,793
)
 
(26,040
)
Income tax provision
 
633

 
633

 
—

Net loss
 
(323,466
)
 
(297,426
)
 
(26,040
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(19,052
)
 
(19,052
)
 
—

Net loss attributable to Class A and Class B common stockholders
 
(304,414
)
 
(278,374
)
 
(26,040
)
Less: deemed dividend to noncontrolling interest
 
(2,454
)
 
(2,454
)
 
—

Net loss available to Class A and Class B common stockholders
 
$
(306,868
)
 
$
(280,828
)
 
$
(26,040
)
Net loss per share available to Class A and Class B common stockholders, basic and diluted
 
$
(2.67
)
 
$
(2.44
)
 
$
(0.23
)

 
The impact of the adoption of ASC 606 on our consolidated statement of cash flows for the year ended December 31, 2019, relating to cash flows from operating activities was an increase to net loss of $26.0 million which was offset by a decrease in accounts receivable of $10.6 million, increases in prepaid expenses and other current assets of $0.1 million, and increases in other long-term assets of $1.3 million. These sources of cash from changes in operating assets were partially offset by increases in deferred revenue and customer deposits of $17.4 million and a decrease in accrued warranty of $0.6 million. There is no net impact on operating activities and no impact in investing and financing activities.
Contract Liabilities
Deferred revenue and customer deposits activity related to the adoption of ASC 606 consisted of the following (in thousands):
 
 
Year ended 12/31/2018
(As Restated)
 
Impacts of ASC606 Adoption
 
As of 1/1/2019
(As Recast)
 
As of 12/31/2019
(As Recast)
Deferred revenue
 
$
(141,458
)
 
$
(8,154
)
 
$
(149,612
)
 
$
(175,619
)
Customer deposits
 
(13,482
)
 
(14,481
)
 
(27,963
)
 
(39,101
)
Deferred revenue and customer deposits
 
$
(154,940
)
 
$
(22,635
)
 
$
(177,575
)
 
$
(214,720
)

Deferred revenue activity during the year ended December 31, 2019 after the ASC 606 adoption consisted of the following (in thousands):
 
 
Year Ended December 31, 2019
 
 
As Reported
Deferred revenue on January 1, 2019
 
$
149,612

Additions
 
709,843

Revenue recognized
 
(683,836
)
Deferred revenue on December 31, 2019
 
$
175,619


Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of December 31, 2019. These performance obligations relate to the provision of maintenance services under current contracts and future renewal periods which 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.
Revenue by source
We disaggregate revenue from contracts with customers into four revenue categories: (i) product, (ii) installation, (iii) services and (iv) electricity, as shown below (in thousands):
 
 
Years Ended December 31,
 
 
2019
 
2018
 
 
As Reported, With Adoption of ASC 606
 
As Reported, Under ASC 605
Revenue from contracts with customers:
 
 
 
 
Product revenue
 
$
557,336

 
$
400,638

Installation revenue
 
60,826

 
68,195

Services revenue
 
95,786

 
83,267

Electricity revenue
 
10,840

 
23,023

Total revenue from contract with customers
 
724,788

 
575,123

Revenue from contracts accounted for as leases:
 

 

Electricity revenue
 
60,389

 
57,525

Total revenue
 
$
785,177

 
$
632,648


For the year ended December 31, 2019, approximately 77% of our revenues are from the United States and 23% comes from the Asia Pacific region.
v3.20.1
Financial Instruments
 12 Months Ended
Dec. 31, 2019
Cash and Cash Equivalents [Abstract]  
Financial Instruments
Financial Instruments
Cash, Cash Equivalents and Restricted Cash
The carrying value of cash and cash equivalents approximate fair value and are as follows (in thousands):
 
 
December 31,
 
 
2019
 
2018
As Held:
 
 
 
 
Cash
 
$
100,773

 
$
136,642

Money market funds
 
276,615

 
143,843

 
 
$
377,388

 
$
280,485

As Reported:
 
 
 
 
Cash and cash equivalents
 
$
202,823

 
$
220,728

Restricted cash
 
174,565

 
59,757

 
 
$
377,388

 
$
280,485


Restricted cash consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
Current:
 
 
 
 
Restricted cash
 
$
28,494

 
$
25,740

Restricted cash related to PPA Entities
 
2,310

 
2,917

Restricted cash, current
 
$
30,804

 
$
28,657

Non-current:
 
 
 
 
Restricted cash
 
$
10

 
$
3,246

Restricted cash related to PPA Entities 1
 
143,751

 
27,854

Restricted cash, non-current
 
143,761

 
31,100

 
 
$
174,565

 
$
59,757


1 We have variable interest entities which represent a portion of the consolidated balances are recorded within the "restricted cash," and other financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs). This amount includes $108.7 million and $20.0 million of restricted cash non-current, held in PPA II and PPA IIIb entities, respectively. As of December 31, 2019, such entities are no longer considered variable interest entities.
Short-Term Investments
As of December 31, 2019, we had no short-term investments. As of December 31, 2018, we had short-term investments in U.S. Treasury Bills of $104.4 million.
Derivative Instruments
We have derivative financial instruments related to natural gas fixed price forward contracts and interest rate swaps. See Note 8, Derivative Financial Instruments for a full description of our derivative financial instruments.
v3.20.1
Fair Value
 12 Months Ended
Dec. 31, 2019
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 were 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, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
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


 
 
Fair Value Measured at Reporting Date Using
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
 
Money market funds
 
$
143,843

 
$
—

 
$
—

 
$
143,843

Short-term investments
 
104,350

 
—

 
—

 
104,350

Interest rate swap agreements
 
—

 
82

 
—

 
82

 
 
$
248,193

 
$
82

 
$
—

 
$
248,275

Liabilities
 
 
 
 
 
 
 
 
Accrued expenses and other current liabilities
 
$
1,331

 
$
—

 
$
—

 
$
1,331

Derivatives:
 
 
 
 
 
 
 
 
Natural gas fixed price forward contracts
 
—

 
—

 
9,729

 
9,729

Embedded EPP derivatives
 
—

 
—

 
4,015

 
4,015

Interest rate swap agreements
 
—

 
3,630

 
—

 
3,630

 
 
$
1,331

 
$
3,630

 
$
13,744

 
$
18,705


Money Market Funds - Money market funds are valued using quoted market prices for identical securities and are therefore classified as Level 1 financial assets.
Short-Term Investments - Short-term investments, which are comprised of U.S. Treasury Bills with maturities of 12 months or less from the purchase date, 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, 2019, $0.6 million of the gain on the interest rate swaps accumulated in other comprehensive income (loss) is expected to be reclassified into earnings in the next twelve 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 financial assets.
The following table provides the number and fair value of our natural gas fixed price forward contracts (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
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)
 
1,991

 
$
6,968

 
3,096

 
$
9,729

 
 
 
 
 
 
 
 
 
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, 2019 and 2018, we marked-to-market the fair value of our natural gas fixed price forward contracts and recorded a loss of $0.8 million and a gain of $2.2 million, respectively, and recorded gains on the settlement of these contracts of $3.6 million and $3.4 million, respectively, in cost of revenue on our consolidated statement of operations.
Embedded Derivative on 6% Convertible Promissory Notes - Between December 2015 and September 2016, we issued $260.0 million of 6% Convertible Promissory Notes (6% Notes) that mature in December 2020. The 6% Notes are convertible at the option of the holders at a conversion price of $11.25 per share. The embedded redemption feature of the 6% Notes was therefore classified as an embedded derivative.
The embedded redemption feature of the 6% Notes was valued using the binomial lattice method, which utilizes significant inputs that are unobservable in the market. The fair value was determined by estimated event dates with probabilities of likely events under the scenario based upon facts existing through the date of our IPO. It was therefore classified as a Level 3 financial liability. Upon the expiration of embedded derivative features triggered by the IPO, we reclassified the fair value of the derivative liability into additional paid-in capital. The final valuation of the conversion feature was calculated as of the date of the IPO to be $178.0 million and was reclassified from derivative liability to additional paid-in capital on the balance sheet.
Embedded EPP Derivatives in Sales Contracts - We estimated the fair value of the embedded 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.
Preferred Stock Warrants - We estimated the fair value of the preferred stock warrants using a probability-weighted expected return model which considers various potential liquidity outcomes and assigned probabilities to each to arrive at the weighted equity value. As there were no observable inputs supported by market activity, the preferred stock warrants were therefore classified as a Level 3 financial liability.
The preferred stock warrants were converted to common stock warrants effective with the IPO and reclassified to additional paid-in capital. The fair value of the preferred stock warrants was zero as of December 31, 2019 and 2018. The changes in fair value were recorded in gain (loss) on revaluation of warrant liabilities in our consolidated statements of operations.
There were no transfers between fair value measurement classifications during the years ended December 31, 2019 and 2018. The changes in the Level 3 financial assets were as follows (in thousands):
 
 
Natural
Gas
Fixed Price
Forward
Contracts
 
Preferred
Stock
Warrants
 
Embedded
Derivative
Liability
 
Embedded EPP Derivative
 
Total
Balances at December 31, 2017
 
$
15,368

 
$
9,825

 
$
140,771

 
$
4,217

 
$
170,181

Settlement of natural gas fixed price forward contracts
 
(3,412
)
 
—

 
—

 
0

 
(3,412
)
Embedded derivative on notes and sales contracts
 
—

 
—

 
6,288

 
3

 
6,291

Changes in fair value
 
(2,227
)
 
(8,943
)
 
30,904

 
(205
)
 
19,529

Reclassification of preferred stock warrants liability to common stock warrants and derivative liability into additional paid-in-capital
 
—

 
(882
)
 
(177,963
)
 
—

 
(178,845
)
Balances 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 value
 
844

 
—

 
—

 
2,161

 
3,005

Balances at December 31, 2019
 
$
6,968

 
$
—

 
$
—

 
$
6,176

 
$
13,144


Significant changes in any assumption input in isolation can result in a significant change in fair value measurement. Generally, an increase in the market price of our shares of common stock, an increase in natural gas prices, an increase in the volatility of our shares of common stock and an increase in the remaining term of the conversion feature would each result in a directionally similar change in the estimated fair value of our derivative liability. Increases in such assumption values would increase the associated liability while decreases in these assumption values would decrease the associated liability. An increase in the risk-free interest rate or a decrease in the market price of our shares of common stock would result in a decrease in the estimated fair value measurement and thus a decrease in the associated liability.
Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis
Customer Receivables and Debt Instruments - We estimate fair value for customer financing receivables, senior secured notes, term loans and convertible promissory notes 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, 2019
 
December 31, 2018
 
 
Net Carrying
Value
 
Fair Value
 
Net Carrying
Value
 
Fair Value
 
 
 
 
 
 
 
 
 
Customer receivables:
 
 
 
 
 
 
 
 
Customer financing receivables
 
$
55,855

 
$
44,002

 
$
72,676

 
$
51,541

Debt instruments:
 
 
 
 
 
 
 
 
Recourse
 
 
 
 
 
 
 
 
LIBOR + 4% term loan due November 2020
 
1,536

 
1,590

 
3,214

 
3,311

5% convertible promissory note due December 2020
 
36,482

 
32,070

 
34,706

 
31,546

6% convertible promissory notes due December 2020
 
273,410

 
302,047

 
263,284

 
353,368

10% notes due July 2024
 
89,962

 
97,512

 
95,555

 
99,260

Non-recourse
 
 
 
 
 
 
 
 
5.22% senior secured notes due March 2025
 
—

 
—

 
78,566

 
80,838

7.5% term loan due September 2028
 
34,969

 
41,108

 
36,319

 
39,892

LIBOR + 5.25% term loan due October 2020
 
—

 
—

 
23,916

 
25,441

6.07% senior secured notes due March 2030
 
80,016

 
87,618

 
82,337

 
85,917

LIBOR + 2.5% term loan due December 2021
 
120,436

 
120,510

 
123,384

 
123,040


Long-Lived Assets - Our long-lived assets include property, plant and equipment and Energy Servers capitalized in connection with our Managed Services Program 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. During the year ended December 31, 2019 we upgraded the 30 megawatts of Energy Servers in PPA II and the 5.4 megawatts of Energy Servers in PPA IIIb by decommissioning these systems and selling and installing new Energy Servers. As a result of these upgrades, the useful lives of all other remaining Energy Servers included within our long-lived assets were reassessed and we concluded that no change in the useful lives or impairment of these remaining Energy Servers was identified in the year ended December 31, 2019. See Note 13, Purchase Power Agreement Programs for further information.
v3.20.1
Balance Sheet Components
 12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components
Balance Sheet Components
Inventories
The components of inventory consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Raw materials
 
$
67,829

 
$
50,856

Work-in-progress
 
21,207

 
18,676

Finished goods
 
20,570

 
65,733

 
 
$
109,606

 
$
135,265


Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Government incentives receivable
 
$
893

 
$
1,001

Prepaid HW & SW maintenance
 
3,763

 
1,464

Receivables from employees
 
6,130

 
5,922

Other prepaid expense and other current assets
 
17,282

 
28,360

 
 
$
28,068

 
$
36,747


Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Energy Servers
 
$
650,600

 
$
757,574

Computers, software and hardware
 
20,275

 
16,536

Machinery and equipment
 
101,650

 
99,209

Furniture and fixtures
 
8,339

 
4,337

Leasehold improvements
 
35,694

 
18,629

Building
 
40,512

 
40,512

Construction in progress
 
12,611

 
41,180

 
 
869,681

 
977,977

Less: Accumulated depreciation
 
(262,622
)
 
(261,226
)
 
 
$
607,059

 
$
716,751



Construction in progress decreased $28.6 million from 2018, primarily due to our move to our new corporate headquarters during the first quarter of 2019. After the move was completed, $17.6 million was reclassified to leasehold improvements within property, plant and equipment. In addition, the remaining decrease of $11.0 million was due to acceptances of Energy Servers under our Managed Services sale-leaseback program which are reclassified from construction in progress to Energy Servers within property, plant and equipment upon acceptance.
Depreciation expense related to property, plant and equipment was $78.6 million, $53.1 million and $54.4 million for the years ended December 31, 2019, 2018 and 2017, respectively.
Property, plant and equipment under operating leases by the PPA Entities was $371.4 million and $397.5 million as of December 31, 2019 and 2018, respectively. The accumulated depreciation for these assets was $95.5 million and $77.4 million as of December 31, 2019 and 2018, respectively. Depreciation expense related to our property, plant and equipment under operating leases by the PPA Entities was $27.1 million, $25.5 million and $25.5 million for the years ended December 31, 2019, 2018 and 2017 respectively.
During the year ended December 31, 2019, there was a decommissioning in PPA II, including the replacement during 2019 of 30.0 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.
During the year ended December 31, 2019, there was a decommissioning in PPA IIIb, including the replacement during 2019 of 5.0 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
See Note 13, Power Purchase Agreement Programs - PPA II Upgrade of Energy Servers and PPA IIIb Upgrade of Energy Servers for additional information.
Customer Financing Receivable
The components of investment in sales-type financing leases consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
Total minimum lease payments to be received
 
$
76,886

 
$
100,816

Less: Amounts representing estimated executing costs
 
(19,931
)
 
(25,180
)
Net present value of minimum lease payments to be received
 
56,955

 
75,636

Estimated residual value of leased assets
 
890

 
1,051

Less: Unearned income
 
(1,990
)
 
(4,011
)
Net investment in sales-type financing leases
 
55,855

 
72,676

Less: Current portion
 
(5,108
)
 
(5,594
)
Non-current portion of investment in sales-type financing leases
 
$
50,747

 
$
67,082


The future scheduled customer payments from sales-type financing leases were as follows as of December 31, 2019 (in thousands):
 
 
2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
 
 
 
 
 
 
 
 
 
 
 
 
 
Future minimum lease payments, less interest
 
$
5,108

 
$
5,428

 
$
5,784

 
$
6,155

 
$
6,567

 
$
25,923


Other Long-Term Assets
Other long-term assets consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Prepaid and other long-term assets
 
$
29,153

 
$
34,093

Deferred commissions
 
5,007

 
1,083

Equity-method investments
 
5,733

 
6,046

Long-term deposits
 
1,759

 
1,660

 
 
$
41,652

 
$
42,882


Accrued Warranty
Accrued warranty liabilities consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Product warranty
 
$
2,345

 
$
3,378

Product performance
 
7,536

 
6,290

Maintenance services contracts
 
453

 
8,300

 
 
$
10,334

 
$
17,968

Changes in the product warranty and product performance liabilities were as follows (in thousands):
Balances at December 31, 2016 (As Revised)
$
8,082

Accrued warranty, net (As Revised)
5,979

Warranty expenditures during period (As Revised)
(6,740
)
Balances at December 31, 2017 (As Revised)
7,321

Accrued warranty, net (As Restated)
9,301

Warranty expenditures during period (As Restated)
(6,954
)
Balances at December 31, 2018 (As Restated)
9,668

Cumulative effect upon adoption of ASC 606
1,032

Accrued warranty, net
1,849

Warranty expenditures during period
(2,668
)
Balances at December 31, 2019
$
9,881


Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Compensation and benefits
 
$
17,173

 
$
16,742

Current portion of derivative liabilities
 
4,834

 
3,232

Sales related liabilities
 
416

 
1,421

Accrued installation
 
10,348

 
6,859

Sales tax liabilities
 
3,849

 
1,798

Interest payable
 
3,875

 
4,675

Other
 
29,789

 
32,111

 
 
$
70,284

 
$
66,838


Other Long-Term Liabilities
Other long-term liabilities consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Delaware grant
 
$
10,469

 
$
10,469

Other
 
17,544

 
15,727

 
 
$
28,013

 
$
26,196


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. As of December 31, 2019, we have paid $1.5 million in October 2017 for recapture provisions and have recorded $10.5 million in other long-term liabilities for potential repayments. See Note 14, Commitments and Contingencies for a full description of the grant.
v3.20.1
Outstanding Loans and Security Agreements
 12 Months Ended
Dec. 31, 2019
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, 2019 (in thousands):
 
 
Unpaid
Principal
Balance
 
Net Carrying Value
 
Unused
Borrowing
Capacity
 
Interest
Rate
 
Maturity Dates
 
Entity
 
Recourse
 
 
Current
 
Long-
Term
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR + 4% term loan due November 2020
 
$
1,571

 
$
1,536

 
$
—

 
$
1,536

 
$
—

 
LIBOR
plus margin
 
November 2020
 
Company
 
Yes
5% convertible promissory note due December 2020
 
33,104

 
36,482

 
—

 
36,482

 
—

 
5.0%
 
December 2020
 
Company
 
Yes
6% convertible promissory notes due December 2020
 
289,299

 
273,410

 
—

 
273,410

 
—

 
6.0%
 
December 2020
 
Company
 
Yes
10% notes due July 2024
 
93,000

 
14,000

 
75,962

 
89,962

 
—

 
10.0%
 
July 2024
 
Company
 
Yes
Total recourse debt
 
416,974

 
325,428

 
75,962

 
401,390

 
—

 
 
 
 
 
 
 
 
7.5% term loan due September 2028
 
38,337

 
3,882

 
31,087

 
34,969

 
—

 
7.5%
 
September 2028
 
PPA IIIa
 
No
6.07% senior secured notes due March 2030
 
80,988

 
3,151

 
76,865

 
80,016

 
—

 
6.1%
 
March 2030
 
PPA IV
 
No
LIBOR + 2.5% term loan due December 2021
 
121,784

 
5,122

 
115,315

 
120,437

 
—

 
LIBOR plus
margin
 
December 2021
 
PPA V
 
No
Letters of Credit due December 2021
 
—

 
—

 
—

 
—

 
1,220

 
2.25%
 
December 2021
 
PPA V
 
No
Total non-recourse debt
 
241,109

 
12,155

 
223,267

 
235,422

 
1,220

 
 
 
 
 
 
 
 
Total debt
 
$
658,083

 
$
337,583

 
$
299,229

 
$
636,812

 
$
1,220

 
 
 
 
 
 
 
 
The following is a summary of our debt as of December 31, 2018 (in thousands):
 
 
Unpaid
Principal
Balance
 
Net Carrying Value
 
Unused
Borrowing
Capacity
 
Interest
Rate
 
Maturity Dates
 
Entity
 
Recourse
 
 
Current
 
Long-
Term
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR + 4% term loan due November 2020
 
$
3,286

 
$
1,686

 
$
1,528

 
$
3,214

 
$
—

 
LIBOR
plus margin
 
November 2020
 
Company
 
Yes
5% convertible promissory note due December 2020
 
33,104

 
—

 
34,706

 
34,706

 
—

 
8.0%
 
December 2020
 
Company
 
Yes
6% convertible promissory notes due December 2020
 
296,233

 
—

 
263,284

 
263,284

 
—

 
6.0%
 
December 2020
 
Company
 
Yes
10% notes due July 2024
 
100,000

 
7,000

 
88,555

 
95,555

 
—

 
10.0%
 
July 2024
 
Company
 
Yes
Total recourse debt
 
432,623

 
8,686

 
388,073

 
396,759

 
—

 
 
 
 
 
 
 
 
5.22% senior secured term notes due March 2025
 
79,698

 
11,994

 
66,572

 
78,566

 
—

 
5.2%
 
March 2025
 
PPA II
 
No
7.5% term loan due September 2028
 
40,538

 
2,200

 
34,119

 
36,319

 
—

 
7.5%
 
September 2028
 
PPA IIIa
 
No
LIBOR + 5.25% term loan due October 2020
 
24,723

 
827

 
23,089

 
23,916

 
—

 
LIBOR
plus margin
 
October 2020
 
PPA IIIb
 
No
6.07% senior secured notes due March 2030
 
83,457

 
2,469

 
79,868

 
82,337

 
—

 
6.1%
 
March 2030
 
PPA IV
 
No
LIBOR + 2.5% term loan due December 2021
 
125,456

 
3,672

 
119,712

 
123,384

 
—

 
LIBOR plus
margin
 
December 2021
 
PPA V
 
No
Letters of Credit due December 2021
 
—

 
—

 
—

 
—

 
1,220

 
2.25%
 
December 2021
 
PPA V
 
No
Total non-recourse debt
 
353,872

 
21,162

 
323,360

 
344,522

 
1,220

 
 
 
 
 
 
 
 
Total debt
 
$
786,495

 
$
29,848

 
$
711,433

 
$
741,281

 
$
1,220

 
 
 
 
 
 
 
 

Recourse debt refers to debt that Bloom Energy Corporation has an obligation to pay. Non-recourse debt refers to debt that is recourse to only specified assets or our subsidiaries. The differences between the unpaid principal balances and the net carrying values apply to debt discounts and deferred financing costs. We were in compliance with all financial covenants as of December 31, 2019 and 2018.
Recourse Debt Facilities
LIBOR + 4% Term Loan due November 2020 - In May 2013, we entered into a $5.0 million credit agreement and a $12.0 million financing agreement to help fund the building of a new facility in Newark, Delaware. The $5.0 million credit agreement expired in December 2016. The $12.0 million financing agreement has a term of 90 months, payable monthly at a variable rate equal to one month LIBOR plus the applicable margin. The weighted average interest rate as of December 31, 2019 and 2018 was 6.3% and 5.9%, respectively. The loan requires monthly payments and is secured by the manufacturing facility. In addition, the credit agreements also include a cross-default provision which provides that the remaining balance of borrowings under the agreements will be due and payable immediately if a lien is placed on the Newark facility in the event we default on any indebtedness in excess of $100,000 individually or $300,000 in the aggregate. Under the terms of these credit agreements, we are required to comply with various restrictive covenants. As of December 31, 2019 and 2018, the unpaid principal balance of debt outstanding was $1.6 million and $3.3 million, respectively.
5% Convertible Promissory Notes due 2020 (Originally 8% Convertible Promissory Notes due December 2018) - Between December 2014 and June 2016, we issued $193.2 million of three-year convertible promissory notes ("8% Notes") to certain investors. The 8% Notes had a fixed interest rate of 8% compounded monthly, due at maturity or at the election of the investor with accrued interest due in December of each year.
On January 18, 2018, amendments were finalized to extend the maturity dates for all the 8% Notes to December 2019. At the same time, the portion of the notes that was held by Constellation NewEnergy, Inc. ("Constellation") was extended to December 2020 and the interest rate decreased from 8% to 5% ("5% Notes").
Investors held the right to convert the unpaid principal and accrued interest of both the 8% Notes and 5% Notes to Series G convertible preferred stock at any time at the price of $38.64 per share. In July 2018, upon our IPO, the $221.6 million of principal and accrued interest of outstanding 8% Notes automatically converted into additional paid-in capital, the conversion of which included all the related-party noteholders. The 8% Notes converted to shares of Series G convertible preferred stock and, concurrently, each such share of Series G convertible preferred stock converted automatically into one share of Class B common stock. Upon our IPO, conversions of 5,734,440 shares of Class B common stock were issued and the 8% Notes were retired. Constellation, the holder of the 5% Notes, have not elected to convert as of December 31, 2019. The outstanding unpaid principal and accrued interest debt balance of the 5% Notes of $36.5 million was classified as current as of December 31, 2019, and the outstanding unpaid principal and accrued interest debt balances of the 5% Notes of $34.7 million was classified as non-current as of December 31, 2018.
6% Convertible Promissory Notes due December 2020 - Between December 2015 and September 2016, we issued $260.0 million convertible promissory notes due December 2020, ("6% Notes") to certain investors. The 6% Notes bore a 5.0% fixed interest rate, payable monthly either in cash or in kind, at our election. We amended the terms of the 6% Notes in June 2017 to increase the interest rate from 5% to 6% and to reduce the collateral securing the notes.
As of December 31, 2019 and 2018, the amount outstanding on the 6% Notes, which includes interest paid in kind through the IPO date, was $289.3 million and $296.2 million, respectively. Upon our IPO, the debt is convertible at the option of the holders at the conversion price of $11.25 per share into common stock at any time through the maturity date. In January 2018, we amended the terms of the 6% Notes to extend the convertible put option, which investors could elect only if the IPO did not occur prior to December 2019. After the IPO, we paid the interest in cash when due and no additional interest accrued on the consolidated balance sheet on the 6% Notes. In November 2019, one note holder exchanged a portion of their 6% Notes at the conversion price of $11.25 per share into 616,302 shares of common stock.
On or after July 27, 2020, we may redeem, at our option, all or part of the 6% Notes if the last reported sale price of our common stock has been at least $22.50 for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending within the three trading days immediately preceding the date on which we provide written notice of redemption In certain circumstances, the 6% Notes are also redeemable at our option in connection with a change of control.
Under the terms of the indenture governing the 6% Notes, we are required to comply with various restrictive covenants, including meeting reporting requirements, such as the preparation and delivery of audited consolidated financial statements, and restrictions on investments. In addition, we are required to maintain collateral which secures the 6% Notes in an amount equal to 200% of the principal amount of and accrued and unpaid interest on the outstanding notes. This minimum collateral test is not a negative covenant and does not result in a default if not met. However, the minimum collateral test does restrict us with respect to investing in non-PPA subsidiaries. If we do not meet the minimum collateral test, we cannot invest cash into any non-PPA subsidiary that is not a guarantor of the notes. The 6% Notes also include a cross-acceleration provision which provides that the holders of at least 25% of the outstanding principal amount of the 6% Notes may cause such notes to become immediately due and payable if we or any of our subsidiaries default on any indebtedness in excess of $15.0 million such that the repayment of such indebtedness is accelerated.
10% Notes due July 2024 - In June 2017, we issued $100.0 million of senior secured notes ("10% Notes"). The 10% Notes mature in 2024 and bear a 10.0% fixed rate of interest and with principal amortization started July 2019, payable semi-annually. The 10% Notes have a continuing security interest in the cash flows payable to us as servicing, operations and maintenance fees and administrative fees from certain active power purchase agreements in our Bloom Electrons program. Under the terms of the indenture governing the notes, we are required to comply with various restrictive covenants including, among other things, to maintain certain financial ratios such as debt service coverage ratios, to incur additional debt, issue guarantees, incur liens, make loans or investments, make asset dispositions, issue or sell share capital of our subsidiaries and pay dividends, meet reporting requirements, including the preparation and delivery of audited consolidated financial statements, or maintain certain restrictions on investments and requirements in incurring new debt. In addition, we are required to maintain collateral which secures the 10% Notes based on debt ratio analyses. This minimum collateral test is not a negative covenant and does not result in a default if not met. However, the minimum debt service coverage ratio test does restrict our access to the excess cash escrowed in a collection account which would otherwise be released to us on a bi-annual basis after principal amortization and interest payment.  The outstanding unpaid principal and accrued interest debt balance of the 10% Notes of $14.0 million and $7.0 million were classified as current as of December 31, 2019 and 2018, respectively and the outstanding unpaid principal and accrued interest debt balances of the 10% Notes of $76.0 million and $88.6 million were classified as non-current as of December 31, 2019 and 2018, respectively.
Non-recourse Debt Facilities
5.22% Senior Secured Term Notes - In March 2013, PPA Company II refinanced its existing debt by issuing 5.22% Senior Secured Notes due March 30, 2025. The total amount of the loan proceeds was $144.8 million, including $28.8 million to repay outstanding principal of existing debt, $21.7 million for debt service reserves and transaction costs and $94.3 million to fund the remaining system purchases. In June 2019, as part of the PPA II upgrade of Energy Servers, we paid off the outstanding debt and interest of these notes for the outstanding amount of $77.6 million. The Note Purchase Agreement required us to maintain a debt service reserve, the balance of $11.2 million which was written off in June 2019 and was $11.2 million as of December 31, 2018, which was included as part of long-term restricted cash in the consolidated balance sheets.
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 $3.7 million as of December 31, 2019 and 2018, respectively, and 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.
LIBOR + 5.25% Term Loan due October 2020 - In September 2013, PPA IIIb entered into a credit agreement to help fund the purchase and installation of our Energy Servers. In accordance with that agreement, PPA IIIb issued floating rate debt based on LIBOR plus a margin of 5.2%, paid quarterly. The aggregate amount of the debt facility was $32.5 million. In December 2019, as part of the PPA IIIa upgrade of Energy Servers, we paid off the outstanding debt and interest of these notes for the outstanding amount of $24.2 million. The credit agreement required us to maintain a debt service reserve for all funded systems, the balance of which was $1.8 million which was written off in December 2019 and was $1.7 million as of December 31, 2018 and which was included as part of long-term restricted cash in the consolidated balance sheets.
6.07% Senior Secured Notes due March 2025 - In July 2014, PPA IV issued senior secured notes amounting to $99.0 million to third parties to help fund the purchase and installation of our Energy Servers. The notes bear a fixed interest rate of 6.07% 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 $8.0 million as of December 31, 2019 and $7.5 million as of December 31, 2018, and which was included as part of long-term restricted cash in the consolidated balance sheets.
LIBOR + 2.5% Term Loan due December 2021 - 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 are a group of five financial institutions and the terms included commitments to a letter of credit ("LC") facility (see below). The loan was initially advanced as a construction loan during the development of the PPA V Project and converted into a term loan on February 28, 2017 (the “Term Conversion Date”). As part of the term loan’s conversion, the LC facility commitments were adjusted.
In accordance with the credit agreement, PPA V was issued a 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 the LC loan, 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 the 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, 2019 and 2018 was $5.0 million. The unused capacity as of December 31, 2019 and 2018 was and $1.2 million and $1.2 million, respectively.
Related Party Debt
Portions of the above described recourse and non-recourse debt are held by various related parties. See Note 16, Related Party Transactions for a full description.
Repayment Schedule and Interest Expense
The following table presents detail of our entire outstanding loan principal repayment schedule as of December 31, 2019 (in thousands):
2020
$
350,129

2021
139,370

2022
26,046

2023
29,450

2024
35,941

Thereafter
77,147

 
$
658,083


Interest expense of $94.2 million, $105.9 million and $124.3 million for the years ended December 31, 2019, 2018 and 2017, respectively, was recorded in interest expense on the consolidated statements of operations.
v3.20.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2019
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 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, 2019 and 2018 on our consolidated balance sheets were as follows (in thousands):
 
 
December 31,
 
 
2019
 
2018
Assets
 
 
 
 
Prepaid expenses and other current assets
 
$
3

 
$
42

Other long-term assets
 
—

 
40

 
 
$
3

 
$
82

 
 
 
 
 
Liabilities
 
 
 
 
Accrued expenses and other current liabilities
 
$
782

 
$
4

Derivative liabilities
 
8,459

 
3,626

 
 
$
9,241

 
$
3,630


PPA Company IIIb - In September 2013, PPA IIIb entered into an interest rate swap arrangement to convert a variable interest rate debt to a fixed rate. We designated and documented its interest rate swap arrangement as a cash flow hedge. The swap’s term ends on October 1, 2020, which is concurrent with the final maturity of the debt floating interest rates reset on a quarterly basis. We evaluate and calculate the effectiveness of the hedge at each reporting date. The effective change was recorded in accumulated other comprehensive income (loss) and was recognized as interest expense on settlement. The notional amounts of the swap were zero, $24.7 million and $25.6 million as of December 31, 2019, 2018 and 2017 respectively. We measure the swap 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 recorded a loss of $82,000, a loss of $68,000 and a loss of $64,000 during the years ended December 31, 2019, 2018 and 2017, respectively, attributable to the change in swap’s fair value. These gains and losses were included in other income (expense), net in the consolidated statement of operations.
Pursuant to the PPA IIIb upgrade of Energy Servers, the debt was paid off along with any interest accrued and the interest swap was settled for $0.2 million in 2019 and recorded to interest expense in the consolidated statement of operations.
PPA Company V - In July 2015, PPA Company V entered into nine interest rate swap agreements to convert a variable interest rate debt to a fixed rate. The loss on the swaps prior to designation was recorded in current-period earnings. In July 2015, we designated and documented its 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. We evaluate and calculate the effectiveness of the hedge at each reporting date. The effective change was recorded in accumulated other comprehensive income (loss) and was recognized as interest expense on settlement. The notional amounts of the swaps were $184.2 million, $186.6 million and $188.5 million as of December 31, 2019, 2018 and 2017, 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 recorded a gain of $0.2 million, a gain of $0.1 million and a gain of $0.1 million attributable to the change in valuation during the years ended December 31, 2019, 2018 and 2017, respectively. These gains were included in other income (expense), net in the consolidated statement 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 were as follows (in thousands):
 
 
Year ended December 31,
 
 
2019
 
2018
Beginning balance
 
$
3,548

 
$
5,852

Loss (gain) recognized in other comprehensive loss
 
6,131

 
(1,729
)
Amounts reclassified from other comprehensive loss to earnings
 
(216
)
 
(369
)
Net loss (gain) recognized in other comprehensive income (loss)
 
5,915

 
(2,098
)
Gain recognized in earnings
 
(225
)
 
(206
)
Ending balance
 
$
9,238

 
$
3,548

 
 
 
 
 
Natural Gas Derivatives
On September 1, 2011, we entered into a natural gas fixed price forward contract with a gas supplier. This fuel forward contract is used as part of our program to manage the risk for controlling the overall cost of natural gas. Our PPA I is the only PPA Company for which natural gas was provided by us. This fuel forward contract meets the definition of a derivative under U.S. GAAP. We have not elected to designate this contract as a hedge and, accordingly, any changes in its fair value is recorded within cost of revenue in the statements of operations. The fair value of the contract is determined using a combination of factors including the counterparty’s credit rate and estimates of future natural gas prices.
For the years ended December 31, 2019, 2018 and 2017, we marked-to-market the fair value of our natural gas fixed price forward contract and recorded a loss of $0.8 million, a gain of $2.2 million and a loss of $1.0 million, respectively. For the years ended December 31, 2019, 2018 and 2017, we recorded gains of $3.6 million, $3.4 million and $4.2 million, respectively, on the settlement of these contracts. Gains and losses are recorded in cost of revenue on the consolidated statement of operations.
Embedded Derivatives
6% Convertible Promissory Notes - On December 15, 2015, January 29, 2016, and September 10, 2016, we issued $160.0 million, $25.0 million, and $75.0 million, respectively, of 6% Convertible Promissory Notes ("6% Notes") that mature in December 2020. The 6% Notes were contractually convertible at the option of the holders at a conversion price per share equal to the lower of $20.61 or 75% of the offering price of our common stock sold in an initial public offering. Upon the IPO, the options were convertible at the option of the holders at the conversion price of $11.25 per share.
The valuation of this embedded put feature was recorded as a derivative liability in the consolidated balance sheet, measured each reporting period. Fair value was determined using the binomial lattice method. We recorded a gain of $31.5 million and a loss of $18.2 million attributable to the change in valuation for the years ended December 31, 2018 and 2017, respectively. These gains and losses were included within loss on revaluation of warrant liabilities and embedded derivatives in the consolidated statement of operations. Upon the IPO, the final valuation of the conversion feature was calculated as of the date of the IPO and was reclassified from a derivative liability to additional paid-in capital. The fair value of the embedded derivatives within the notes was $178.0 million upon reclassification.
Embedded EPP Derivatives in Sales Contracts - We estimated the fair value of the embedded EPP derivatives in certain sales contracts 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 Escalation Protection Plan ("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 other income (expense), net. We recorded a loss of $2.2 million, a gain of $0.2 million and a loss of $0.3 million attributable to the change in fair value for the years ended December 31, 2019, 2018 and 2017, respectively. These gains and losses were included within loss on revaluation of warrant liabilities and embedded derivatives in the consolidated statements of operations. The fair value of these derivatives was $6.2 million, $4.0 million and $4.2 million as of December 31, 2019, 2018 and 2017, respectively.
v3.20.1
Common Stock Warrants
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Common Stock Warrants
Common Stock Warrants
Common Stock Warrants
During 2018, all of the preferred and common stock warrants we issued in connection with loan agreements and a dispute settlement converted to warrants to purchase shares of Class B common stock. As of December 31, 2019, we had Class B common stock warrants outstanding to purchase 481,181 and 12,940 shares of Class B common stock at exercise prices of $27.78 and $38.64, respectively. As of December 31, 2018, we had Class B common stock warrants outstanding to purchase 481,181 and 312,939 shares of Class B common stock at exercise prices of $27.78 and $38.64, respectively.
v3.20.1
Income Taxes
 12 Months Ended
Dec. 31, 2019
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,
 
 
2019
 
2018
 
2017
 
 
 
 
As Restated
 
As Revised
United States
 
$
(324,467
)
 
$
(291,574
)
 
$
(297,473
)
Foreign
 
1,634

 
1,835

 
3,081

    Total
 
$
(322,833
)
 
$
(289,739
)
 
$
(294,392
)

 The provision for income taxes is comprised of the following (in thousands):
 
 
Years Ended
December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Current:
 
 
 
 
 
 
Federal
 
$
—

 
$
—

 
$
—

State
 
26

 
191

 
25

Foreign
 
595

 
1,407

 
621

Total current
 
621

 
1,598

 
646

Deferred:
 
 
 
 
 
 
Federal
 
—

 
—

 
—

State
 
—

 
—

 
—

Foreign
 
12

 
(61
)
 
(10
)
Total deferred
 
12

 
(61
)
 
(10
)
Total provision for income taxes
 
$
633

 
$
1,537

 
$
636


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,
 
 
2019
 
2018
 
2017
 
 
 
 
As Restated
 
As Revised
Tax at federal statutory rate
 
$
(67,795
)
 
$
(60,845
)
 
$
(100,093
)
State taxes, net of federal effect
 
26

 
191

 
25

Impact on noncontrolling interest
 
4,001

 
3,725

 
6,347

Non-U.S. tax effect
 
264

 
960

 
(437
)
Nondeductible expenses
 
144

 
6,796

 
5,698

Stock-based compensation
 
6,484

 
3,892

 
4,854

U.S. tax reform impact
 
—

 
—

 
239,117

U.S. tax on foreign earnings (GILTI)
 
221

 
127

 
—

Change in valuation allowance
 
57,288

 
46,691

 
(154,875
)
   Provision for income taxes
 
$
633

 
$
1,537

 
$
636


For the year ended December 31, 2019, we recorded 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 recorded 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)%. For the year ended December 31, 2017, we recorded a provision for income taxes of $0.6 million on a pre-tax loss of $294.4 million, for an effective tax rate of (0.2)%. The effective tax rate for 2019, 2018 and 2017 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,
 
 
2019
 
2018
 
 
 
 
As Restated
Tax credits and NOLs
 
$
494,084

 
$
468,402

Leased liabilities
 
122,145

 
108,113

Depreciation and amortization
 
8,523

 
9,631

Deferred revenue
 
6,688

 
457

Accruals and reserves
 
5,874

 
4,462

Stock-based compensation
 
61,808

 
62,793

Other items - DTA
 
24,443

 
17,863

Gross deferred tax assets
 
723,565

 
671,721

Valuation allowance
 
(633,591
)
 
(571,277
)
Net deferred tax assets
 
89,974

 
100,444

Investment in PPA entities
 
(13,494
)
 
(21,587
)
Debt issuance cost
 
(4,055
)
 
(8,586
)
Leased assets
 
(65,978
)
 
(62,681
)
Other items - DTL
 
(5,803
)
 
(6,817
)
Gross deferred tax liabilities
 
(89,330
)
 
(99,671
)
  Net deferred tax asset
 
$
644

 
$
773


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 $633.6 million and $571.3 million as of December 31, 2019 and 2018, respectively. The net change in the total valuation allowance for the years ended December 31, 2019 and 2018 was an increase of $62.3 million and an increase of $24.0 million, respectively.
At December 31, 2019, we had federal and state net operating loss carryforwards of $1.8 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 $125.2 million will carryforward indefinitely, while state net operating losses begin to expire in 2028. In addition, we had approximately $20.5 million of federal research credit, $6.6 million of federal investment tax credit, and $14.0 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, 2019. 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 which occurred during the period covered by the analysis.
During the year ended December 31, 2019, the amount of uncertain tax positions increased by $4.2 million. We have not recorded any uncertain tax liabilities associated with its tax positions.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits were as follows (in thousands):
 
 
Years Ended
December 31,
 
 
2019
 
2018
Unrecognized tax benefits beginning balance
 
$
30,311

 
$
28,331

Gross decrease for tax positions of prior year
 
(93
)
 
(468
)
Gross increase for tax positions of prior year
 
615

 
353

Gross increase for tax positions of current year
 
3,647

 
2,095

Unrecognized tax benefits end balance
 
$
34,480

 
$
30,311


If fully recognized in the future, there would be no impact to the effective tax rate, and $31.5 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, are included in income tax expense and there were no interest or penalties accrued during or for the years ended December 31, 2019 and 2018.
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. FASB guidance issued 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.
Our accumulated undistributed foreign earnings as of December 31, 2019 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.
v3.20.1
Net Loss per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Net Loss per Share Attributable to Common Stockholders
Net Loss per Share Attributable to Common Stockholders
Net loss per share (basic) attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Net loss per share (diluted) is computed by using the "if-converted" method when calculating the potential dilutive effect, if any, of convertible shares whereby net loss attributable to common stockholders is adjusted by the effect of dilutive securities such as awards under equity compensation plans and inducement awards under separate restricted stock unit, or RSUs, award agreements. Net loss per share (diluted) attributable to common stockholders is then calculated by dividing the resulting adjusted net loss attributable to common stockholders by the combined weighted-average number of fully diluted common shares outstanding.
In July 2018, we completed an initial public offering of our common shares wherein 20,700,000 shares of Class A common stock were sold into the market. Added to existing shares of Class B common stock were shares mandatorily converted from various financial instruments as a result of the IPO. See Note 9, Common Stock Warrants.
There were no adjustments to net loss attributable to common stockholders in determining net loss attributable 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 attributable to common stockholders and earnings per share in the year ended December 31, 2019.
Net loss per share is the same for each class of common stock as they are entitled to the same liquidation and dividend rights with the exception of voting rights. As a result, net loss per share (basic) and net loss per share (diluted) attributed to common stockholders are the same for both Class A and Class B common stock and are combined for presentation. The following table sets forth the computation of our net loss per share (basic) and net loss per share (diluted) attributable to common stockholders (in thousands, except per share amounts):
 
 
Years Ended
December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
As Restated
 
As Revised
Numerator:
 
 
 
 
 
 
Net loss attributable to Class A and Class B common stockholders
 
$
(304,414
)
 
$
(273,540
)
 
$
(276,362
)
Less: deemed dividend to noncontrolling interest
 
(2,454
)
 
—

 
—

Net loss available to Class A and Class B common stockholders
 
$
(306,868
)
 
$
(273,540
)
 
$
(276,362
)
Denominator:
 
 
 
 
 
 
Weighted average shares of common stock, basic and diluted
 
115,118

 
53,268

 
10,248

 
 
 
 
 
 
 
Net loss per share available to Class A and Class B common stockholders, basic and diluted
 
$
(2.67
)
 
$
(5.14
)
 
$
(26.97
)


The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share attributable to common stockholders (diluted) for the periods presented as their inclusion would have been antidilutive:
 
 
Years Ended
December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Convertible and non-convertible redeemable preferred stock and convertible notes
 
27,213

 
27,230

 
85,476

Stock options to purchase common stock
 
4,631

 
4,962

 
2,950

Convertible redeemable preferred stock warrants
 
—

 
—

 
60

Convertible redeemable common stock warrants
 
—

 
—

 
312

 
 
31,844

 
32,192

 
88,798
v3.20.1
Stock-Based Compensation and Employee Benefit Plans
 12 Months Ended
Dec. 31, 2019
Compensation Related Costs [Abstract]  
Stock-Based Compensation and Employee Benefit Plans
Stock-Based Compensation and Employee Benefit Plans
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, 2019, options to purchase 1,856,154 shares of Class B common stock were outstanding with a weighted average exercise price of $23.21 per share.
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, 2019, options to purchase 9,982,756 shares of Class B common stock were outstanding with a weighted average exercise price of $27.12 per share and no shares were available for future grant. As of December 31, 2019, we had outstanding RSUs that may be settled for 6,656,094 shares of Class B common stock under the 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. We have reserved 20,278,268 shares of Class A common stock under the 2018 Plan and no more than 26,666,667 shares of Class A common stock will be issued pursuant to the exercise of incentive stock options.
The 2018 Plan authorizes the award of stock options, restricted stock awards, stock appreciation rights, RSUs, performance awards 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.
As of December 31, 2019, options to purchase 5,998,406 shares of Class A common stock were outstanding with a weighted average exercise price of $9.42 per share and 3,456,172 shares of outstanding RSUs that may be settled for Class A common stock which were granted pursuant to the plan. As of December 31, 2019, we had 17,233,144 shares of Class A common stock available for future grant.
Stock-Based Compensation Expense
We used the following weighted-average assumptions in applying the Black-Scholes valuation model:
 
 
Years Ended
December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Risk-free interest rate
 
1.7% - 2.6%
 
2.5% - 3.1%
 
2.0% - 2.1%
Expected term (years)
 
6.4 - 6.7
 
6.2 - 6.7
 
6.1 - 6.6
Expected dividend yield
 
—
 
—
 
—
Expected volatility
 
45.7% - 50.2%
 
52.4% - 56.1%
 
55.6% - 61.0%

The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations (in thousands):
 
 
Years Ended
December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
As Restated
 
As Revised
 
 
 
 
 
 
 
Cost of revenue
 
$
45,429

 
$
29,680

 
$
6,355

Research and development
 
40,949

 
39,029

 
5,560

Sales and marketing
 
32,478

 
32,284

 
4,685

General and administrative
 
77,435

 
67,489

 
12,501

 
 
$
196,291

 
$
168,482

 
$
29,101


Stock-based Compensation - During the years ended December 31, 2019, 2018 and 2017, we recognized $196.3 million, $168.5 million and $29.1 million of total stock-based compensation costs, respectively. As of December 31, 2019, 2018 and 2017, we capitalized $7.3 million, $13.6 million and $1.8 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 (in thousands), except per share amounts:
 
 
Outstanding Options
 
 
Number of
Shares
 
Weighted
Average
Exercise
Price
 
Remaining
Contractual
Life (Years)
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
Balances at December 31, 2017
 
11,604,403

 
$
26.42

 
6.01
 
$
52,682

Granted
 
4,202,284

 
19.79

 
 
 
 
Exercised
 
(398,704
)
 
3.98

 
 
 
 
Cancelled
 
(849,563
)
 
12.51

 
 
 
 
Balances at December 31, 2018
 
14,558,420

 
25.93

 
6.78
 
3,084

Granted
 
4,956,064

 
5.6

 
 
 
 
Exercised
 
(358,564
)
 
4.26

 
 
 
 
Cancelled
 
(1,318,604
)
 
25.33

 
 
 
 
Balances at December 31, 2019
 
17,837,316

 
20.76

 
6.94
 
14,964

Vested and expected to vest at December 31, 2019
 
17,159,824

 
21.17

 
6.85
 
13,471

Exercisable at December 31, 2019
 
9,161,918

 
28.82

 
4.89
 
500


Stock Options - During the years ended December 31, 2019, 2018 and 2017, we recognized $36.2 million, $33.3 million and $29.2 million of stock-based compensation costs for stock options, respectively.
During the years ended December 31, 2019, 2018 and 2017, the intrinsic value of stock options exercised was $2.6 million, $9.2 million and $3.4 million, respectively.
We granted 4,956,064 options for Class A common stock during the year ended December 31, 2019 and 4,202,284 options for Class A and Class B common stock during the year ended December 31, 2018. The weighted-average grant-date fair value of the awards was $5.60 and $19.79, respectively.
As of December 31, 2019 and 2018, we had unrecognized compensation costs related to unvested stock options of $41.9 million and $70.4 million, respectively. This cost is expected to be recognized over the remaining weighted-average period of 2.8 years and 2.8 years, respectively. We had no excess tax benefits in the years ended December 31, 2019 and 2018. Cash received from stock options exercised totaled $1.5 million and $1.6 million for the years ended December 31, 2019 and 2018, 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, 2017
 
3,140,578

 
$
30.95

Granted
 
13,873,506

 
16.02

Vested
 
(17,793
)
 
19.67

Forfeited
 
(211,491
)
 
21.22

Unvested Balance at December 31, 2018
 
16,784,800

 
18.74

Granted
 
3,219,959

 
11.81

Vested
 
(8,921,807
)
 
18.03

Forfeited
 
(970,686
)
 
17.34

Unvested Balance at December 31, 2019
 
10,112,266

 
17.29


Restricted Stock Units (RSUs) - The estimated fair value of RSU awards is based on the fair value of our common stock on the date of grant. The total weighted-average grant-date fair value of RSUs granted during the years ended December 31, 2019, 2018 and 2017, was $11.81, $16.02 and $30.96, respectively.
During the years ended December 31, 2019, 2018 and 2017, we recognized $141.3 million, $142.4 million and $1.3 million of stock-based compensation costs for RSUs, respectively.
As of December 31, 2019, we had $52.0 million of unrecognized stock-based compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted average period of 1.1 years. As of December 31, 2018, we had $163.8 million of unrecognized stock-based compensation cost related to unvested RSUs. This expense was expected to be recognized over a weighted average period of 0.8 years.
The following table presents the stock activity and the total number of shares available for grant under our stock plans as of December 31, 2019:
 
 
Plan Shares Available
for Grant
 
 
 
 
 
 
Balances at December 31, 2017
 
1,037,616

Added to plan
 
40,924,861

Granted
 
(18,075,790
)
Cancelled
 
1,061,054

Expired
 
(7,489,894
)
Balances at December 31, 2018
 
17,457,847

Added to plan
 
7,585,422

Granted
 
(8,176,023
)
Cancelled
 
2,289,290

Expired
 
(1,923,392
)
Balances at December 31, 2019
 
17,233,144


2018 Employee Stock Purchase Plan
In April 2018, we adopted the 2018 Employee Stock Purchase Plan ("ESPP"). The ESPP became effective upon our IPO in July 2018. The 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 our 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 1% of the total outstanding shares of our common stock and common stock equivalents as of the immediately preceding December 31 (rounded to the nearest whole share). For the year ended December 31, 2019, we added 1,415,507 shares to the ESPP under these provisions.
The 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, 2019 and 2018, we recognized $10.3 million and $4.6 million of stock-based compensation costs for the ESPP, respectively. We issued 1,718,433 shares in 2019 and there were 3,030,407 shares available for issuance under the ESPP as of December 31, 2019.
We use the Black-Scholes option pricing model to determine the fair value of shares purchased under the 2018 ESPP with the following weighted average assumptions on the date of grant:
 
 
Year Ended
December 31,
 
 
2019
 
2018
 
 
 
 
 
 
 
Risk-free interest rate
 
1.5% - 2.6%
 
2.2% - 2.7%
 
Expected term (years)
 
0.5 - 2.0
 
0.6 - 2.0
 
Expected dividend yield
 
—
 
—
 
Expected volatility
 
45.9% - 54.0%
 
47.0% - 52.7%
 

2019 Executive Awards
In November 2019, the Board of Directors approved stock option awards ("2019 Executive Awards") to certain executive staff. The 2019 Executive Awards 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 is 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.
Employee Benefit Plan
We maintain a tax-qualified 401(k) retirement plan for all employees who satisfy certain eligibility requirements including requirements relating to age. Under the 401(k) plan, employees may elect to defer up to 60% of eligible compensation, subject to applicable annual IRS Code limits. We do not match any contributions made by employees, including executives, but have the discretion to do so. Therefore, the costs of the plan were immaterial for the years ended December 31, 2019 and 2018. We intend for the 401(k) plan to qualify under Section 401(a) and 501(a) of the Internal Revenue Code so that contributions and income earned on contributions are not taxable to employees until withdrawn from the plan.
v3.20.1
Power Purchase Agreement Programs
 12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Power Purchase Agreement Programs
Power Purchase Agreement Programs
Overview
In mid-2010, we began offering our Energy Servers through our Bloom Electrons program, which we denote as Power Purchase Agreement Programs, financed via investment entities. Under these arrangements, an operating entity is created (the "Operating Company") which purchases our Energy Servers from us. The end customer then enters into a power purchase agreement ("PPA") with the Operating Company to purchase the power generated by our Energy Servers at a specified rate per kilowatt hour for a specified term which can range from 10 to 21 years. 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 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 variable investment entities ("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 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.
On June 14, 2019, we entered into a PPA II upgrade of Energy Servers transaction, 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 as of June 30, 2019. See further discussion below. On November 27, 2019, we 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. However, we continue consolidating PPA IIIb in our consolidated financial statements. See further discussion below.
In accordance with our Power Purchase Agreement Programs, 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 tax equity investors' interest in DSGH, the PPA II Investment Company, and admitted two new equity investors as a member of the PPA II Operating Company, retaining only a minor contingent future equity interest in the Operating Company. One of the new equity investors became the managing member which resulted in a change in our ownership interest in the Operating Company and discontinued our controlling financial interest in the PPA II Operating Company. In December 2019, we purchased the tax equity investors' interest in PPA IIIb, which resulted in a change in the ownership structure from a variable interest entity to a wholly owned subsidiary indirectly owned by the Company.

PPA II Upgrade of Energy Servers
Original Transaction
A wholly-owned subsidiary of Bloom and a wholly-owned subsidiary of Credit Suisse Group AG (“Mehetia”) jointly owned Diamond State Generation Holdings, LLC (“Class A Holdco”). Class A Holdco owned 100% of the membership interests in Diamond State Generation Partners, LLC ("DSGP"). Pursuant to an earlier transaction, DSGP owned and operated 30 megawatts of Energy Servers across two sites in Delaware that achieved operations in 2012 and 2013 and provided alternative energy generation for state tariff rate payers (the “Original Project”). The Original Project had been financed in part by the issuance of non-recourse promissory notes to DSGP (the “Project Debt”).
Overall Upgrade
We upgraded the existing 30 megawatts of Energy Servers used in the Original Project by replacing them with 27.5 megawatts of new Energy Servers. To effect the full upgrade we repurchased all of existing Energy Servers, the proceeds of which were used by DSGP to pay down the Project Debt and to enable Class A Holdco to buy out Mehetia’s interests. To finance the new Energy Servers used in the upgrade, DSGP raised capital from two new members: SP Diamond State Class B Holdings, LLC (“Class B Holdco”), a wholly owned subsidiary of Southern Power Company (“Southern”) and Assured Guaranty Municipal Corporation (“Class C Holdco”). The existing Energy Servers were removed after we repurchased them from DSGP, prior to selling and installing the new Energy Servers. The upgrade was done across two phases.
First Upgrade
On June 14, 2019, the Company entered into an agreement committing to repurchase 30 megawatts of existing Energy Servers. The repurchases happened over time in installments, in each case immediately prior to the installation of corresponding new Energy Servers. Mehetia’s equity interests were redeemed in part in connection with each repurchase. The Project Debt was repaid in connection with the first repurchase installment. 19 megawatts of existing Energy Servers were repurchased during the second and third quarter of 2019.
At the same time that Bloom entered into the repurchase agreement, Class B Holdco committed to acquire a majority interest in DSGP. DSGP entered into an agreement governing the engineering, procurement, construction and sale of the new Energy Servers (the “EPC Agreement”). DSGP used the funds contributed by Class B Holdco to purchase 17.7 megawatts of new Energy Servers from the Company in accordance with the EPC Agreement (the “First Upgrade”).
Second Upgrade
On December 23, 2019, we repurchased and removed the remaining 11 megawatts of the existing older generation Energy Servers from DSGP. The proceeds of the repurchase were used to redeem Mehetia’s remaining equity interest in Class A Holdco. After the repurchase, the remaining existing Energy Servers were removed.
At the same time, to finance the purchase of 9.8 megawatts of new Energy Servers, Class C Holdco was admitted to DSGP as a member of DSGP and DSGP entered into another EPC Agreement with the Company for the installation of the new Energy Servers. DSGP used the funds contributed by Class C Holdco to purchase the new Energy Servers from Bloom under the EPC Agreement (the “Second Upgrade”).
As of December 31, 2019, there are three members of DSGP: Class B Holdco which financed the First Upgrade, Class C Holdco, which financed the Second Upgrade, and Class A Holdco, an indirectly wholly owned subsidiary of the Company, which retains a de minimis contingent future equity interest in DSGP.
As of December 31, 2019, 27.5 megawatts of new Energy Servers in Delaware were commissioned.
Commercial Documents
The Company also entered into an operations and maintenance agreement for the ongoing care of all of the new Energy Servers (the “O&M Agreement”). The operations and maintenance fees under the O&M Agreement are paid on a fixed dollar per kilowatt basis.
The terms and conditions of the EPC Agreement and the O&M Agreement, including the suite of guaranties and warranties provided with respect to the performance of the Energy Servers are customary for our transactions of this type. The performance related guaranty and warranty were provided for each investor’s Energy Servers, while the efficiency guaranties and warranties were measured across the entire 27.5 megawatts of Energy Servers.
Credit Support
In the First Upgrade, in addition to standard indemnifications, we agreed to indemnify Class B Holdco for (i) losses incurred in the event of certain regulatory, legal, or legislative developments in connection with the Tariff capped at an aggregate amount of $97.2 million, which cap steps down each year until it is an amount equal to zero after June 30, 2025 and (ii) for the loss of certain federal tax benefits, up to $7.5 million. We posted letters of credit as credit support for both indemnities (“Class B Credit Support”).
In the Second Upgrade, in addition to standard indemnifications, we agreed to indemnify Class C Holdco for (i) losses incurred in the event of certain regulatory, legal, or legislative developments in connection with the Tariff capped at an aggregate amount of $45 million, which cap steps down each year until it is an amount equal to zero after December, 2025. We also indemnified Class C Holdco for the loss of certain federal tax benefits, losses incurred as a result of certain environmental risks and certain failures under the O&M Agreement with respect to the Energy Servers it financed. We amended the initial Class B Credit Support letter of credits and reissued a single letter of credit for the benefit of DSGP (“DSGP Credit Support”) in an amount of $108.7 million which amount will decrease over time. The DSGP Credit Support partially collateralizes our indemnity obligations to Class B Holdco and Class C Holdco. We expect the DSGP Credit Support to be extinguished by 2025.
At the time of the First Upgrade and the Second Upgrade, and as of December 31, 2019, we believe the events giving rise to these indemnifications to be remote and, therefore, no liability has been recorded in our consolidated financial statements with respect thereto.
Impact of First Upgrade and Second Upgrade of Energy Servers on Consolidated Financial Statements
As a result of the First Upgrade, we reconsidered whether we should continue to consolidate DSGP. We use a qualitative approach in assessing the consolidation requirement for each of our 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. We determined that we no longer retain a controlling interest in DSGP and therefore it will no longer be consolidated as a variable interest entity into our consolidated financial statements as of June 30, 2019. The First Upgrade and Second Upgrade resulted in the following impacts on our consolidated balance sheet as of December 31, 2019: (i) cash, cash equivalents and restricted cash increased by $113.9 million, of which $108.7 million is included in restricted cash. The increase is comprised of approximately $253.9 million cash receipts for the sale of 27.5 megawatts new systems to DSGP, offset by $83.5 million used for the repayment of project debt including $77.6 million of outstanding principal and interest, as well as a make-whole payment fee of $5.9 million, and $56.5 million distribution to Mehetia related to the redemption of noncontrolling interest; (ii) property, plant and equipment, net decreased by $75.1 million due to the depreciation and write-off of 30 megawatts of existing Energy Servers; (iii) noncontrolling interest in Mehetia went down by $56.5 million related to the First Upgrade and Second Upgrade.
Impacts on our consolidated statement of operations for the year ended December 31, 2019 are summarized as follows: (i) net product and installation revenue recognized of $223.9 million, as the result of selling 27.5 megawatts of new Energy Servers to DSGP; (ii) cost of revenue of $153.5 million including both the write-off of decommissioned Energy Systems $52.5 million, accelerated depreciation of $22.6 million of the Energy Servers prior to decommissioning, and the cost of new Energy Servers of $78.4 million; (iii) $5.9 million of administrative costs due to debt payoff make-whole expense; and (iv) $1.2 million of interest expense due to write-off of debt issuance cost.
Impacts on our consolidated statements of cash flows for the year ended December 31, 2019 are summarized as follows: net cash used by financing activities increased $139.2 million due to the repayment of debt of $76.8 million, a debt make-whole payment of $5.9 million, and payments to noncontrolling and redeemable noncontrolling interests of $56.5 million.
PPA IIIb Upgrade of Energy Servers
Transaction Overview
As part of the PPA IIIb project established in 2013, the Company, through a special purpose subsidiary (the “Project Company”), had previously entered into certain agreements for the purpose of developing, financing, owning, operating, maintaining and managing a portfolio of 5.4 megawatts of Energy Servers.
On November 27, 2019, the Company entered into certain agreements through a wholly-owned subsidiary to (i) buy out the existing debt and equity investors in Project Company such that Project Company became indirectly wholly-owned by the Company, and (ii) upgrade 5.4 megawatts of the existing Energy Servers owned and managed by Project Company by selling and installing new Energy Servers.
Immediately following the buyout, Project Company repaid all outstanding loans and indebtedness to Project Company’s lenders in the approximate amount of $24.2 million plus swap breakage costs estimated at approximately $0.2 million, and terminated its agreements, including related liens on Project Company assets, with such lenders. Project Company subsequently entered into a sale-leaseback transaction under our Managed Services Program with Key Equipment Finance, a division of KeyBank National Association, a national banking association (“KeyBank”), to finance the upgrade of the PPA IIIb project Energy Servers, pursuant to which KeyBank will own the assets and Bloom will service them. The sale-leaseback transaction is subject to Bloom’s standard warranties and guaranties.
Previously, the Company had financed multiple Energy Servers with KeyBank by entering into sale-leaseback transactions. As of December 31, 2019, KeyBank has financed approximately 39.9 megawatts of Energy Servers. $20.0 million of the proceeds from the current upgrade financing has been pledged for a seven-year period to secure the Company's operations and maintenance obligations with respect to the totality of the Company's obligations to KeyBank. All or a portion of such funds would be released if we meets certain credit rating and/or market capitalization milestones prior to the end of the pledge period. If the Company does not meet the required criteria within a five-year period, the funds would be released over the following two years as long as the Energy Servers continue to perform in compliance with their warranties.
As of December 31, 2019, 5 megawatts of the PPA IIIb project have been decommissioned and written-off by us, with the remaining 0.4 megawatts located at one site decommissioned during the first quarter of 2020. As of December 31, 2019, we have sold and deployed 5 megawatts of new Energy Servers to the PPA IIIb project, bought out the original PPA IIIb investor, and have paid off the outstanding debt related to the original PPA IIIb project.
Obligations to the PPA IIIb Financiers
We have restricted cash of $20.0 million of the proceeds from the phase two upgrade financing 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 KeyBank. 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 a five-year period, the funds would be released to us over the following two years as long as the Energy Servers continue to perform in compliance with their warranties.
Impact of PPA IIIb Upgrade of Energy Servers on Consolidated Financial Statements
The PPA IIIb upgrade was executed and mostly completed during December 2019, resulting in the following summarized impacts on our consolidated balance sheet as of December 31, 2019: (i) cash, cash equivalents and restricted cash increased by $25.2 million, mainly due to $52.0 million received from the financing of new Energy Servers, offset by debt and interest settlement of $24.4 million, and equity buyout of $2.4 million; (ii) other assets decreased $14.6 million primarily due to customer financing lease receivable write-off of $11.3 million associated with 1.6 megawatts of old Energy Servers and decommissioning and write-off costs of $18.0 million associated with 3.4 megawatts of old Energy Servers, offset by $14.7 million increase in property, plant and equipment due to 5 megawatts of new Energy Servers; (iii) liabilities increased by $28 million due to $51.9 million lease liability for new Energy Servers of the Managed Services Program, offset by $23.9 million decrease due to the settlement of all outstanding debt; and (iv) the payment of a deemed dividend to the investor of $2.4 million.
Impacts on our consolidated statement of operations for the year ended December 31, 2019 are summarized as follows: (i) $11.3 million decrease in revenue due to the write-off of the customer financing lease receivable; (ii) an increase in cost of revenue of $19.7 million primarily due to the write-off of decommissioned operating lease Energy Servers of $18.0 million and accelerated depreciation of $1.7 million; and (iii) administrative costs of $1.8 million primarily due to the write-off of production insurance expense on the decommissioned Energy Servers.
Impacts on our consolidated statement of cash flows for the year ended December 31, 2019 are summarized as follows: net cash used by financing activities increased $26.3 million due to the repayment of debt principal of $23.9 million and the payment of a deemed dividend to the investor of $2.4 million.
PPA Entities' Activities Summary
The table below shows the details of the five Investment Companies' VIEs that were active during 2019 and their cumulative activities from inception to the periods indicated (dollars in thousands):
 
 
PPA II
 
PPA IIIa
 
PPA IIIb
 
PPA IV
 
PPA V
Overview:
 
 
 
 
 
 
 
 
 
 
Maximum size of installation (in megawatts)
 
30
 
10
 
6
 
21
 
40
Installed size (in megawatts) 1
 
—
 
10
 
—
 
19
 
37
Term of power purchase agreements (in years)
 
21
 
15
 
15
 
15
 
15
First system installed
 
Jun-12
 
Feb-13
 
Aug-13
 
Sep-14
 
Jun-15
Last system installed
 
Nov-13
 
Jun-14
 
Jun-15
 
Mar-16
 
Dec-16
Income (loss) and tax benefits allocation to Equity Investor
 
99%
 
99%
 
99%
 
90%
 
99%
Cash allocation to Equity Investor
 
99%
 
99%
 
99%
 
90%
 
90%
Income (loss), tax and cash allocations to Equity Investor after the flip date
 
5%
 
5%
 
5%
 
No flip
 
No flip
Variable Investment Entity termination
 
June
2019
 
N/A
 
November 2019
 
N/A
 
N/A
Equity Investor 2
 
N/A
 
US Bank
 
N/A
 
Exelon Corporation
 
Exelon Corporation
Put option date 3
 
N/A
 
1st anniversary of flip point
 
N/A
 
N/A
 
N/A
Company cash contributions
 
$
22,442

 
$
32,223

 
$
22,658

 
$
11,669

 
$
27,932

Company non-cash contributions 4
 
$
—

 
$
8,655

 
$
2,082

 
$
—

 
$
—

Equity Investor cash contributions
 
$
139,993

 
$
36,967

 
$
20,152

 
$
84,782

 
$
227,344

Debt financing
 
$
144,813

 
$
44,968

 
$
28,676

 
$
99,000

 
$
131,237

Activity as of December 31, 2019:
 
 
 
 
 
 
 
 
 
 
Distributions to Equity Investor
 
$
176,364

 
$
4,803

 
$
4,462

 
$
6,692

 
$
70,591

Debt repayment—principal
 
$
144,813

 
$
6,631

 
$
28,676

 
$
18,012

 
$
9,453

Activity as of December 31, 2018:
 
 
 
 
 
 
 
 
 
 
Distributions to Equity Investor
 
$
116,942

 
$
4,063

 
$
1,807

 
$
4,568

 
$
66,745

Debt repayment—principal
 
$
65,114

 
$
4,431

 
$
3,953

 
$
15,543

 
$
5,780

Activity as of December 31, 2017:
 
 
 
 
 
 
 
 
 
 
Distributions to Equity Investor
 
$
111,296

 
$
3,324

 
$
1,404

 
$
2,565

 
$
60,286

Debt repayment—principal
 
$
53,726

 
$
3,041

 
$
3,077

 
$
13,697

 
$
2,834

 
1 Installed base decreased from December 31, 2018 due to the repurchase of 36 megawatts of our Energy Servers during 2019 under the PPA II and PPA IIIb upgrade of Energy Servers. See disclosures above.
2 Investor name represents ultimate parent of subsidiary financing the project.
3 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.
4 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.
Some of our PPA Entities contain structured provisions whereby the allocation of income and equity to the Equity Investors changes at some point in time after the formation of the PPA Entity. The change in allocations to Equity Investors (or the "flip") occurs based either on a specified future date or once the Equity Investors reaches its targeted rate of return. For PPA Entities with a specified future date for the flip, the flip occurs January 1 of the calendar year immediately following the year that includes the fifth anniversary of the date the last site achieves commercial operation.
The noncontrolling interests in PPA IIIa are redeemable as a result of the put option held by the Equity Investors as of December 31, 2019. The noncontrolling interests in PPA II, IIIa and PPA IIIb were redeemable as a result of the put option held by the Equity Investors as of December 31, 2018. The redemption value is the put amount. At December 31, 2019, and 2018, the carrying value of redeemable noncontrolling interests of $0.4 million and $57.3 million, respectively, exceeded the maximum redemption value.
PPA Entities’ Aggregate Assets and Liabilities
Generally, Operating Company assets can be used to settle only the Operating Company obligations and Operating Company creditors do not have recourse to us. The aggregate carrying values of our VIEs for their assets and liabilities in our consolidated balance sheets, after eliminations of intercompany transactions and balances, were as follows (in thousands):
 
 
December 31,
 
 
   2019 1
 
   2018 2
 
 
 
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
1,894

 
$
5,295

Restricted cash
 
2,244

 
2,917

Accounts receivable
 
4,194

 
7,516

Customer financing receivable
 
5,108

 
5,594

Prepaid expenses and other current assets
 
3,587

 
4,909

Total current assets
 
17,027

 
26,231

Property and equipment, net
 
275,481

 
399,060

Customer financing receivable, non-current
 
50,747

 
67,082

Restricted cash
 
15,045

 
27,854

Other long-term assets
 
607

 
2,692

Total assets
 
$
358,907

 
$
522,919

Liabilities
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
—

 
$
724

Accrued expenses and other current liabilities
 
1,391

 
1,442

Deferred revenue and customer deposits
 
662

 
786

Current portion of debt
 
12,155

 
21,162

Total current liabilities
 
14,208

 
24,114

Derivative liabilities
 
8,459

 
3,626

Deferred revenue
 
6,735

 
8,696

Long-term portion of debt
 
223,267

 
323,360

Other long-term liabilities
 
2,355

 
1,798

Total liabilities
 
$
255,024

 
$
361,594


1 These amounts include our VIEs: PPA IIIa, PPA IV and PPA V.
2 These amounts include our VIEs: PPA II, PPA IIIa, PPA IIIb, PPA IV and PPA V.
As stated above, we are a minority shareholder in the PPA Entities for the administration of our Bloom Electrons program. PPA Entities contain debt that is non-recourse to us. The PPA Entities also own Energy Server assets for which we do not have title. Although we will continue to have Power Purchase Agreement Program entities in the future and offer customers the ability to purchase electricity without the purchase of our Energy Servers, we do not intend to be a minority investor in any new Power Purchase Agreement Program entities.
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 following table shows Bloom Energy's stand-alone, the PPA Entities combined and these consolidated balances as of December 31, 2019, and December 31, 2018 (in thousands):
 
 
December 31, 2019
 
December 31, 2018
 
 
Bloom Energy
 
PPA Entities
 
Consolidated
 
Bloom Energy
 
PPA Entities
 
Consolidated
 
 
 
 
 
 
 
 
As Restated
 
 
 
As Restated
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
$
455,680

 
$
17,027

 
$
472,707

 
$
637,703

 
$
26,231

 
$
663,934

Long-term assets
 
508,004

 
341,880

 
849,884

 
361,172

 
496,688

 
857,860

Total assets
 
$
963,684

 
$
358,907

 
$
1,322,591

 
$
998,875

 
$
522,919

 
$
1,521,794

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
234,328

 
$
2,053

 
$
236,381

 
$
224,503

 
$
2,952

 
$
227,455

Current portion of debt
 
325,428

 
12,155

 
337,583

 
8,686

 
21,162

 
29,848

Long-term liabilities
 
599,709

 
17,549

 
617,258

 
499,177

 
14,120

 
513,297

Long-term portion of debt
 
75,962

 
223,267

 
299,229

 
388,073

 
323,360

 
711,433

Total liabilities
 
$
1,235,427

 
$
255,024

 
$
1,490,451

 
$
1,120,439

 
$
361,594

 
$
1,482,033
v3.20.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies
Commitments
Facilities Leases
We lease most of our facilities, office buildings and equipment under operating leases that expire at various dates through December 2028. Our lease for our former corporate offices in Sunnyvale, California expired in December 2018. We entered into a lease for our corporate headquarters located in San Jose, California, for 181,000 square feet of office space commencing January 2019 and expiring in December 2028. Our headquarters is used for administration, research and development and sales and marketing.
Additionally, we lease various manufacturing facilities in Sunnyvale, California and Mountain View, California. Our current lease for our Sunnyvale manufacturing facilities, entered into in April 2005, expires in 2020. Our current lease for our manufacturing facilities at Mountain View, entered into in December 2011, expired in December 2019 and is extended on a month to month arrangement. These plants together comprise approximately 281,265 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.
During the years ended December 31, 2019, 2018 and 2017, rent expense for all occupied facilities was $7.8 million, $6.3 million and $5.2 million, respectively.
Equipment Leases
Beginning in December 2015, we are a party to master lease agreements that provide for the sale of our Energy Servers to third parties and the simultaneous leaseback of the systems which we then sublease to customers. The lease agreements expire on various dates through 2025 and there was no recorded rent expense for the years ended December 31, 2019, 2018 and 2017.

At December 31, 2019, future minimum lease payments under operating leases and financing obligations were as follows (in thousands):
 
Operating Leases Obligations
 
Financing Obligations
 
Sublease Payments1
2020
$
7,250

 
$
37,840

 
$
(37,840
)
2021
5,495

 
38,726

 
(38,726
)
2022
4,168

 
39,680

 
(39,680
)
2023
4,230

 
40,582

 
(40,582
)
2024
4,357

 
38,442

 
(38,442
)
Thereafter
17,913

 
117,592

 
(117,592
)
Total lease payments
$
43,413

 
312,862

 
$
(312,862
)
Less: imputed interest
 
 
(184,184
)
 

Total lease obligations
 
 
128,678

 

Less: current obligations
 
 
(10,993
)
 

Long-term lease obligations
 
 
$
117,685

 

1 Sublease Payments primarily represents the fees received by the bank from our end 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.
Managed Services Financing Obligations - Our managed services arrangements are classified as capital leases and are recorded as financing transactions, while the sublease arrangements with the end customer are classified as operating leases. Payments received from the financier are recorded as financing obligations. These obligations are included in each agreements' contract value and are recorded as short-term or long-term liabilities based on the estimated payment dates. The long-term financing obligations were $446.2 million and $385.6 million as of December 31, 2019 and 2018, 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. We recognize revenue for the electricity generated by allocating the total proceeds of the sublease payments based on the relative standalone selling prices to electricity revenue and to service revenue.
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 its 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 cancelable. As of December 31, 2019 and 2018, we had no material open purchase orders with our component suppliers and third-party manufacturers that are not cancelable.
Power Purchase Agreement Program - Under the terms of the Bloom Electrons program (see Note 13, Power Purchase Agreement Programs), customers agree to purchase power from our Energy Servers at negotiated rates, generally for periods of up to twenty-one 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 PPA contracts. The risk associated with the future market price of fuel purchase obligations is mitigated with commodity contract futures.
The PPA Entities 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 $3.5 million, $0.9 million and $3.7 million for the years ended December 31, 2019, 2018 and 2017, respectively.
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, 2019 and 2018 was $5.0 million and $5.0 million, respectively.
In 2019, pursuant to the PPA II upgrade of Energy Servers, we agreed to indemnify SPDS for losses that may be incurred in the event of certain regulatory, legal or legislative development and established a cash-collateralized letter of credit for this purpose. As of December 31, 2019, the balance of this cash-collateralized letter of credit was $108.7 million.
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 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, 2019, we had 323 full time workers in Delaware and paid $120.1 million in cumulative compensation. As of December 31, 2018, we had 335 full time workers in Delaware and paid $92.0 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, including up to $3.1 million on September 30, 2021 and up to an additional $2.5 million on September 30, 2023. As of December 31, 2019, we paid $1.5 million for recapture provisions and have recorded $10.5 million in other long-term liabilities for potential recapture.
Self-Generation Incentive Program ("SGIP") - Our PPA Entities’ customers receive payments under the SGIP which is a program specific to the State of California that provides financial incentives for the installation of qualifying new self-generation equipment that we own. The SGIP program issues 50% of the fully anticipated amount in the first year the equipment is placed into service. The remaining incentive is then paid based on the size of the equipment (i.e., nameplate kilowatt capacity) over the subsequent five years.
The SGIP program has operational criteria primarily related to fuel mixture and minimum output for the first five years after the qualified equipment is placed in service. If the operational criteria are not fulfilled, it could result in a partial refund of funds received. However, for certain PPA Entities, we make SGIP reservations on behalf of the PPA Entity and, therefore, the PPA Entity bears the risk of loss if these funds are not paid.
Investment Tax Credits ("ITCs") - 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 incentives. Ours purchase of Energy Servers were by the PPA Entities and, therefore, the PPA Entities bear the risk of repayment if the assets placed in service do not meet the ITC operational criteria in the future.
Legal Matters - From time to time, we are involved in disputes, claims, litigation, investigations, proceedings and/or other legal actions consisting of commercial, securities and employment matters that arise in the ordinary course of business. We review all legal matters at least quarterly and assesses whether an accrual for loss contingencies needs to be recorded. The assessment reflects the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular situation. 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. We do not believe Claimant’s claims supporting rescission have merit nor that Claimants can remit to us the monetary benefits they already obtained under the Confidential Agreement. We have recorded no loss contingency related to this claim.
In June 2019, Messrs. Daubenspeck and Badger filed a complaint against our CEO, our CFO and our former CFO in the United States District Court for the Northern District of Illinois, Case No. 1:19-cv-04305, asserting nearly identical claims as those in the pending arbitration discussed above. The lawsuit has been stayed pending the outcome of the arbitration. We believe the complaint to be without merit and, as a result, we have recorded no loss contingency related to this claim.
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 initial public offering alleging violations under Sections 11 and 15 of the Securities Act of 1933, as amended, for alleged misleading statements or omissions in our Form S-1 Registration Statement filed with the Securities and Exchange Commission in connection with our July 25, 2018 initial public offering. 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 vigorously defend.
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 of 1933, as amended, for alleged misleading statements or omissions in our Form S-1 Registration Statement filed with the Securities and Exchange Commission in connection with our July 25, 2018 initial public offering. 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 and extending the class period to September 16, 2019. We believe the complaint to be without merit and we intend to vigorously defend.
In November 2019, Michael Bolouri filed a class action complaint in the federal district court for the Northern District of California against us, certain members of our senior management, certain of our directors and the underwriters in our initial public offering, alleging violations under Section 11 and 15 of the Securities Act of 1933, as amended, and violations under Sections 10b and 20a of the Securities Exchange Act of 1934 for alleged misleading statements or omissions in our Form S-1 Registration Statement filed with the Securities and Exchange Commission in connection with our July 25, 2018 initial public offering and continuing through September 16, 2019. On December 11, 2019, a notice of voluntary dismissal was filed by the plaintiff and the case has now been dismissed.
In September 2019, we received a books and records demand from purported Company 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 Company 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 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.
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. We are still investigating the allegations but believe the complaint to be without merit and, as a result, we have recorded no loss contingency related to this claim.
v3.20.1
Segment Information
 12 Months Ended
Dec. 31, 2019
Risks and Uncertainties [Abstract]  
Segment Information
Segment Information
Segment and the Chief Operating Decision Maker
Our chief operating decision makers ("CODMs"), our Chief Executive Officer and the Chief Financial Officer, 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.
Concentration of Geographic 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, China, India, and the Republic of Korea (collectively, our "Asia Pacific region"). In the year ended December 31, 2019 and 2018, total revenue in the Asia Pacific region was 23% and 14%, respectively, of our total revenue.
v3.20.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions
Related Party Transactions
Our operations included the following related party transactions (in thousands):
 
 
Years Ended
December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Total revenue from related parties
 
$
228,100

 
$
32,381

 
$
2,176

Interest expense to related parties
 
6,756

 
8,893

 
12,265

Consulting expenses paid to related parties 1 (included in general and administrative expense)
 
—

 
125

 
206

1As of July 2019, we no longer have a consultant considered to be a related party.

As of December 31, 2019 and 2018, we had $55.8 million and $64.1 million, respectively, in debt and convertible notes from investors considered to be related parties.
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 year ended December 31, 2019 and 2018, we recognized related party total revenue of $4.2 million and $32.4 million, respectively. Accounts receivable from this joint venture was $2.4 million as of December 31, 2019 and $3.3 million as of December 31, 2018.
Diamond State Generation Partners, LLC
On June 14, 2019, we entered into a transaction with SP Diamond State Class B Holdings (SPDS) for the PPA II upgrade of Energy Servers. In connection with the closing of this transaction, SPDS was admitted as a member of Diamond State Generation Partners, LLC ("DSGP"). DSGP, an operating company was a wholly owned subsidiary of DSGH prior to June 14, 2019. As a result of the PPA II upgrade of Energy Servers transaction, we determined that we no longer retain a controlling interest in DSGP and therefore it will no longer be consolidated as a variable interest entity, or VIE, into our consolidated financial statements as of June 30, 2019. DSGP is considered to be a related party as, through our interest in DSGH, we held an interest in DSGP through December 23, 2019. As a result of the PPA II Upgrade, we recognized related party revenue of approximately $223.9 million, comprised of product revenue of approximately $216.9 million and installation revenue of $7.0 million, for the year ended December 31, 2019. See Note 13, Power Purchase Agreement Programs - PPA II Upgrade of Energy Servers. We had no accounts receivable from DSGP as of December 31, 2019.
Consulting Arrangement
In January 2009, we entered into a consulting agreement with General Colin L. Powell, a member of our board of directors, pursuant to which General Powell performs certain strategic planning and advisory services for us. In 2018, General Powell's compensation was revised to $125,000.0 per year, plus reimbursement for reasonable expenses. In July 2019, the consulting agreement was amended to further reduce the compensation payable to General Powell such that he is no longer designated as a related party for reporting purposes.
Debt to Related Parties
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
 
 
 
Current
 
Long-
Term
 
Total
 
 
 
 
 
 
 
 
 
Recourse debt from related parties:
 
 
 
 
 
 
 
 
6% convertible promissory notes due December 2020 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

The following is a summary of our debt and convertible notes from investors considered to be related parties as of December 31, 2018 (in thousands):
 
 
Unpaid
Principal
Balance
 
Net Carrying Value
 
 
 
Current
 
Long-
Term
 
Total
 
 
 
 
 
 
 
 
 
Recourse debt from related parties:
 
 
 
 
 
 
 
 
6% convertible promissory notes due December 2020 from related parties
 
$
27,734

 
$
—

 
$
27,734

 
$
27,734

Non-recourse debt from related parties:
 
 
 
 
 
 
 
 
7.5% term loan due September 2028 from related parties
 
40,538

 
2,200

 
34,119

 
36,319

Total debt from related parties
 
$
68,272

 
$
2,200

 
$
61,853

 
$
64,053


In November 2019, one related party note holder exchanged $6.9 million of their 6% Notes at the conversion price of $11.25 per share into 616,302 shares of common stock. We repaid $2.2 million and $1.4 million of the non-recourse 7.5% term loan principal balance in the years December 31, 2019 and 2018, respectively, and we paid $3.0 million and $3.1 million of interest in the years December 31, 2019 and 2018, respectively. See Note 7, Outstanding Loans and Security Agreements for additional information on our debt facilities.
v3.20.1
Subsequent Events
 12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
Senior Secured Notes Private Placement
On March 31, 2020, we entered into a note purchase agreement (the “Note Purchase Agreement”) with certain investors pursuant to which such investors have agreed to purchase, and we have agreed to issue, $70.0 million of 10.25% Senior Secured Notes due 2027 (the “Senior Secured Notes”) in a private placement (the “Senior Secured Notes Private Placement”). The Senior Secured Notes will be governed by an indenture (the “Senior Secured Notes Indenture”) entered into among us, the guarantors party thereto and U.S. Bank National Association, in its capacity as trustee and collateral agent. The Senior Secured Notes are secured by certain of our operations and maintenance agreements.
The Note Purchase Agreement contains customary representations, warranties and covenants of the parties. Pursuant to the Note Purchase Agreement, the issuance of the Senior Secured Notes and related funding is expected to be consummated no later than May 29, 2020, and is conditioned upon the satisfaction of certain closing conditions set forth in the Note Purchase Agreement, including the release of certain collateral by the 6% Convertible Noteholders, a satisfactory rating by a rating agency and receipt by the Purchasers of customary certificates, legal opinions and other documents.
Interest on the Notes will be payable on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2020. The Indenture will contain customary events of default and covenants relating to, among other things, the incurrence of debt, affiliate transactions, liens and restricted payments. On or after March 27, 2022, we may redeem all of the Notes at a price equal to 108.00% of the principal amount of the Notes plus accrued and unpaid interest, with such optional redemption prices decreasing to 104.00% on and after March 27, 2023, 102.00% on and after March 27, 2024 and 100.00% on and after March 27, 2026. Before March 27, 2022, we may redeem the 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 Notes at a purchase price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest.
Amendment of Convertible Notes
Amendment Support Agreement
On March 31, 2020, we entered into an Amendment Support Agreement (the “Amendment Support Agreement”) with the beneficial owners (the “Noteholders”) of our outstanding 6.0% Convertible Notes due 2020 (the “Convertible Notes”) pursuant to which such Noteholders have agreed to consent to, among other things, certain amendments to the indenture (the “Proposed Amendments”).
The Proposed Amendments will, among other things:
•
Increase the interest rate of the Convertible Notes to 10% per annum,
•
Extend the maturity date of the Convertible Notes to December 1, 2021, except that $70.0 million will remain due and payable on September 1, 2020;
•
Amend the conversion price applicable to the Convertible Notes to $8.00, representing an initial conversion rate of 125.0000 shares of Class B Common Stock per $1,000 principal amount of Notes (subject to customary adjustments);
•
Add covenants relating to, among other things, the redemption of the Convertible Notes with the proceeds of certain transactions (including equity and debt financings or sales of intellectual property), repayment of outstanding indebtedness and restricted payments and a provision requiring KR Sridhar to remain as CEO of Bloom Energy unless caused by illness, incapacity or death;
•
Release certain collateral securing the Convertible Notes that will secure the Senior Secured Notes; and
•
Require that we repay at least $70.0 million of the Convertible Notes on or before September 1, 2020.
Pursuant to the Amendment Support Agreement, the Proposed Amendments were implemented by (i) amending and restating the Original Indenture (as so amended and restated, the “Amended and Restated Indenture”), (ii) amending and restating the Convertible Notes in the form to be attached to the Amended and Restated Indenture, and (iii) executing and delivering an amendment to the security agreement governing the collateral securing the Convertible Notes (the “Security Agreement Amendment” and together with the Amended and Restated Indenture and the Security Agreement Amendment, the “Amendment Documents”), and (iv) executing and delivering certain other documents, instruments, certificates and agreements in connection with and/or as required by the foregoing, in each case on or prior to April 20, 2020 and subject to the satisfaction of certain customary and other conditions set forth in the Amendment Support Agreement, including the payment of expenses and the delivery of customary certificates, legal opinions and other documents.
On March 31, 2020, we also entered into a Support Agreement (the “Stockholder Support Agreement”) with KR Sridhar, the Chief Executive Officer of the Company (in such capacity, the “Stockholder”) and the beneficial owner of a majority of the voting power of the Company, pursuant to which the Stockholder has agreed to vote in favor of permitting us to settle all conversions of Convertible Notes in shares of our Class A Common Stock or Class B Common Stock, as applicable, in compliance with all applicable rules of the New York Stock Exchange (the “Stockholder Approval”).
Convertible Note Purchase Agreement
In connection with the execution and delivery of the Amendment Documents, on March 31, 2020, we entered into a convertible note purchase agreement (the “Convertible Note Purchase Agreement”) with Foris Ventures, LLC and New Enterprise Associates 10, Limited Partnership (together, the “Purchasers”), both affiliates of ours, pursuant to which such Purchasers were issued $30 million aggregate principal amount of additional Convertible Notes (the “Additional Convertible Notes”) under the Amended and Restated Indenture. The issuance of the Additional Convertible Notes is expected to occur substantially concurrently with the execution and delivery of the Amendment Documents.
Constellation Note Modification Agreement
In connection with the execution and delivery of the Amendment Documents, 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 certain terms of our outstanding Amended and Restated Subordinated Secured Convertible Note issued to Constellation were modified to be no less favorable than the corresponding terms of the Convertible Notes as amended by the Amended and Restated Indenture.
COVID-19 Pandemic
The recent outbreak of the novel coronavirus COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, has led to adverse impacts on the U.S. and global economies and created uncertainty regarding potential impacts to our supply chain, operations, and customer demand. Although we have been able to maintain certain of our operations as an “Essential Business” in California and Delaware, other operations have been delayed or suspended under applicable government orders and guidance.
Our headquarters and certain of our manufacturing facilities are located in Santa Clara County, California. On March 17, 2020, Santa Clara County became subject to a government mandated “shelter in place” order, which was superseded by an Executive Order issued by the Governor of California that extends indefinitely. Similarly, effective March 25, 2020, our manufacturing facilities in Newark, Delaware became subject to the Governor of Delaware’s Declaration of a State of Emergency Due to a Public Health Threat initially issued on March 12, 2020 and in effect until further notice. As our manufacturing operations have been designated as “Essential Businesses”, both manufacturing facilities are continuing to operate. However, our installation activities in all areas, but especially New York, Connecticut, New Jersey, California and Massachusetts, are adversely impacted by similar mandates in these jurisdictions, as well as where certain of our customers have shut down or otherwise limited access to their facilities. Additionally, while construction activities have to date been deemed “Essential Businesses” and allowed to proceed in many jurisdictions, we have experienced interruptions and delays caused by confusion related to exemptions for “Essential Businesses” amongst our suppliers and their sub-contractors.
In response, we have closed our headquarters building and directed employees, unless they are directly supporting essential manufacturing production operations or maintenance activities, to work from their homes. This has caused disruptions in certain of our operations, including our research and development, sales, marketing, installation and operations and maintenance activities.
We are also experiencing delays from certain vendors and suppliers that have been affected more directly by COVID-19. Our international operations, including in South Korea and India, have been disrupted by the COVID-19 pandemic and by governmental responses to the pandemic. In India, orders by the National Disaster Management Authority and the Ministry of Home Affairs issued March 24, 2020 have “prescribed a lockdown for containment of COVID-19 Epidemic in the country,” according to the Press Information Bureau of the Government of India. These orders have had the effect of disrupting the supply chain on which we rely for certain parts critical to our manufacturing and maintenance capabilities, which impacts both our sale and installation of new products and our operations and maintenance of previously-sold Energy Servers. Both the primary and secondary sources of a particular part on which we rely are in India. As of the filing of this Form 10-K, we have identified an alternative supplier based in China which is expected to be able to provide the necessary parts by the end of April 2020.  Relative to South Korea, we have not seen significant impacts to date in orders and as we do not perform installation services in South Korea, our risks in South Korea are further limited.
We also rely on third party financing for our customer’s purchases of our Energy Servers. We have already experienced one delayed closing due to a financier’s inability to close in light of its own liquidity concerns.
We have also experienced delays and interruptions to our installation activities where customers have shut down or otherwise limited access to their facilities. Additionally, while construction activities have to date been deemed “essential business” and allowed to proceed in many jurisdictions, we have experienced interruptions and delays caused by confusion related to exemptions for “Essential Businesses” amongst our suppliers and their sub-contractors.
The COVID-19 pandemic is expected to negatively impact our results of operations, financial position, and liquidity, but we cannot reasonably estimate the future impact at this time.
Other Events
There have been no other subsequent events that occurred during the period subsequent to the date of these financial statements that would require adjustment to our disclosure in the financial statements as presented.
v3.20.1
Unaudited Quarterly Supplemental Financial Information
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Unaudited Quarterly Supplemental Financial Information
Unaudited Selected Quarterly Financial Data
The consolidated statements of operations data, presented on a quarterly basis for the years ended December 31, 2019 and 2018, are unaudited. These data have been prepared in accordance with U.S. GAAP for interim financial information and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented.
We have restated herein our previously issued unaudited selected quarterly financial data for the quarters ended March 31, 2019, June 30, 2019 and 2018, September 30, 2019 and 2018, and December 31, 2018 and revised our unaudited selected quarterly financial data for the quarter ended March 31, 2018. See Note 2, Restatement and Revision of Previously Issued Consolidated Financial Statements, for further information.
In addition, our unaudited selected quarterly financial data for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, as previously reported, did not originally reflect the adoption of ASU 2014-09 related to the presentation of ASC 606 Revenue From Contracts With Customers. ASC 606 was adopted in the fourth quarter of 2019 and was applied on the modified retrospective method for periods commencing January 1, 2019. Our condensed consolidated statements of operations data for the interim periods within fiscal year 2019 have been recast accordingly. See Note 1, Accounting Guidance Implemented in Fiscal Year 2019, Revenue Recognition, for additional information related to our adoption of ASU 2014-09.
The following presents our consolidated statements of operations by quarter (in thousands) (unaudited):
 
 
2019
 
2018
 
 
Three Months Ended
 
 
Dec. 31
 
Sept. 30
 
June 30
 
March 31
 
Dec. 31
 
Sept. 30
 
June 30
 
March 31
 
 
 
 
As Restated and Recast
 
As Restated
 
As Revised
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product
 
$
158,427

 
$
163,902

 
$
144,081

 
$
90,926

 
$
103,937

 
$
102,433

 
$
78,497

 
$
115,771

Installation
 
14,429

 
21,102

 
13,076

 
12,219

 
11,066

 
24,691

 
19,643

 
12,795

Service
 
25,628

 
23,665

 
23,026

 
23,467

 
21,778

 
21,056

 
20,299

 
20,134

Electricity
 
15,059

 
15,638

 
20,143

 
20,389

 
20,364

 
20,439

 
19,863

 
19,882

Total revenue
 
213,543

 
224,307

 
200,326

 
147,001

 
157,145

 
168,619

 
138,302

 
168,582

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product
 
141,782

 
91,697

 
113,228

 
88,772

 
86,154

 
69,053

 
49,603

 
76,465

Installation
 
16,901

 
26,141

 
17,685

 
15,760

 
20,651

 
35,506

 
29,951

 
9,198

Service
 
17,127

 
36,427

 
18,763

 
27,921

 
31,818

 
24,470

 
19,702

 
24,699

Electricity
 
12,785

 
27,317

 
22,300

 
12,984

 
11,601

 
12,180

 
12,062

 
13,785

Total cost of revenue
 
188,595

 
181,582

 
171,976

 
145,437

 
150,224

 
141,209

 
111,318

 
124,147

Gross profit
 
24,948

 
42,725

 
28,350

 
1,564

 
6,921

 
27,410

 
26,984

 
44,435

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
22,148

 
23,389

 
29,772

 
28,859

 
32,970

 
27,021

 
14,413

 
14,731

Sales and marketing
 
17,357

 
17,649

 
18,194

 
20,373

 
24,951

 
21,396

 
8,167

 
8,293

General and administrative
 
33,315

 
36,599

 
43,662

 
39,074

 
47,471

 
40,999

 
15,359

 
14,988

Total operating expenses
 
72,820

 
77,637

 
91,628

 
88,306

 
105,392

 
89,416

 
37,939

 
38,012

Income (loss) from operations
 
(47,872
)
 
(34,912
)
 
(63,278
)
 
(86,742
)
 
(98,471
)
 
(62,006
)
 
(10,955
)
 
6,423

Interest income
 
862

 
1,214

 
1,700

 
1,885

 
1,996

 
1,467

 
444

 
415

Interest expense
 
(21,635
)
 
(21,323
)
 
(22,722
)
 
(21,800
)
 
(21,757
)
 
(22,125
)
 
(27,147
)
 
(25,992
)
Interest expense to related parties
 
(1,933
)
 
(1,605
)
 
(1,606
)
 
(1,612
)
 
(1,628
)
 
(1,966
)
 
(2,672
)
 
(2,627
)
Other income (expense), net
 
138

 
525

 
(222
)
 
265

 
636

 
(705
)
 
(855
)
 
(75
)
Gain (loss) on revaluation of warrant liabilities and embedded derivatives
 
(540
)
 
(540
)
 
(540
)
 
(540
)
 
192

 
900

 
(19,197
)
 
(4,034
)
Loss before income taxes
 
(70,980
)
 
(56,641
)
 
(86,668
)
 
(108,544
)
 
(119,032
)
 
(84,435
)
 
(60,382
)
 
(25,890
)
Income tax provision (benefit)
 
31

 
136

 
258

 
208

 
1,079

 
(3
)
 
128

 
333

Net loss
 
(71,011
)
 
(56,777
)
 
(86,926
)
 
(108,752
)
 
(120,111
)
 
(84,432
)
 
(60,510
)
 
(26,223
)
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(5,178
)
 
(5,027
)
 
(5,015
)
 
(3,832
)
 
(4,662
)
 
(3,930
)
 
(4,512
)
 
(4,632
)
Net loss attributable to Class A and Class B common stockholders
 
(65,833
)
 
(51,750
)
 
(81,911
)
 
(104,920
)
 
(115,449
)
 
(80,502
)
 
(55,998
)
 
(21,591
)
Less: deemed dividend to noncontrolling interest
 
(2,454
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Net loss available to Class A and Class B common stockholders
 
$
(68,287
)
 
$
(51,750
)
 
$
(81,911
)
 
$
(104,920
)
 
$
(115,449
)
 
$
(80,502
)
 
$
(55,998
)
 
$
(21,591
)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted
 
$
(0.58
)
 
$
(0.44
)
 
$
(0.72
)
 
$
(0.94
)
 
$
(1.06
)
 
$
(0.99
)
 
$
(5.31
)
 
$
(2.08
)
Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted
 
118,588

 
116,330

 
113,624

 
111,842

 
109,416

 
81,321

 
10,536

 
10,404


Restatement and Recasting and Revision of Previously Issued Unaudited Financial Data
Following are the restatement and recasting of previously reported condensed consolidated balance sheets for the quarters ended March 31, 2019, June 30, 2019, and September 30, 2019, restatement of previously reported condensed consolidated balance sheets for the quarters ended June 30, 2018 and September 30, 2018, and revision of previously reported condensed consolidated balance sheet for the quarter ended March 31, 2018.
 
 
March 31, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Assets
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
320,414

 
$
—

 
$
320,414

 
$
—

 
$
320,414

Restricted cash
 
18,419

 
—

 
18,419

 
—

 
18,419

Accounts receivable
 
84,070

 
3,995

1
88,065

 
(2,418
)
 
85,647

Inventories
 
116,544

 
3,327

2
119,871

 
—

 
119,871

Deferred cost of revenue
 
66,316

 
(13,405
)
3
52,911

 
—

 
52,911

Customer financing receivable
 
5,717

 
—

 
5,717

 
—

 
5,717

Prepaid expenses and other current assets
 
28,362

 
1,582

4
29,944

 
129

 
30,073

Total current assets
 
639,842

 
(4,501
)
 
635,341

 
(2,289
)
 
633,052

Property, plant and equipment, net
 
475,385

 
236,246

5
711,631

 
—

 
711,631

Customer financing receivable, non-current
 
65,620

 
—

 
65,620

 
—

 
65,620

Restricted cash (noncurrent)
 
31,101

 
—

 
31,101

 
—

 
31,101

Deferred cost of revenue, non-current
 
72,516

 
(70,583
)
3
1,933

 
—

 
1,933

Other long-term assets
 
34,386

 
8,486

6
42,872

 
2,575

 
45,447

Total assets
 
$
1,318,850

 
$
169,648

 
$
1,488,498

 
$
286

 
$
1,488,784

Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
64,425

 
$
—

 
$
64,425

 
$
—

 
$
64,425

Accrued warranty
 
16,736

 
(1,219
)
7
15,517

 
(1,280
)
 
14,237

Accrued expenses and other current liabilities
 
67,966

 
(3,893
)
8
64,073

 
—

 
64,073

Financing obligations
 
—

 
8,819

10
8,819

 
—

 
8,819

Deferred revenue and customer deposits
 
89,557

 
(16,153
)
11
73,404

 
1,665

 
75,069

Current portion of recourse debt
 
15,683

 
—

 
15,683

 
—

 
15,683

Current portion of non-recourse debt
 
19,486

 
—

 
19,486

 
—

 
19,486

Current portion of non-recourse debt from related parties
 
2,341

 
—

 
2,341

 
—

 
2,341

Total current liabilities
 
276,194

 
(12,446
)
 
263,748

 
385

 
264,133

Derivative liabilities
 
11,166

 
4,556

 
15,722

 
—

 
15,722

Deferred revenue and customer deposits, net of current portion
 
201,863

 
(115,432
)
11
86,431

 
17,320

 
103,751

Financing obligations, non-current
 
—

 
394,037

10
394,037

 
—

 
394,037

Long-term portion of recourse debt
 
357,876

 
—

 
357,876

 
—

 
357,876

Long-term portion of non-recourse debt
 
284,541

 
—

 
284,541

 
—

 
284,541

Long-term portion of recourse debt from related parties
 
27,734

 
—

 
27,734

 
—

 
27,734

Long-term portion of non-recourse debt from related parties
 
33,417

 
—

 
33,417

 
—

 
33,417

 
 
March 31, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Other long-term liabilities
 
58,032

 
(29,062
)
8
28,970

 
—

 
28,970

Total liabilities
 
1,250,823

 
241,653

 
1,492,476

 
17,705

 
1,510,181


 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
 
58,802

 
—

 
58,802

 
—

 
58,802

Stockholders’ deficit:
 
 
 
 
 
 
 
 
 
 
Common stock
 
11

 
—

 
11

 
—

 
11

Additional paid-in capital
 
2,551,256

 
755

12
2,552,011

 
—

 
2,552,011

Accumulated other comprehensive income
 
5

 
—

 
5

 
—

 
5

Accumulated deficit
 
(2,656,711
)
 
(72,760
)
 
(2,729,471
)
 
(17,419
)
 
(2,746,890
)
Total stockholders’ deficit
 
(105,439
)
 
(72,005
)
 
(177,444
)
 
(17,419
)
 
(194,863
)
Noncontrolling interest
 
114,664

 
—

 
114,664

 
—

 
114,664

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,318,850

 
$
169,648

 
$
1,488,498

 
$
286

 
$
1,488,784

 
 
 
 
 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation cost of $3.8 million and reclassification of inventories of $0.5 million held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $13.9 million (short-term) and $70.6 million (long-term), net capitalization of stock-based compensation costs of $2.1 million into current deferred cost of revenue, and the correction of certain other immaterial misstatements identified to relieve installation deferred cost of revenue of $1.7 million.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $232.6 million. This includes a net capitalization of stock-based compensation cost for these assets of $3.6 million.
6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.4 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities, reducing accrued warranty by $0.8 million.
8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability.
12 Additional paid-in capital — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million recorded within other expense, net.
 
 
June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Assets
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
308,009

 
$
—

 
$
308,009

 
$
—

 
$
308,009

Restricted cash
 
23,706

 
—

 
23,706

 
—

 
23,706

Accounts receivable
 
38,296

 
4,172

1
42,468

 
(2,430
)
 
40,038

Inventories
 
104,934

 
1,955

2
106,889

 
—

 
106,889

Deferred cost of revenue
 
86,434

 
(6,127
)
3
80,307

 
—

 
80,307

Customer financing receivable
 
5,817

 
—

 
5,817

 
—

 
5,817

Prepaid expenses and other current assets
 
25,088

 
1,252

4
26,340

 
143

 
26,483

Total current assets
 
592,284

 
1,252

 
593,536

 
(2,287
)
 
591,249

Property, plant and equipment, net
 
406,610

 
234,649

5
641,259

 
—

 
641,259

Customer financing receivable, non-current
 
64,146

 
—

 
64,146

 
—

 
64,146

Restricted cash (noncurrent)
 
39,351

 
—

 
39,351

 
—

 
39,351

Deferred cost of revenue, non-current
 
59,213

 
(55,367
)
3
3,846

 
—

 
3,846

Other long-term assets
 
60,975

 
9,118

6
70,093

 
2,743

 
72,836

Total assets
 
$
1,222,579

 
$
189,652

 
$
1,412,231

 
$
456

 
$
1,412,687

Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
61,427

 
—

 
61,427

 
—

 
61,427

Accrued warranty
 
12,393

 
(1,154
)
7
11,239

 
(999
)
 
10,240

Accrued expenses and other current liabilities
 
109,722

 
(4,329
)
8
105,393

 
—

 
105,393

Financing obligations
 
—

 
10,027

10
10,027

 
—

 
10,027

Deferred revenue and customer deposits
 
129,321

 
(13,847
)
11
115,474

 
3,264

 
118,738

Current portion of recourse debt
 
15,681

 
—

 
15,681

 
—

 
15,681

Current portion of non-recourse debt
 
7,654

 
—

 
7,654

 
—

 
7,654

Current portion of non-recourse debt from related parties
 
2,889

 
—

 
2,889

 
—

 
2,889

Total current liabilities
 
339,087

 
(9,303
)
 
329,784

 
2,265

 
332,049

Derivative liabilities
 
13,079

 
5,096

 
18,175

 
—

 
18,175

Deferred revenue and customer deposits, net of current portion
 
181,221

 
(95,840
)
11
85,381

 
25,369

 
110,750

Financing obligations, non-current
 
—

 
400,078

10
400,078

 
—

 
400,078

Long-term portion of recourse debt
 
362,424

 
—

 
362,424

 
—

 
362,424

Long-term portion of non-recourse debt
 
219,182

 
—

 
219,182

 
—

 
219,182

Long-term portion of recourse debt from related parties
 
27,734

 
—

 
27,734

 
—

 
27,734

Long-term portion of non-recourse debt from related parties
 
32,643

 
—

 
32,643

 
—

 
32,643

Other long-term liabilities
 
58,417

 
(28,438
)
8
29,979

 
—

 
29,979

Total liabilities
 
1,233,787

 
271,593

 
1,505,380

 
27,634

 
1,533,014

 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
 
505

 
—

 
505

 
—

 
505

Stockholders’ deficit:
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Common stock
 
11

 
—

 
11

 
—

 
11

Additional paid-in capital
 
2,603,279

 
755

12
2,604,034

 
—

 
2,604,034

Accumulated other comprehensive loss
 
(148
)
 
—

 
(148
)
 
—

 
(148
)
Accumulated deficit
 
(2,718,927
)
 
(82,696
)
 
(2,801,623
)
 
(27,178
)
 
(2,828,801
)
Total stockholders’ deficit
 
(115,785
)
 
(81,941
)
 
(197,726
)
 
(27,178
)
 
(224,904
)
Noncontrolling interest
 
104,072

 
—

 
104,072

 
—

 
104,072

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,222,579

 
$
189,652

 
$
1,412,231

 
$
456

 
$
1,412,687

 
 
 
 
 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation costs of $2.0 million.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $7.4 million (short-term) and $55.4 million (long-term), and net capitalization of stock-based compensation costs of $3.7 million into current deferred cost of revenue, and the correction of certain other immaterial misstatements identified to relieve installation deferred cost of revenue of $2.5 million.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $230.9 million. This includes a net capitalization of stock-based compensation costs for these assets of $3.7 million.
6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.2 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities, reducing accrued warranty by $0.9 million.
8 Accrued expenses and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability.
12 Additional paid-in capital — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million recorded within other expense, net.

 
 
September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Assets
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
226,499

 
$
—

 
$
226,499

 
$
—

 
$
226,499

Restricted cash
 
14,486

 
—

 
14,486

 
—

 
14,486

Accounts receivable
 
26,737

 
4,216

1
30,953

 
(4,600
)
 
26,353

Inventories
 
140,372

 
(7,765
)
2
132,607

 
—

 
132,607

Deferred cost of revenue
 
50,707

 
(9,665
)
3
41,042

 
—

 
41,042

Customer financing receivable
 
5,919

 
—

 
5,919

 
—

 
5,919

Prepaid expenses and other current assets
 
25,639

 
2,830

4
28,469

 
173

 
28,642

Total current assets
 
490,359

 
(10,384
)
 
479,975

 
(4,427
)
 
475,548

Property, plant and equipment, net
 
384,377

 
243,008

5
627,385

 
—

 
627,385

Customer financing receivable, non-current
 
62,615

 
—

 
62,615

 
—

 
62,615

Restricted cash (noncurrent)
 
116,890

 
—

 
116,890

 
—

 
116,890

Deferred cost of revenue, non-current
 
57,286

 
(53,562
)
3
3,724

 
—

 
3,724

Other long-term assets
 
58,400

 
9,319

6
67,719

 
3,232

 
70,951

Total assets
 
$
1,169,927

 
$
188,381

 
$
1,358,308

 
$
(1,195
)
 
$
1,357,113

Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
81,060

 
$
—

 
$
81,060

 
$
—

 
$
81,060

Accrued warranty
 
15,295

 
(1,159
)
7
14,136

 
(1,274
)
 
12,862

Accrued expense and other current liabilities
 
82,150

 
(2,534
)
8
79,616

 
—

 
79,616

Financing obligations
 
—

 
10,420

10
10,420

 
—

 
10,420

Deferred revenue and customer deposits
 
88,060

 
(13,856
)
11
74,204

 
3,347

 
77,551

Current portion of recourse debt
 
15,678

 
—

 
15,678

 
—

 
15,678

Current portion of non-recourse debt
 
7,983

 
—

 
7,983

 
—

 
7,983

Current portion of non-recourse debt from related parties
 
3,500

 
—

 
3,500

 
—

 
3,500

Total current liabilities
 
293,726

 
(7,129
)
 
286,597

 
2,073

 
288,670

Derivative liabilities
 
14,648

 
5,636

 
20,284

 
—

 
20,284

Deferred revenue and customer deposits, net of current portion
 
179,712

 
(92,390
)
11
87,322

 
34,954

 
122,276

Financing obligations, non-current
 
—

 
397,272

10
397,272

 
—

 
397,272

Long-term portion of recourse debt
 
359,959

 
—

 
359,959

 
—

 
359,959

Long-term portion of non-recourse debt
 
217,334

 
—

 
217,334

 
—

 
217,334

Long-term portion of recourse debt from related parties
 
27,734

 
—

 
27,734

 
—

 
27,734

Long-term portion of non-recourse debt from related parties
 
31,781

 
—

 
31,781

 
—

 
31,781

Other long-term liabilities
 
56,117

 
(27,264
)
8
28,853

 
(1
)
 
28,852

Total liabilities
 
1,181,011

 
276,125

 
1,457,136

 
37,026

 
1,494,162

 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
 
557

 
—

 
557

 
—

 
557

 
 
September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Stockholders’ deficit:
 
 
 
 
 
 
 
 
 
 
Common stock
 
12

 
—

 
12

 
—

 
12

Additional paid-in capital
 
2,647,118

 
756

12
2,647,874

 
—

 
2,647,874

Accumulated other comprehensive loss
 
(147
)
 
—

 
(147
)
 
—

 
(147
)
Accumulated deficit
 
(2,753,830
)
 
(88,500
)
 
(2,842,330
)
 
(38,221
)
 
(2,880,551
)
Total stockholders’ deficit
 
(106,847
)
 
(87,744
)
 
(194,591
)
 
(38,221
)
 
(232,812
)
Noncontrolling interest
 
95,206

 
—

 
95,206

 
—

 
95,206

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,169,927

 
$
188,381

 
$
1,358,308

 
$
(1,195
)
 
$
1,357,113

 
 
 
 
 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation costs of $3.7 million, and reclassification of inventories of $11.5 million on held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $7.4 million (short-term) and $53.6 million (long-term), and net capitalization of stock-based compensation costs of $0.8 million into current deferred cost of revenue, and the correction of certain other immaterial misstatements identified to relieve installation deferred cost of revenue of $3.1 million.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $239.3 million. This includes a net capitalization of stock-based compensation costs for these assets of $3.7 million.
6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.1 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities, reducing accrued warranty by $1.1 million.
8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability.
12 Additional paid-in capital — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million recorded within other expense, net.


 
 
March 31, 2018
 
 
As Previously Reported
 
Revision Impacts
 
As Revised
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
88,227

 
$
—

 
$
88,227

Restricted cash
 
22,998

 
—

 
22,998

Short-term investments
 
20,138

 
—

 
20,138

Accounts receivable
 
58,520

 
3,476

1
61,996

Inventories
 
97,079

 
(3,047
)
2
94,032

Deferred cost of revenue
 
81,229

 
(37,814
)
3
43,415

Customer financing receivable
 
5,303

 
—

 
5,303

Prepaid expenses and other current assets
 
27,836

 
1,108

4
28,944

Total current assets
 
401,330

 
(36,277
)
 
365,053

Property, plant and equipment, net
 
487,169

 
215,059

5
702,228

Customer financing receivable, non-current
 
71,337

 
—

 
71,337

Restricted cash (noncurrent)
 
32,367

 
—

 
32,367

Deferred cost of revenue, non-current
 
155,658

 
(155,605
)
3
53

Other long-term assets
 
36,773

 
6,406

6
43,179

Total assets
 
$
1,184,634

 
$
29,583

 
$
1,214,217

Liabilities, Convertible Redeemable Preferred Stock, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
47,755

 
$
—

 
$
47,755

Accrued warranty
 
16,723

 
(329
)
7
16,394

Accrued expenses and other current liabilities
 
57,683

 
(4,029
)
8
53,654

Financing obligations
 
—

 
6,556

10
6,556

Deferred revenue and customer deposits
 
99,449

 
(27,963
)
11
71,486

Current portion of recourse debt
 
6,017

 
—

 
6,017

Current portion of non-recourse debt
 
17,583

 
—

 
17,583

Current portion of non-recourse debt from related parties
 
1,525

 
—

 
1,525

Total current liabilities
 
246,735

 
(25,765
)
 
220,970

Preferred stock warrant liabilities
 
6,554

 
—

 
6,554

Derivative liabilities
 
163,854

 
4,217

 
168,071

Deferred revenue and customer deposits, net of current portion
 
306,153

 
(216,652
)
11
89,501

Financing obligations, non-current
 
—

 
321,682

10
321,682

Long-term portion of recourse debt
 
517,483

 
—

 
517,483

Long-term portion of non-recourse debt
 
302,345

 
—

 
302,345

Long-term portion of recourse debt from related parties
 
70,202

 
—

 
70,202

Long-term portion of non-recourse debt from related parties
 
35,312

 
—

 
35,312

Other long-term liabilities
 
51,860

 
(30,107
)
8
21,753

Total liabilities
 
1,700,498

 
53,375

 
1,753,873


 
 
 
 
 
 
 
 
March 31, 2018
 
 
As Previously Reported
 
Revision Impacts
 
As Revised
Redeemable noncontrolling interest
 
58,176

 
—

 
58,176

Convertible redeemable preferred stock
 
1,465,841

 
—

 
1,465,841

Stockholders’ deficit:
 
 
 
 
 
 
Common stock
 
1

 
—

 
1

Additional paid-in capital
 
158,605

 
—

 
158,605

Accumulated other comprehensive income
 
117

 
—

 
117

Accumulated deficit
 
(2,348,363
)
 
(23,792
)
 
(2,372,155
)
Total stockholders’ deficit
 
(2,189,640
)
 
(23,792
)
 
(2,213,432
)
Noncontrolling interest
 
149,759

 
—

 
149,759

Total liabilities, redeemable noncontrolling interest, convertible redeemable preferred stock, stockholders' deficit and noncontrolling interest
 
$
1,184,634

 
$
29,583

 
$
1,214,217

 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation costs of $0.3 million, and reclassification of inventories of $3.4 million held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $38.2 million (short-term) and $155.6 million (long-term), and net capitalization of stock-based compensation costs of $0.3 million into current deferred cost of revenue.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $214.1 million. This includes a net capitalization of stock-based compensation costs for these assets of $0.9 million.
6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities of $0.3 million.
8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability.


 
 
June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
91,596

 
$
—

 
$
91,596

Restricted cash
 
25,860

 
—

 
25,860

Short-term investments
 
15,703

 
—

 
15,703

Accounts receivable
 
36,804

 
3,638

1
40,442

Inventories
 
136,433

 
(7,149
)
2
129,284

Deferred cost of revenue
 
55,476

 
(19,822
)
3
35,654

Customer financing receivable
 
5,398

 
—

 
5,398

Prepaid expenses and other current assets
 
23,003

 
1,817

4
24,820

Total current assets
 
390,273

 
(21,516
)
 
368,757

Property, plant and equipment, net
 
477,765

 
219,579

5
697,344

Customer financing receivable, non-current
 
69,963

 
—

 
69,963

Restricted cash (noncurrent)
 
32,416

 
—

 
32,416

Deferred cost of revenue, non-current
 
148,934

 
(148,874
)
3
60

Other long-term assets
 
38,386

 
6,855

6
45,241

Total assets
 
$
1,157,737

 
$
56,044

 
$
1,213,781

Liabilities, Redeemable Noncontrolling Interest, convertible redeemable preferred stock, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
53,798

 
$
—

 
$
53,798

Accrued warranty
 
14,928

 
(641
)
7
14,287

Accrued expenses and other current liabilities
 
54,832

 
(4,900
)
8
49,932

Financing obligations
 
—

 
6,792

10
6,792

Deferred revenue and customer deposits
 
94,582

 
(28,528
)
11
66,054

Current portion of recourse debt
 
10,351

 
—

 
10,351

Current portion of non-recourse debt
 
18,025

 
—

 
18,025

Current portion of non-recourse debt from related parties
 
1,630

 
—

 
1,630

Total current liabilities
 
248,146

 
(27,277
)
 
220,869

Preferred stock warrant liabilities
 
2,369

 
—

 
2,369

Derivative liabilities
 
188,199

 
4,217

 
192,416

Deferred revenue and customer deposits, net of current portion
 
301,550

 
(212,920
)
11
88,630

Financing obligations, non-current
 
—

 
356,727

10
356,727

Long-term portion of recourse debt
 
524,934

 
—

 
524,934

Long-term portion of non-recourse debt
 
298,048

 
—

 
298,048

Long-term portion of recourse debt from related parties
 
72,087

 
—

 
72,087

Long-term portion of non-recourse debt from related parties
 
35,054

 
—

 
35,054

Other long-term liabilities
 
52,153

 
(30,589
)
8
21,564

Total liabilities
 
1,722,540

 
90,158

 
1,812,698

 
 
 
 
 
 
 
 
 
June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Redeemable noncontrolling interest
 
54,940

 
—

 
54,940

Convertible redeemable preferred stock
 
1,465,841

 
—

 
1,465,841

Stockholders’ deficit:
 
 
 
 
 
 
Common stock
 
1

 
—

 
1

Additional paid-in capital
 
166,805

 
—

 
166,805

Accumulated other comprehensive income
 
217

 
—

 
217

Accumulated deficit
 
(2,394,040
)
 
(34,114
)
 
(2,428,154
)
Total stockholders’ deficit
 
(2,227,017
)
 
(34,114
)
 
(2,261,131
)
Noncontrolling interest
 
141,433

 
—

 
141,433

Total liabilities, redeemable noncontrolling interest, convertible redeemable preferred stock, stockholders' deficit and noncontrolling interest
 
$
1,157,737

 
$
56,044

 
$
1,213,781

 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation expenses of $0.9 million, and reclassification of inventories of $8.0 million held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net, a decrease for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $20.1 million (short-term) and $148.9 million (long-term), and the cumulative net absorption in current deferred cost of revenue for overhead in related to stock-based compensation expenses of $0.3 million.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the cumulative net change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $218.6 million. This includes a net capitalization of stock-based compensation costs for these assets of $1.0 million.
6 Other long-term assets — The correction of these misstatements resulted from the cumulative net change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within long term prepaid expenses, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis on our Managed Services Agreements and similar arrangements of $0.4 million and also includes the cumulative net change of accounting for the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements of $0.3 million.
8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the cumulative change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the cumulative net change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as an accrued liability.


 
 
September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
395,516

 
$
—

 
$
395,516

Restricted cash
 
17,931

 
—

 
17,931

Short-term investments
 
4,494

 
—

 
4,494

Accounts receivable
 
41,485

 
3,776

1
45,261

Inventories
 
134,725

 
3,053

2
137,778

Deferred cost of revenue
 
66,009

 
(20,826
)
3
45,183

Customer financing receivable
 
5,496

 
—

 
5,496

Prepaid expenses and other current assets
 
32,876

 
3,623

4
36,499

Total current assets
 
698,532

 
(10,374
)
 
688,158

Property, plant and equipment, net
 
471,074

 
227,049

5
698,123

Customer financing receivable, non-current
 
68,535

 
—

 
68,535

Restricted cash (noncurrent)
 
30,779

 
—

 
30,779

Deferred cost of revenue, non-current
 
139,217

 
(139,172
)
3
45

Other long-term assets
 
37,008

 
7,389

6
44,397

Total assets
 
$
1,445,145

 
$
84,892

 
$
1,530,037

Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
59,818

 
$
—

 
$
59,818

Accrued warranty
 
17,975

 
(663
)
7
17,312

Accrued expenses and other current liabilities
 
66,873

 
(2,887
)
8
63,986

Financing obligations
 
—

 
7,780

10
7,780

Deferred revenue and customer deposits
 
105,265

 
(32,527
)
11
72,738

Current portion of recourse debt
 
1,686

 
—

 
1,686

Current portion of non-recourse debt
 
18,499

 
—

 
18,499

Current portion of non-recourse debt from related parties
 
1,737

 
—

 
1,737

Total current liabilities
 
271,853

 
(28,297
)
 
243,556

Derivative liabilities
 
9,441

 
4,217

 
13,658

Deferred revenue and customer deposits, net of current portion
 
290,481

 
(201,277
)
11
89,204

Financing obligations, non-current
 
—

 
375,254

10
375,254

Long-term portion of recourse debt
 
358,363

 
—

 
358,363

Long-term portion of non-recourse debt
 
293,593

 
—

 
293,593

Long-term portion of recourse debt from related parties
 
32,168

 
—

 
32,168

Long-term portion of non-recourse debt from related parties
 
34,765

 
—

 
34,765

Other long-term liabilities
 
48,161

 
(29,724
)
8
18,437

Total liabilities
 
1,338,825

 
120,173

 
1,458,998

 
 
September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
 
 
 
 
 
 
Redeemable noncontrolling interest
 
56,446

 
—

 
56,446

Stockholders’ deficit:
 
 
 
 
 
 
Common stock
 
11

 
—

 
11

Additional paid-in capital
 
2,387,361

 
755

12
2,388,116

Accumulated other comprehensive income
 
272

 
—

 
272

Accumulated deficit
 
(2,472,619
)
 
(36,036
)
 
(2,508,655
)
Total stockholders’ deficit
 
(84,975
)
 
(35,281
)
 
(120,256
)
Noncontrolling interest
 
134,849

 
—

 
134,849

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,445,145

 
$
84,892

 
$
1,530,037

 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation costs of $7.2 million, and reclassification of inventories of $4.1 million held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $23.8 million (short-term) and $139.2 million (long-term), and net capitalization of stock-based compensation costs of $3.0 million into current deferred cost of revenue.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $224.6 million. This includes a net capitalization of stock-based compensation costs for these assets of $2.4 million.
6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and where prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.4 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities of $0.3 million.
8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability.
12 Additional paid-in capital — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million recorded within other expense, net.
.


The following tables contain the restatement and recasting of previously reported unaudited condensed consolidated statements of operations for the three-month period ended March 31, 2019, the three- and six-month periods ended June 30, 2019 and the three- and nine-month periods ended September 30, 2019, the restatement of previously reported unaudited condensed consolidated statements of operations for the three- and six-month periods ended June 30, 2018 and the three- and nine-month periods ended September 30, 2018 and the revision of the previously reported unaudited condensed consolidated statement of operations for the three-month period ended March 31, 2018. Reconciliation to the previously reported unaudited condensed consolidated statements of comprehensive loss is not provided, as there is no change to those statements for any period, with the exception of the change to net loss, described in the tables below. Reconciliation to the previously reported unaudited condensed consolidated statements of convertible redeemable preferred stock, redeemable noncontrolling interest, stockholders' deficit and noncontrolling is not provided, as there is no change to those statements for any period, with the exception of the correction of an uncorrected misstatement within additional paid-in capital for $0.8 million in the three months ended September 30, 2018.
 
 
Three Months Ended March 31, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
$
141,734

 
$
(48,171
)
a
$
93,563

 
$
(2,637
)
 
$
90,926

Installation
 
22,258

 
(11,195
)
a
11,063

 
1,156

 
12,219

Service
 
23,290

 
(574
)
a
22,716

 
751

 
23,467

Electricity
 
13,425

 
6,964

a
20,389

 
—

 
20,389

Total revenue
 
200,707

 
(52,976
)
 
147,731

 
(730
)
 
147,001

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
124,000

 
(34,980
)
c, d
89,020

 
(248
)
 
88,772

Installation
 
24,166

 
(8,406
)
c
15,760

 
—

 
15,760

Service
 
27,557

 
1,331

b, d
28,888

 
(967
)
 
27,921

Electricity
 
9,229

 
3,755

c
12,984

 
—

 
12,984

Total cost of revenue
 
184,952

 
(38,300
)
 
146,652

 
(1,215
)
 
145,437

Gross profit
 
15,755

 
(14,676
)
 
1,079

 
485

 
1,564

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
28,859

 
—

 
28,859

 
—

 
28,859

Sales and marketing
 
20,463

 
2

e
20,465

 
(92
)
 
20,373

General and administrative
 
39,074

 
—

 
39,074

 
—

 
39,074

Total operating expenses
 
88,396

 
2

 
88,398

 
(92
)
 
88,306

Income (loss) from operations
 
(72,641
)
 
(14,678
)
 
(87,319
)
 
577

 
(86,742
)
Interest income
 
1,885

 
—

 
1,885

 
—

 
1,885

Interest expense
 
(15,962
)
 
(5,838
)
f
(21,800
)
 
—

 
(21,800
)
Interest expense to related parties
 
(1,612
)
 
—

 
(1,612
)
 
—

 
(1,612
)
Other income (expense), net
 
265

 
—

 
265

 
—

 
265

Loss on revaluation of warrant liabilities and embedded derivatives
 
—

 
(540
)
g
(540
)
 
—

 
(540
)
Loss before income taxes
 
(88,065
)
 
(21,056
)
 
(109,121
)
 
577

 
(108,544
)
Income tax provision
 
208

 
—

 
208

 
—

 
208

Net loss
 
(88,273
)
 
(21,056
)
 
(109,329
)
 
577

 
(108,752
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(3,832
)
 
—

 
(3,832
)
 
—

 
(3,832
)
Net loss attributable to Class A and Class B common stockholders
 
$
(84,441
)
 
$
(21,056
)
 
$
(105,497
)
 
$
577

 
$
(104,920
)

a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in the accounting for our grid escalation guarantees that resulted in a decrease in service cost of revenue of $0.1 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $37.5 million and installation cost of revenue of $9.2 million, offset by an increase in electricity cost of revenue of $3.7 million, together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $0.8 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net increase to product cost of revenue of $2.5 million and an increase in service cost of revenue of $1.4 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value increased resulting in a loss of $0.5 million.

 
 
Three Months Ended June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
$
179,899

 
$
(22,757
)
a
$
157,142

 
$
(13,061
)
 
$
144,081

Installation
 
17,285

 
(5,900
)
a
11,385

 
1,691

 
13,076

Service
 
23,659

 
(586
)
a
23,073

 
(47
)
 
23,026

Electricity
 
12,939

 
7,204

a
20,143

 
—

 
20,143

Total revenue
 
233,782

 
(22,039
)
 
211,743

 
(11,417
)
 
200,326

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
131,952

 
(19,005
)
c, d
112,947

 
281

 
113,228

Installation
 
22,116

 
(4,431
)
c
17,685

 
—

 
17,685

Service
 
19,599

 
920

b, d
20,519

 
(1,756
)
 
18,763

Electricity
 
18,442

 
3,858

c
22,300

 
—

 
22,300

Total cost of revenue
 
192,109

 
(18,658
)
 
173,451

 
(1,475
)
 
171,976

Gross profit
 
41,673

 
(3,381
)
 
38,292

 
(9,942
)
 
28,350

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
29,772

 
—

 
29,772

 
—

 
29,772

Sales and marketing
 
18,359

 
17

e
18,376

 
(182
)
 
18,194

General and administrative
 
43,662

 
—

 
43,662

 
—

 
43,662

Total operating expenses
 
91,793

 
17

 
91,810

 
(182
)
 
91,628

Loss from operations
 
(50,120
)
 
(3,398
)
 
(53,518
)
 
(9,760
)
 
(63,278
)
Interest income
 
1,700

 
—

 
1,700

 
—

 
1,700

Interest expense
 
(16,725
)
 
(5,997
)
f
(22,722
)
 
—

 
(22,722
)
Interest expense to related parties
 
(1,606
)
 
—

 
(1,606
)
 
—

 
(1,606
)
Other income (expense), net
 
(222
)
 
—

 
(222
)
 
—

 
(222
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
—

 
(540
)
g
(540
)
 
—

 
(540
)
Loss before income taxes
 
(66,973
)
 
(9,935
)
 
(76,908
)
 
(9,760
)
 
(86,668
)
Income tax provision
 
258

 
—

 
258

 
—

 
258

Net loss
 
(67,231
)
 
(9,935
)
 
(77,166
)
 
(9,760
)
 
(86,926
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(5,015
)
 
—

 
(5,015
)
 
—

 
(5,015
)
Net loss attributable to Class A and Class B common stockholders
 
$
(62,216
)
 
$
(9,935
)
 
$
(72,151
)
 
$
(9,760
)
 
$
(81,911
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in accounting for our grid escalation guarantees that resulted in a decrease in service cost of revenue of $0.1 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $18.1 million and installation cost of revenue of $5.2 million, offset by an increase in electricity cost of revenue of $3.8 million, together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $0.8 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $0.9 million and an increase in service cost of revenue of $1.0 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value increased resulting in a loss of $0.5 million.

 
 
Three Months Ended September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
$
182,616

 
$
(1,292
)
a
$
181,324

 
$
(17,422
)
 
$
163,902

Installation
 
19,010

 
(460
)
a
18,550

 
2,552

 
21,102

Service
 
23,597

 
(779
)
a
22,818

 
847

 
23,665

Electricity
 
8,248

 
7,390

a
15,638

 
—

 
15,638

Total revenue
 
233,471

 
4,859

 
238,330

 
(14,023
)
 
224,307

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
94,056

 
(2,085
)
c, d
91,971

 
(274
)
 
91,697

Installation
 
26,162

 
(21
)
c
26,141

 
—

 
26,141

Service
 
36,539

 
2,073

b, d
38,612

 
(2,185
)
 
36,427

Electricity
 
23,249

 
4,068

c
27,317

 
—

 
27,317

Total cost of revenue
 
180,006

 
4,035

 
184,041

 
(2,459
)
 
181,582

Gross profit
 
53,465

 
824

 
54,289

 
(11,564
)
 
42,725

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
23,389

 
—

 
23,389

 
—

 
23,389

Sales and marketing
 
18,125

 
43

e
18,168

 
(519
)
 
17,649

General and administrative
 
36,599

 
—

 
36,599

 
—

 
36,599

Total operating expenses
 
78,113

 
43

 
78,156

 
(519
)
 
77,637

Income (loss) from operations
 
(24,648
)
 
781

 
(23,867
)
 
(11,045
)
 
(34,912
)
Interest income
 
1,214

 
—

 
1,214

 
—

 
1,214

Interest expense
 
(15,280
)
 
(6,043
)
f
(21,323
)
 
—

 
(21,323
)
Interest expense to related parties
 
(1,605
)
 
—

 
(1,605
)
 
—

 
(1,605
)
Other income, net
 
525

 
—

 
525

 
—

 
525

Loss on revaluation of warrant liabilities and embedded derivatives
 
—

 
(540
)
g
(540
)
 
—

 
(540
)
Loss before income taxes
 
(39,794
)
 
(5,802
)
 
(45,596
)
 
(11,045
)
 
(56,641
)
Income tax provision
 
136

 
—

 
136

 
—

 
136

Net loss
 
(39,930
)
 
(5,802
)
 
(45,732
)
 
(11,045
)
 
(56,777
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(5,027
)
 
—

 
(5,027
)
 
—

 
(5,027
)
Net loss attributable to Class A and Class B common stockholders
 
$
(34,903
)
 
$
(5,802
)
 
$
(40,705
)
 
$
(11,045
)
 
$
(51,750
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in accounting for our grid escalation guarantees that resulted in a decrease in service cost of revenue of $0.1 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $1.1 million, a decrease of installation cost of revenue of $0.6 million, offset by an increase in electricity cost of revenue of $4.0 million together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $0.6 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $1.0 million and an increase in service cost of revenue of $2.2 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value increased resulting in a loss of $0.5 million.


 
 
Six Months Ended June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
$
321,633

 
$
(70,928
)
a
$
250,705

 
$
(15,698
)
 
$
235,007

Installation
 
39,543

 
(17,095
)
a
22,448

 
2,847

 
25,295

Service
 
46,949

 
(1,160
)
a
45,789

 
704

 
46,493

Electricity
 
26,364

 
14,168

a
40,532

 
—

 
40,532

Total revenue
 
434,489

 
(75,015
)
 
359,474

 
(12,147
)
 
347,327

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
255,952

 
(53,985
)
c, d
201,967

 
33

 
202,000

Installation
 
46,282

 
(12,837
)
c
33,445

 
—

 
33,445

Service
 
47,156

 
2,251

b, d
49,407

 
(2,723
)
 
46,684

Electricity
 
27,671

 
7,613

c
35,284

 
—

 
35,284

Total cost of revenue
 
377,061

 
(56,958
)
 
320,103

 
(2,690
)
 
317,413

Gross profit
 
57,428

 
(18,057
)
 
39,371

 
(9,457
)
 
29,914

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
58,631

 
—

 
58,631

 
—

 
58,631

Sales and marketing
 
38,822

 
19

e
38,841

 
(274
)
 
38,567

General and administrative
 
82,736

 
—

 
82,736

 
—

 
82,736

Total operating expenses
 
180,189

 
19

 
180,208

 
(274
)
 
179,934

Loss from operations
 
(122,761
)
 
(18,076
)
 
(140,837
)
 
(9,183
)
 
(150,020
)
Interest income
 
3,585

 
—

 
3,585

 
—

 
3,585

Interest expense
 
(32,687
)
 
(11,835
)
f
(44,522
)
 
—

 
(44,522
)
Interest expense to related parties
 
(3,218
)
 
—

 
(3,218
)
 
—

 
(3,218
)
Other income, net
 
43

 
—

 
43

 
—

 
43

Loss on revaluation of warrant liabilities and embedded derivatives
 
—

 
(1,080
)
g
(1,080
)
 
—

 
(1,080
)
Loss before income taxes
 
(155,038
)
 
(30,991
)
 
(186,029
)
 
(9,183
)
 
(195,212
)
Income tax provision
 
466

 
—

 
466

 
—

 
466

Net loss
 
(155,504
)
 
(30,991
)
 
(186,495
)
 
(9,183
)
 
(195,678
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(8,847
)
 
—

 
(8,847
)
 
—

 
(8,847
)
Net loss attributable to Class A and Class B common stockholders
 
$
(146,657
)
 
$
(30,991
)
 
$
(177,648
)
 
$
(9,183
)
 
$
(186,831
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in accounting for our grid escalation guarantees that resulted in a decrease in service cost of revenue of $0.2 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $55.6 million and installation cost of revenue of $14.4 million, offset by an increase in electricity cost of revenue of $7.5 million, together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $1.6 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net increase to product cost of revenue of $1.6 million, and an increase in service cost of revenue of $2.4 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value increased resulting in a loss of $1.1 million.

 
 
Nine Months Ended September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
$
504,249

 
$
(72,220
)
a
$
432,029

 
$
(33,120
)
 
$
398,909

Installation
 
58,553

 
(17,555
)
a
40,998

 
5,399

 
46,397

Service
 
70,546

 
(1,939
)
a
68,607

 
1,551

 
70,158

Electricity
 
34,612

 
21,558

a
56,170

 
—

 
56,170

Total revenue
 
667,960

 
(70,156
)
 
597,804

 
(26,170
)
 
571,634

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
350,008

 
(56,070
)
c, d
293,938

 
(241
)
 
293,697

Installation
 
72,444

 
(12,858
)
c
59,586

 
—

 
59,586

Service
 
83,695

 
4,324

b, d
88,019

 
(4,908
)
 
83,111

Electricity
 
50,920

 
11,681

c
62,601

 
—

 
62,601

Total cost of revenue
 
557,067

 
(52,923
)
 
504,144

 
(5,149
)
 
498,995

Gross profit
 
110,893

 
(17,233
)
 
93,660

 
(21,021
)
 
72,639

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
82,020

 
—

 
82,020

 
—

 
82,020

Sales and marketing
 
56,947

 
62

e
57,009

 
(793
)
 
56,216

General and administrative
 
119,335

 
—

 
119,335

 
—

 
119,335

Total operating expenses
 
258,302

 
62

 
258,364

 
(793
)
 
257,571

Loss from operations
 
(147,409
)
 
(17,295
)
 
(164,704
)
 
(20,228
)
 
(184,932
)
Interest income
 
4,799

 
—

 
4,799

 
—

 
4,799

Interest expense
 
(47,967
)
 
(17,878
)
f
(65,845
)
 
—

 
(65,845
)
Interest expense to related parties
 
(4,823
)
 
—

 
(4,823
)
 
—

 
(4,823
)
Other income, net
 
568

 
—

 
568

 
—

 
568

Loss on revaluation of warrant liabilities and embedded derivatives
 
—

 
(1,620
)
g
(1,620
)
 
—

 
(1,620
)
Loss before income taxes
 
(194,832
)
 
(36,793
)
 
(231,625
)
 
(20,228
)
 
(251,853
)
Income tax provision
 
602

 
—

 
602

 
—

 
602

Net loss
 
(195,434
)
 
(36,793
)
 
(232,227
)
 
(20,228
)
 
(252,455
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(13,874
)
 
—

 
(13,874
)
 
—

 
(13,874
)
Net loss attributable to Class A and Class B common stockholders
 
$
(181,560
)
 
$
(36,793
)
 
$
(218,353
)
 
$
(20,228
)
 
$
(238,581
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in accounting for our grid escalation guarantees that resulted in a decrease in service cost of revenue of $0.3 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $56.7 million and installation cost of revenue of $15.0 million, offset by an increase in electricity cost of revenue of $11.6 million, together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $2.1 million
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net increase to product cost of revenue of $0.6 million and an increase in service cost of revenue of $4.6 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value increased resulting in a loss of $1.6 million.


 
 
Three Months Ended March 31, 2018
 
 
As Previously Reported
 
Revision Impacts
 
As Revised
Revenue:
 
 
 
 
 
 
Product
 
$
121,307

 
$
(5,536
)
a
$
115,771

Installation
 
14,118

 
(1,323
)
a
12,795

Service
 
19,907

 
227

a
20,134

Electricity
 
14,029

 
5,853

a
19,882

Total revenue
 
169,361

 
(779
)
 
168,582

Cost of revenue:
 
 
 
 
 
 
Product
 
80,355

 
(3,890
)
c, d
76,465

Installation
 
10,438

 
(1,240
)
c
9,198

Service
 
24,253

 
446

d
24,699

Electricity
 
10,649

 
3,136

c
13,785

Total cost of revenue
 
125,695

 
(1,548
)
 
124,147

Gross profit
 
43,666

 
769

 
44,435

Operating expenses:
 
 
 
 
 
 
Research and development
 
14,731

 
—

 
14,731

Sales and marketing
 
8,262

 
31

e
8,293

General and administrative
 
14,988

 
—

 
14,988

Total operating expenses
 
37,981

 
31

 
38,012

Income from operations
 
5,685

 
738

 
6,423

Interest income
 
415

 
—

 
415

Interest expense
 
(21,379
)
 
(4,613
)
f
(25,992
)
Interest expense to related parties
 
(2,627
)
 
—

 
(2,627
)
Other expense, net
 
(75
)
 
—

 
(75
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
(4,034
)
 
—

 
(4,034
)
Loss before income taxes
 
(22,015
)
 
(3,875
)
 
(25,890
)
Income tax provision
 
333

 
—

 
333

Net loss
 
(22,348
)
 
(3,875
)
 
(26,223
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(4,632
)
 
—

 
(4,632
)
Net loss attributable to Class A and Class B common stockholders
 
$
(17,716
)
 
$
(3,875
)
 
$
(21,591
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Not used.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $3.6 million and installation cost of revenue of $1.2 million, offset by an increase in electricity cost of revenue of $3.1 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $0.3 million and an increase in service cost of revenue of $0.4 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.

 
 
Three Months Ended June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Revenue:
 
 
 
 
 
 
Product
 
$
108,654

 
$
(30,157
)
a
$
78,497

Installation
 
26,245

 
(6,602
)
a
19,643

Service
 
19,975

 
324

a
20,299

Electricity
 
14,007

 
5,856

a
19,863

Total revenue
 
168,881

 
(30,579
)
 
138,302

Cost of revenue:
 
 
 
 
 
 
Product
 
70,802

 
(21,199
)
c, d
49,603

Installation
 
37,099

 
(7,148
)
c
29,951

Service
 
19,260

 
442

d
19,702

Electricity
 
8,949

 
3,113

c
12,062

Total cost of revenue
 
136,110

 
(24,792
)
 
111,318

Gross profit
 
32,771

 
(5,787
)
 
26,984

Operating expenses:
 
 
 
 
 
 
Research and development
 
14,413

 
—

 
14,413

Sales and marketing
 
8,254

 
(87
)
e
8,167

General and administrative
 
15,359

 
—

 
15,359

Total operating expenses
 
38,026

 
(87
)
 
37,939

Loss from operations
 
(5,255
)
 
(5,700
)
 
(10,955
)
Interest income
 
444

 
—

 
444

Interest expense
 
(22,525
)
 
(4,622
)
f
(27,147
)
Interest expense to related parties
 
(2,672
)
 
—

 
(2,672
)
Other expense, net
 
(855
)
 
—

 
(855
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
(19,197
)
 
—

 
(19,197
)
Loss before income taxes
 
(50,060
)
 
(10,322
)
 
(60,382
)
Income tax provision
 
128

 
—

 
128

Net loss
 
(50,188
)
 
(10,322
)
 
(60,510
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(4,512
)
 
—

 
(4,512
)
Net loss attributable to Class A and Class B common stockholders
 
$
(45,676
)
 
$
(10,322
)
 
$
(55,998
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which impacted our service revenue allocation.
b Not used.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation costs of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $20.3 million and installation cost of revenue of $7.1 million, offset by an increase in electricity cost of revenue of $3.1 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $0.9 million and an increase in service cost of revenue of $0.4 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
 
 
Three Months Ended September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Revenue:
 
 
 
 
 
 
Product
 
$
125,690

 
$
(23,257
)
a
$
102,433

Installation
 
29,690

 
(4,999
)
a
24,691

Service
 
20,751

 
305

a
21,056

Electricity
 
14,059

 
6,380

a
20,439

Total revenue
 
190,190

 
(21,571
)
 
168,619

Cost of revenue:
 
 
 
 
 
 
Product
 
95,357

 
(26,304
)
c, d
69,053

Installation
 
40,118

 
(4,612
)
c
35,506

Service
 
22,651

 
1,819

d
24,470

Electricity
 
8,679

 
3,501

c
12,180

Total cost of revenue
 
166,805

 
(25,596
)
 
141,209

Gross profit
 
23,385

 
4,025

 
27,410

Operating expenses:
 
 
 
 
 
 
Research and development
 
27,021

 
—

 
27,021

Sales and marketing
 
21,476

 
(80
)
e
21,396

General and administrative
 
40,999

 
—

 
40,999

Total operating expenses
 
89,496

 
(80
)
 
89,416

Loss from operations
 
(66,111
)
 
4,105

 
(62,006
)
Interest income
 
1,467

 
—

 
1,467

Interest expense
 
(16,853
)
 
(5,272
)
f
(22,125
)
Interest expense to related parties
 
(1,966
)
 
—

 
(1,966
)
Other expense, net
 
(705
)
 
—

 
(705
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
1,655

 
(755
)
g
900

Loss before income taxes
 
(82,513
)
 
(1,922
)
 
(84,435
)
Income tax provision
 
(3
)
 
—

 
(3
)
Net loss
 
(82,510
)
 
(1,922
)
 
(84,432
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(3,930
)
 
—

 
(3,930
)
Net loss attributable to Class A and Class B common stockholders
 
$
(78,580
)
 
$
(1,922
)
 
$
(80,502
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Not used.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $14.0 million and installation cost of revenue of $4.6 million, offset by an increase in electricity cost of revenue of $3.5 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $12.3 million and an increase in service cost revenue of $1.8 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the correction of a misstatement in the valuation of our 6% Notes derivative, resulting in $0.8 million of additional loss in the period.
 
 
Three Months Ended December 31, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Revenue:
 
 
 
 
 
 
Product
 
$
156,671

 
$
(52,734
)
a
$
103,937

Installation
 
21,363

 
(10,297
)
a
11,066

Service
 
21,752

 
26

a
21,778

Electricity
 
13,820

 
6,544

a
20,364

Total revenue
 
213,606

 
(56,461
)
 
157,145

Cost of revenue:
 
 
 
 
 
 
Product
 
128,076

 
(41,922
)
c, d
86,154

Installation
 
31,819

 
(11,168
)
c
20,651

Service
 
28,475

 
3,343

b, d
31,818

Electricity
 
7,988

 
3,613

c
11,601

Total cost of revenue
 
196,358

 
(46,134
)
 
150,224

Gross profit
 
17,248

 
(10,327
)
 
6,921

Operating expenses:
 
 
 
 
 
 
Research and development
 
32,970

 
—

 
32,970

Sales and marketing
 
24,983

 
(32
)
e
24,951

General and administrative
 
47,471

 
—

e
47,471

Total operating expenses
 
105,424

 
(32
)
 
105,392

Loss from operations
 
(88,176
)
 
(10,295
)
 
(98,471
)
Interest income
 
1,996

 
—

 
1,996

Interest expense
 
(16,178
)
 
(5,579
)
f
(21,757
)
Interest expense to related parties
 
(1,628
)
 
—

 
(1,628
)
Other expense, net
 
636

 
—

 
636

Gain (loss) on revaluation of warrant liabilities and embedded derivatives
 
(14
)
 
206

g
192

Loss before income taxes
 
(103,364
)
 
(15,668
)
 
(119,032
)
Income tax provision
 
1,079

 
—

 
1,079

Net loss
 
(104,443
)
 
(15,668
)
 
(120,111
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(4,662
)
 
—

 
(4,662
)
Net loss attributable to Class A and Class B common stockholders
 
$
(99,781
)
 
$
(15,668
)
 
$
(115,449
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in accounting for our grid escalation guarantees that resulted in a decrease of service cost of revenue of $0.5 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $37.1 million and installation cost of revenue of $12.1 million, offset by an increase in electricity cost of revenue $3.6 million, together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $0.9 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $4.8 million and an increase in service cost of $3.8 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives —The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value of the liability decreased resulting in a gain of $0.2 million.

 
 
Six Months Ended June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Revenue:
 
 
 
 
 
 
Product
 
$
229,961

 
$
(35,693
)
a
$
194,268

Installation
 
40,363

 
(7,925
)
a
32,438

Service
 
39,882

 
551

a
40,433

Electricity
 
28,036

 
11,709

a
39,745

Total revenue
 
338,242

 
(31,358
)
 
306,884

Cost of revenue:
 
 
 
 
 
 
Product
 
151,157

 
(25,089
)
c, d
126,068

Installation
 
47,537

 
(8,388
)
c
39,149

Service
 
43,513

 
888

d
44,401

Electricity
 
19,598

 
6,249

c
25,847

Total cost of revenue
 
261,805

 
(26,340
)
 
235,465

Gross profit
 
76,437

 
(5,018
)
 
71,419

Operating expenses:
 
 
 
 
 
 
Research and development
 
29,144

 
—

 
29,144

Sales and marketing
 
16,516

 
(56
)
e
16,460

General and administrative
 
30,347

 
—

 
30,347

Total operating expenses
 
76,007

 
(56
)
 
75,951

Loss from operations
 
430

 
(4,962
)
 
(4,532
)
Interest income
 
859

 
—

 
859

Interest expense
 
(43,904
)
 
(9,235
)
f
(53,139
)
Interest expense to related parties
 
(5,299
)
 
—

 
(5,299
)
Other expense, net
 
(930
)
 
—

 
(930
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
(23,231
)
 
—

 
(23,231
)
Loss before income taxes
 
(72,075
)
 
(14,197
)
 
(86,272
)
Income tax provision
 
461

 
—

 
461

Net loss
 
(72,536
)
 
(14,197
)
 
(86,733
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(9,144
)
 
—

 
(9,144
)
Net loss attributable to Class A and Class B common stockholders
 
$
(63,392
)
 
$
(14,197
)
 
$
(77,589
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which impacted our service revenue allocation.
b .Not used.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in decreases in product cost of revenue of $23.9 million and installation cost of revenue of $8.4 million, offset by an increase in electricity cost of revenue of $6.2 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $1.2 million and an increase in service cost of revenue of $0.9 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.

 
 
Nine Months Ended September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Revenue:
 
 
 
 
 
 
Product
 
$
355,651

 
$
(58,950
)
a
$
296,701

Installation
 
70,053

 
(12,924
)
a
57,129

Service
 
60,633

 
856

a
61,489

Electricity
 
42,095

 
18,089

a
60,184

Total revenue
 
528,432

 
(52,929
)
 
475,503

Cost of revenue:
 
 
 
 
 
 
Product
 
246,514

 
(51,393
)
c, d
195,121

Installation
 
87,655

 
(13,000
)
c
74,655

Service
 
66,164

 
2,707

d
68,871

Electricity
 
28,277

 
9,750

c
38,027

Total cost of revenue
 
428,610

 
(51,936
)
 
376,674

Gross profit
 
99,822

 
(993
)
 
98,829

Operating expenses:
 
 
 
 
 
 
Research and development
 
56,165

 
—

 
56,165

Sales and marketing
 
37,992

 
(136
)
e
37,856

General and administrative
 
71,346

 
—

e
71,346

Total operating expenses
 
165,503

 
(136
)
 
165,367

Loss from operations
 
(65,681
)
 
(857
)
 
(66,538
)
Interest income
 
2,326

 
—

 
2,326

Interest expense
 
(60,757
)
 
(14,507
)
f
(75,264
)
Interest expense to related parties
 
(7,265
)
 
—

 
(7,265
)
Other expense, net
 
(1,635
)
 
—

 
(1,635
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
(21,576
)
 
(755
)
g
(22,331
)
Loss before income taxes
 
(154,588
)
 
(16,119
)
 
(170,707
)
Income tax provision
 
458

 
—

 
458

Net loss
 
(155,046
)
 
(16,119
)
 
(171,165
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(13,074
)
 
—

 
(13,074
)
Net loss attributable to Class A and Class B common stockholders
 
$
(141,972
)
 
$
(16,119
)
 
$
(158,091
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Not used.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $37.9 million and installation cost of revenue of $13.0 million, offset by an increase in electricity cost of revenue of $9.7 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $13.5 million and an increase in service cost of revenue of $2.7 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the correction of a misstatement in the valuation of our 6% Notes derivative, resulting in $0.8 million of additional expense in the period.
The following tables contain the restatement and recasting of previously reported unaudited condensed consolidated statements of cash flows for the three-month period ended March 31, 2019, the six-month periods ended June 30, 2019 and the nine-month period ended September 30, 2019, the restatement of previously reported unaudited condensed consolidated statements of cash flows for the six-month period ended June 30, 2018 and the nine-month period ended September 30, 2018 and the revision of the previously reported unaudited condensed consolidated statement of cash flows for the three-month period ended March 31, 2018.

 
 
Three Months Ended March 31, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(88,273
)
 
$
(21,056
)
 
$
(109,329
)
 
$
577

 
$
(108,752
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
11,271

 
2,954

A
14,225

 
—

 
14,225

Write-off of property, plant and equipment, net
 
1

 
—

 
1

 
—

 
1

Revaluation of derivative contracts
 
(453
)
 
540

B
87

 
—

 
87

Stock-based compensation
 
63,882

 
3,940

C
67,822

 
—

 
67,822

Loss on long-term REC purchase contract
 
59

 
—

 
59

 
—

 
59

Amortization of debt issuance cost
 
5,152

 
—

 
5,152

 
—

 
5,152

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts receivable
 
816

 
(98
)
D
718

 
3,413

 
4,131

Inventories
 
15,932

 
(4,845
)
E
11,087

 
—

 
11,087

Deferred cost of revenue
 
26,014

 
(37,098
)
F
(11,084
)
 
—

 
(11,084
)
Customer financing receivable and other
 
1,339

 
—

 
1,339

 
—

 
1,339

Prepaid expenses and other current assets
 
5,194

 
1,423

G
6,617

 
11

 
6,628

Other long-term assets
 
83

 
(396
)
H
(313
)
 
(103
)
 
(416
)
Accounts payable
 
(2,464
)
 
—

 
(2,464
)
 
—

 
(2,464
)
Accrued warranty
 
(2,500
)
 
50

I
(2,450
)
 
(247
)
 
(2,697
)
Accrued expenses and other current liabilities
 
823

 
(1,196
)
J
(373
)
 
—

 
(373
)
Deferred revenue and customer deposits
 
(44,533
)
 
49,428

K
4,895

 
(3,651
)
 
1,244

Other long-term liabilities
 
3,487

 
679

L
4,166

 
—

 
4,166

Net cash used in operating activities
 
(4,170
)
 
(5,675
)
 
(9,845
)
 
—

 
(9,845
)
Cash flows from investing activities:
 


 


 

 

 

Purchase of property, plant and equipment
 
(8,543
)
 
(3,403
)
M
(11,946
)
 
—

 
(11,946
)
Payments for acquisition of intangible assets
 
(848
)
 
—

 
(848
)
 
—

 
(848
)
Proceeds from maturity of marketable securities
 
104,500

 
—

 
104,500

 
—

 
104,500

Net cash provided by investing activities
 
95,109

 
(3,403
)
 
91,706

 
—

 
91,706

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayment of debt
 
(5,016
)
 
—

 
(5,016
)
 
—

 
(5,016
)
Repayment of debt to related parties
 
(778
)
 
—

 
(778
)
 
—

 
(778
)
Proceeds from financing obligations
 
—

 
10,961

N
10,961

 
—

 
10,961

Repayment of financing obligations
 
—

 
(1,883
)
N
(1,883
)
 
—

 
(1,883
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(3,189
)
 
—

 
(3,189
)
 
—

 
(3,189
)
Proceeds from issuance of common stock
 
7,493

 
—

 
7,493

 
—

 
7,493

 
 
Three Months Ended March 31, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Net cash provided by (used in) financing activities
 
(1,490
)
 
9,078

 
7,588

 
—

 
7,588

Net increase in cash, cash equivalents, and restricted cash
 
89,449

 
—

 
89,449

 
—

 
89,449

Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
 
 
 
 
Beginning of period
 
280,485

 
—

 
280,485

 
—

 
280,485

End of period
 
$
369,934

 
$
—

 
$
369,934

 
$
—

 
$
369,934

 
 
 
 
 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
 
 
 
 
Cash paid during the period for interest
 
$
14,545

 
$
5,838

N
$
20,383

 
$
—

 
$
20,383

Cash paid during the period for taxes
 
222

 
—

 
222

 
—

 
222

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Revaluation of derivative contracts — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote. We now consider the commitments a derivative liability, with the initial value of recorded as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
C Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation cost into inventory of $4.4 million. The correction of this misstatement also resulted in the capitalization of $0.5 million of stock-based compensation costs related to assets under the Managed Services Programs now recorded as construction in progress within property, plant and equipment, net.
D Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
E Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
F Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $37.2 million, and the net capitalization of stock-based compensation expenses of $0.1 million.
G Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses.
H Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
I Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis on our Managed Services Agreements and similar arrangements. The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote and therefore, no accrual was made. We now have a $0.1 million accrual, with the initial value of treated as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
J Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
K Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to the recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
L Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as a lease loan liability.
M Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
N Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received and due are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.
 
 
Six Months Ended June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(155,504
)
 
$
(30,991
)
 
$
(186,495
)
 
$
(9,183
)
 
$
(195,678
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
31,023

 
6,011

A
37,034

 
—

 
37,034

Write-off of property, plant and equipment, net
 
2,704

 
—

 
2,704

 
—

 
2,704

Write-off of PPA II and PPA IIIb decommissioned assets
 
25,613

 
—

 
25,613

 
—

 
25,613

Debt make-whole expense
 
5,934

 
—

 
5,934

 
—

 
5,934

Revaluation of derivative contracts
 
555

 
1,081

B
1,636

 
—

 
1,636

Stock-based compensation
 
115,100

 
4,086

C
119,186

 
—

 
119,186

Loss on long-term REC purchase contract
 
60

 
—

 
60

 
—

 
60

Amortization of debt issuance cost
 
11,255

 
—

 
11,255

 
—

 
11,255

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts receivable
 
46,591

 
(274
)
D
46,317

 
3,424

 
49,741

Inventories
 
27,542

 
(5,345
)
E
22,197

 
—

 
22,197

Deferred cost of revenue
 
19,198

 
(57,991
)
F
(38,793
)
 
—

 
(38,793
)
Customer financing receivable and other
 
2,713

 
—

 
2,713

 
—

 
2,713

Prepaid expenses and other current assets
 
8,477

 
1,752

G
10,229

 
(2
)
 
10,227

Other long-term assets
 
1,028

 
(1,029
)
H
(1
)
 
(271
)
 
(272
)
Accounts payable
 
(5,461
)
 
—

 
(5,461
)
 
—

 
(5,461
)
Accrued warranty
 
(6,843
)
 
114

I
(6,729
)
 
33

 
(6,696
)
Accrued expenses and other current liabilities
 
7,213

 
(1,632
)
J
5,581

 
—

 
5,581

Deferred revenue and customer deposits
 
(25,411
)
 
71,325

K
45,914

 
5,999

 
51,913

Other long-term liabilities
 
3,419

 
1,303

L
4,722

 
—

 
4,722

Net cash provided by operating activities
 
115,206

 
(11,590
)
 
103,616

 
—

 
103,616

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(18,882
)
 
(4,737
)
M
(23,619
)
 
—

 
(23,619
)
Payments for acquisition of intangible assets
 
(970
)
 
—

 
(970
)
 
—

 
(970
)
Proceeds from maturity of marketable securities
 
104,500

 
—

 
104,500

 
—

 
104,500

Net cash provided by investing activities
 
84,648

 
(4,737
)
 
79,911

 
—

 
79,911

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayment of debt
 
(83,997
)
 
—

 
(83,997
)
 
—

 
(83,997
)
Repayment of debt to related parties
 
(1,220
)
 
—

 
(1,220
)
 
—

 
(1,220
)
Debt make-whole payment
 
(5,934
)
 
—

 
(5,934
)
 
—

 
(5,934
)
Proceeds from financing obligations
 
—

 
20,333

N
20,333

 
—

 
20,333

Repayment of financing obligations
 
—

 
(4,006
)
N
(4,006
)
 
—

 
(4,006
)
Payments to noncontrolling and redeemable noncontrolling interests
 
(18,690
)
 
—

 
(18,690
)
 
—

 
(18,690
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(7,753
)
 
—

 
(7,753
)
 
—

 
(7,753
)
Proceeds from issuance of common stock
 
8,321

 
—

 
8,321

 
—

 
8,321

Net cash used in financing activities
 
(109,273
)
 
16,327

 
(92,946
)
 
—

 
(92,946
)
Net increase in cash, cash equivalents, and restricted cash
 
90,581

 
—

 
90,581

 
—

 
90,581

 
 
Six Months Ended June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
 
 
 
 
Beginning of period
 
280,485

 
—

 
280,485

 
—

 
280,485

End of period
 
$
371,066

 
$
—

 
$
371,066

 
$
—

 
$
371,066

 
 
 
 
 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
 
 
 
 
Cash paid during the period for interest
 
$
23,867

 
$
11,835

N
$
35,702

 
$
—

 
$
35,702

Cash paid during the period for taxes
 
497

 
—

 
497

 
—

 
497

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Revaluation of derivative contracts — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote. We now consider the commitments a derivative liability, with the initial value recorded as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
C Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation costs into inventory of $4.7 million. The correction of this misstatement resulted in the capitalization of $0.6 million of stock-based compensation costs related to assets under the Managed Services Programs now recorded as construction in progress within property, plant and equipment, net.
D Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
E Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
F Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $56.5 million, and the net capitalization of stock-based compensation costs of $1.5 million.
G Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
H Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, including the timing difference of capacity billings to end customers and the payments received from the financing entity, is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
I Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements. The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we've provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote. We now maintain a $0.3 million accrual, with the initial value of treated as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
J Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
K Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to the recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
L Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as a lease loan liability.
M Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
N Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the bank proceeds received are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.
 
 
Nine Months Ended September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(195,434
)
 
$
(36,793
)
 
$
(232,227
)
 
$
(20,228
)
 
$
(252,455
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
55,816

 
9,132

A
64,948

 
—

 
64,948

Write-off of property, plant and equipment, net
 
2,987

 
—

 
2,987

 
—

 
2,987

Write-off of PPA II and PPA IIIb decommissioned assets
 
25,613

 
—

 
25,613

 
—

 
25,613

Debt make-whole expense
 
5,934

 
—

 
5,934

 
—

 
5,934

PPA I decommissioning, net
 
—

 
—

 
—

 
—

 
—

Revaluation of derivative contracts
 
1,335

 
1,620

B
2,955

 
—

 
2,955

Stock-based compensation
 
154,955

 
5,278

C
160,233

 
—

 
160,233

Loss on long-term REC purchase contract
 
61

 
—

 
61

 
—

 
61

Amortization of debt issuance cost
 
16,295

 
—

 
16,295

 
—

 
16,295

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts receivable
 
58,150

 
(318
)
D
57,832

 
5,594

 
63,426

Inventories
 
(7,896
)
 
6,121

E
(1,775
)
 
—

 
(1,775
)
Deferred cost of revenue
 
56,854

 
(59,198
)
F
(2,344
)
 
—

 
(2,344
)
Customer financing receivable and other
 
4,142

 
—

 
4,142

 
—

 
4,142

Prepaid expenses and other current assets
 
7,928

 
176

G
8,104

 
(33
)
 
8,071

Other long-term assets
 
3,281

 
(1,229
)
H
2,052

 
(758
)
 
1,294

Accounts payable
 
14,171

 
—

 
14,171

 
—

 
14,171

Accrued warranty
 
(3,941
)
 
109

I
(3,832
)
 
(242
)
 
(4,074
)
Accrued expenses and other current liabilities
 
5,029

 
162

J
5,191

 
—

 
5,191

Deferred managed services revenue
 
—

 
—

 
—

 
—

 
—

Deferred revenue and customer deposits
 
(68,180
)
 
74,765

K
6,585

 
15,667

 
22,252

Other long-term liabilities
 
2,083

 
2,477

L
4,560

 
—

 
4,560

Net cash provided by operating activities
 
139,183

 
2,302

 
141,485

 
—

 
141,485

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(23,474
)
 
(16,216
)
M
(39,690
)
 
—

 
(39,690
)
Payments for acquisition of intangible assets
 
(1,478
)
 
—

 
(1,478
)
 
—

 
(1,478
)
Proceeds from maturity of marketable securities
 
104,500

 
—

 
104,500

 
—

 
104,500

Net cash provided by investing activities
 
79,548

 
(16,216
)
 
63,332

 
—

 
63,332

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayment of debt
 
(93,263
)
 
—

 
(93,263
)
 
—

 
(93,263
)
Repayment of debt to related parties
 
(1,691
)
 
—

 
(1,691
)
 
—

 
(1,691
)
Debt make-whole payment
 
(5,934
)
 
—

 
(5,934
)
 
—

 
(5,934
)
Proceeds from financing obligations
 
—

 
20,333

N
20,333

 
—

 
20,333

Repayment of financing obligations
 
—

 
(6,419
)
N
(6,419
)
 
—

 
(6,419
)
Payments to noncontrolling and redeemable noncontrolling interests
 
(43,713
)
 
—

 
(43,713
)
 
—

 
(43,713
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(9,363
)
 
—

 
(9,363
)
 
—

 
(9,363
)
Proceeds from issuance of common stock
 
12,623

 
—

 
12,623

 
—

 
12,623

 
 
Nine Months Ended September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Net cash used in financing activities
 
(141,341
)
 
13,914

 
(127,427
)
 
—

 
(127,427
)
Net increase in cash, cash equivalents, and restricted cash
 
77,390

 
—

 
77,390

 
—

 
77,390

Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
 
 
 
 
Beginning of period
 
280,485

 
—

 
280,485

 
—

 
280,485

End of period
 
$
357,875

 
$
—

 
$
357,875

 
$
—

 
$
357,875

 
 
 
 
 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
 
 
 
 
Cash paid during the period for interest
 
$
35,894

 
$
17,878

N
$
53,772

 
$
—

 
$
53,772

Cash paid during the period for taxes
 
715

 
—

 
715

 
—

 
715

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Revaluation of derivative contracts — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote. We now consider the commitments a derivative liability, with the initial value of recorded as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
C Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation costs into inventory of $5.9 million. The correction of this misstatement also resulted in the capitalization of $0.6 million of stock-based compensation costs related to assets under the Managed Services Programs now recorded as construction in progress within property, plant and equipment, net.
D Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
E Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
F Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $60.6 million and the net capitalization of stock-based compensation expenses of $1.4 million.
G Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
H Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
I Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements. The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote. We now maintain a $0.4 million accrual, with the initial value treated as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
J Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
K Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
L Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as a lease loan liability.
M Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
N Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the bank proceeds received are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.

 
 
Three Months Ended March 31, 2018
 
 
As Previously Reported
 
Revision Impacts
 
As Revised
Cash flows from operating activities:
 
 
 
 
 
 
Net loss
 
$
(22,348
)
 
$
(3,875
)
 
$
(26,223
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
Depreciation and amortization
 
10,847

 
2,457

A
13,304

Revaluation of derivative contracts
 
7,157

 
—

 
7,157

Stock-based compensation
 
7,956

 
191

B
8,147

Loss on long-term REC purchase contract
 
12

 
—

 
12

Revaluation of preferred stock warrants
 
(3,271
)
 
—

 
(3,271
)
Common stock warrant valuation
 
(100
)
 
—

 
(100
)
Amortization of debt issuance cost
 
7,168

 
—

 
7,168

Changes in operating assets and liabilities:
 
 
 
 
 
 
Accounts receivable
 
(28,203
)
 
(32
)
C
(28,235
)
Inventories
 
(6,818
)
 
3,291

D
(3,527
)
Deferred cost of revenue
 
16,282

 
(3,541
)
E
12,741

Customer financing receivable and other
 
1,306

 
—

 
1,306

Prepaid expenses and other current assets
 
(446
)
 
929

F
483

Other long-term assets
 
1,266

 
(418
)
G
848

Accounts payable
 
(827
)
 
—

 
(827
)
Accrued warranty
 
(87
)
 
10

H
(77
)
Accrued expenses and other current liabilities
 
(10,083
)
 
(515
)
I
(10,598
)
Deferred revenue and customer deposits
 
(22,347
)
 
6,620

J
(15,727
)
Other long-term liabilities
 
8,049

 
981

K
9,030

Net cash used in operating activities
 
(34,487
)
 
6,098

 
(28,389
)
Cash flows from investing activities:
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(223
)
 
(4,635
)
L
(4,858
)
Purchase of marketable securities
 
(8,991
)
 
—

 
(8,991
)
Proceeds from maturity of marketable securities
 
15,750

 
—

 
15,750

Net cash provided by investing activities
 
6,536

 
(4,635
)
 
1,901

Cash flows from financing activities:
 
 
 
 
 
 
Repayment of debt
 
(4,489
)
 
—

 
(4,489
)
Repayment of debt to related parties
 
(290
)
 
—

 
(290
)
Repayment of financing obligations
 
—

 
(1,463
)
M
(1,463
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(3,832
)
 
—

 
(3,832
)
Proceeds from issuance of common stock
 
120

 
—

 
120

Payments of initial public offering issuance costs
 
(578
)
 
—

 
(578
)
Net cash used in financing activities
 
(9,069
)
 
(1,463
)
 
(10,532
)
Net decrease in cash, cash equivalents, and restricted cash
 
(37,020
)
 
—

 
(37,020
)
Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
Beginning of period
 
180,612

 
—

 
180,612

 
 
Three Months Ended March 31, 2018
 
 
As Previously Reported
 
Revision Impacts
 
As Revised
End of period
 
$
143,592

 
$
—

 
$
143,592

 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
Cash paid during the period for interest
 
11,216

 
4,613

M
15,829

Cash paid during the period for taxes
 
401

 
—

 
401

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation costs into inventory of $0.6 million. The correction of this misstatement also resulted in the capitalization of costs of $0.8 million related to assets under the Managed Services Program now recorded as construction in progress within property, plant and equipment, net.
C Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
D Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
E Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $3.2 million and the net capitalization of stock-based compensation expenses of $0.3 million.
F Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
G Other long-term assets —The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, including the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
H Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis on our Managed Services Agreements and similar arrangements.
I Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
J Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to the recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
K Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as a lease loan liability.
L Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
M Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received and due are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.
.
 
 
Six Months Ended June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Cash flows from operating activities:
 
 
 
 
 
 
Net loss
 
$
(72,536
)
 
$
(14,197
)
 
$
(86,733
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
Depreciation and amortization
 
21,554

 
4,912

A
26,466

Write-off of property, plant and equipment, net
 
661

 
—

 
661

Revaluation of derivative contracts
 
28,611

 
—

 
28,611

Stock-based compensation
 
15,773

 
(292
)
B
15,481

Loss on long-term REC purchase contract
 
100

 
—

 
100

Revaluation of stock warrants
 
(7,456
)
 
—

 
(7,456
)
Revaluation of preferred stock warrants
 
(166
)
 
—

 
(166
)
Amortization of debt issuance cost
 
14,420

 
—

 
14,420

Changes in operating assets and liabilities:
 
 
 
 
 
 
Accounts receivable
 
(6,486
)
 
(195
)
C
(6,681
)
Inventories
 
(46,172
)
 
7,915

D
(38,257
)
Deferred cost of revenue
 
48,760

 
(28,362
)
E
20,398

Customer financing receivable and other
 
2,439

 
—

 
2,439

Prepaid expenses and other current assets
 
4,544

 
220

F
4,764

Other long-term assets
 
15

 
(866
)
G
(851
)
Accounts payable
 
5,217

 
—

 
5,217

Accrued warranty
 
(1,883
)
 
(300
)
H
(2,183
)
Accrued expenses and other current liabilities
 
(12,815
)
 
(1,386
)
I
(14,201
)
Deferred revenue and customer deposits
 
(31,817
)
 
9,787

J
(22,030
)
Other long-term liabilities
 
18,652

 
497

K
19,149

Net cash used in operating activities
 
(18,585
)
 
(22,267
)
 
(40,852
)
Cash flows from investing activities:
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(1,595
)
 
(11,550
)
L
(13,145
)
Purchase of marketable securities
 
(15,732
)
 
—

 
(15,732
)
Proceeds from maturity of marketable securities
 
27,000

 
—

 
27,000

Net cash provided by (used in) investing activities
 
9,673

 
(11,550
)
 
(1,877
)
Cash flows from financing activities:
 
 
 
 
 
 
Repayment of debt
 
(9,201
)
 
—

 
(9,201
)
Repayment of debt to related parties
 
(627
)
 
—

 
(627
)
Proceeds from financing obligations
 
—

 
36,799

M
36,799

Repayment of financing obligations
 
—

 
(2,982
)
M
(2,982
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(11,582
)
 
—

 
(11,582
)
Proceeds from issuance of common stock
 
742

 
—

 
742

Payments of initial public offering issuance costs
 
(1,160
)
 
—

 
(1,160
)
Net cash provided by (used in) financing activities
 
(21,828
)
 
33,817

 
11,989

Net decrease in cash, cash equivalents, and restricted cash
 
(30,740
)
 
—

 
(30,740
)
Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Beginning of period
 
180,612

 
—

 
180,612

End of period
 
$
149,872

 
$
—

 
$
149,872

 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
Cash paid during the period for interest
 
$
16,540

 
$
9,233

M
$
25,773

Cash paid during the period for taxes
 
625

 
—
 
625

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation costs into inventory of $1.0 million. The correction of this misstatement also resulted in the capitalization of $0.7 million of stock-based compensation costs related to assets under the Managed Services Programs now recorded as construction in progress within property, plant and equipment, net.
C Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
D Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
E Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $28.1 million and the net capitalization of stock-based compensation costs of $0.3 million.
F Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
G Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, including the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
H Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements.
I Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
J Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to the recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
K Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as a lease loan liability.
L Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
M Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received and due are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.
 
 
Nine Months Ended September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Cash flows from operating activities:
 
 
 
 
 
 
Net loss
 
$
(155,046
)
 
$
(16,119
)
 
$
(171,165
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
Depreciation and amortization
 
32,141

 
7,616

A
39,757

Write-off of property, plant and equipment, net
 
901

 
—

 
901

Revaluation of derivative contracts
 
26,761

 
755

B
27,516

Stock-based compensation
 
87,451

 
(10,777
)
C
76,674

Loss on long-term REC purchase contract
 
150

 
—

 
150

Revaluation of stock warrants
 
(9,109
)
 
—

 
(9,109
)
Amortization of debt issuance cost
 
20,279

 
—

 
20,279

Changes in operating assets and liabilities:
 
 
 
 
 
 
Accounts receivable
 
(11,168
)
 
(332
)
D
(11,500
)
Inventories
 
(44,465
)
 
4,037

E
(40,428
)
Deferred cost of revenue
 
47,945

 
(34,343
)
F
13,602

Customer financing receivable and other
 
3,736

 
—

 
3,736

Prepaid expenses and other current assets
 
(6,514
)
 
(1,585
)
G
(8,099
)
Other long-term assets
 
1,052

 
(1,398
)
H
(346
)
Accounts payable
 
11,236

 
—

 
11,236

Accrued warranty
 
1,164

 
(324
)
I
840

Accrued expenses and other current liabilities
 
1,885

 
626

J
2,511

Deferred revenue and customer deposits
 
(32,203
)
 
17,431

K
(14,772
)
Other long-term liabilities
 
10,156

 
1,362

L
11,518

Net cash used in operating activities
 
(13,648
)
 
(33,051
)
 
(46,699
)
Cash flows from investing activities:
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(4,333
)
 
(20,283
)
M
(24,616
)
Payments for acquisition of intangible assets
 
(2,762
)
 
—

 
(2,762
)
Purchase of marketable securities
 
(15,732
)
 
—

 
(15,732
)
Proceeds from maturity of marketable securities
 
38,250

 
—

 
38,250

Net cash provided by (used in) investing activities
 
15,423

 
(20,283
)
 
(4,860
)
Cash flows from financing activities:
 
 
 
 
 
 
Repayment of debt
 
(14,036
)
 
—

 
(14,036
)
Repayment of debt to related parties
 
(990
)
 
—

 
(990
)
Proceeds from financing obligations
 
—

 
57,897

N
57,897

Repayment of financing obligations
 
—

 
(4,563
)
N
(4,563
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(14,192
)
 
—

 
(14,192
)
Proceeds from issuance of common stock
 
1,456

 
—

 
1,456

Proceeds from public offerings, net of underwriting discounts and commissions
 
292,529

 
—

 
292,529

Payments of initial public offering issuance costs
 
(2,928
)
 
—

 
(2,928
)
Net cash provided by financing activities
 
261,839

 
53,334

 
315,173

Net increase in cash, cash equivalents, and restricted cash
 
263,614

 
—

 
263,614

 
 
Nine Months Ended September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
Beginning of period
 
180,612

 
—

 
180,612

End of period
 
$
444,226

 
$
—

 
$
444,226

 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
Cash paid during the period for interest
 
$
30,601

 
$
14,505

N
$
45,106

Cash paid during the period for taxes
 
1,052

 
—

 
1,052


A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Revaluation of derivative contracts — The correction of this misstatement resulted from the cumulative net change in the valuation of our embedded derivatives in our 6% Notes. The change in the valuation was recorded in loss on revaluation of embedded derivatives.
C Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation cost into inventory of $10.1 million. The correction of this misstatement also resulted in the capitalization of $0.7 million of stock-based compensation costs related to assets under the Managed Services Programs now recorded as construction in progress within property, plant and equipment, net.
D Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
E Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
F Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $31.4 million and the net capitalization of stock-based compensation expenses of $3.0 million.
G Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses.
H Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and payments received from the financing entity is recorded within long term receivables and commission payments are now classified within long term prepaid commissions.
I Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements.
J Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
K Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
L Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
M Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
N Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received and due are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.
v3.20.1
Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [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").
The consolidated balance sheets as of December 31, 2019 and 2018, the consolidated statements of operations, the consolidated statements of comprehensive loss, the consolidated statements of convertible redeemable preferred stock, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest, and the consolidated statements of cash flows for the years ended December 31, 2019, 2018 and 2017, as well as other information disclosed in the accompanying notes have been prepared in accordance with generally accepted accounting principles as applied in the United States ("U.S. GAAP").
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 ("VIE"), which we refer to as our power purchase agreement entities ("PPA Entities"). This approach focuses on determining whether we haves 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 other than with respect to the PPA II Entity, as discussed below.
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. On June 14, 2019, we entered into a transaction with SP Diamond State Class B Holdings, LLC (“SPDS”), a wholly owned subsidiary of Southern Power Company, in which SPDS will purchase a majority interest in PPA II, which operates in Delaware providing alternative energy generation for state tariff rate payers (the "PPA II upgrade of Energy Servers"). PPA II will use the funds received to purchase current generation Bloom Energy Servers in connection with the upgrade of its energy generation assets fleet. In connection with the closing of this transaction, SPDS was admitted as a member of Diamond State Generation Partners, LLC ("DSGP"). DSGP, an operating company, is now owned by Diamond State Generation Holdings, LLC ("DSGH") and SPDS. As a result of the PPA II upgrade of Energy Servers, we determined that we no longer retain a controlling interest in PPA II and therefore DSGP was no longer consolidated as a VIE into our consolidated financial statements as of June 30, 2019. On November 27, 2019, we entered into a PPA IIIb upgrade of Energy Servers transaction such that the Project Company became indirectly wholly-owned by us and therefore, it was no longer a VIE.
For additional information, see Note 13, Power Purchase Agreement Programs - PPA II Upgrade of Energy Servers.
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 best estimate of selling price under ASC 605, and stand-alone selling price under ASC 606, 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 lease and non-lease components and related financing obligations such as incremental borrowing rates, estimated output, efficiency and residual value of the Energy Servers, warranty, product performance guaranties and extended maintenance, derivative valuations, estimates for recapture of U.S. Treasury grants and similar grants, estimates relating to contractual indemnities provisions, estimates for income taxes and deferred tax asset valuation allowances, and stock-based compensation costs . 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 power purchase agreements. 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 lease our Energy Servers through one of our financing partners via our Managed Services Program or as a traditional lease. Finally, customers may purchase electricity through our Power Purchase Agreement Programs.
Prior to Adoption of ASC 606 Revenue from Contracts with Customers
Prior to the adoption of ASC 606 Revenue from Contracts with Customers, 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 are met:
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Persuasive evidence of an arrangement exists. We rely upon non-cancelable sales agreements and purchase orders to determine the existence of an arrangement.
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Delivery and acceptance have occurred. We use shipping documents and confirmation from our installations team that the deployed systems are running at full power as defined in each contract to verify delivery and acceptance.
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The fee is fixed or determinable. We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction.
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Collectability is reasonably assured. We assess collectability based on the customer’s credit analysis and payment history.
When these criteria are met, we allocate 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 is 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 limit the amount of revenue recognized for delivered elements to an amount that is not contingent upon future delivery of additional products or services or upon meeting any specified performance conditions.
We have not been able to obtain reliable evidence of the selling price of the standalone Energy Server. Given that we typically sell an Energy Server with a maintenance service agreement and have not provided maintenance services to a customer who does not have use of an Energy Server, we have no evidence of selling prices for either and virtually no customers have elected to cancel their maintenance service agreements while continuing to operate the Energy Servers. Our objective is to determine the price at which we would transact business if the items were being sold separately. As a result, our estimate of our selling price is 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 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 and to expected installation costs to determine the selling price to be used in our BESP model. Costs for maintenance service arrangements are estimated over the expected life of the maintenance contracts and include estimated future service costs and future material costs. Material costs over the expected 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. As our business offerings and eligibility for the Investment Tax Credit ("ITC") evolve over time, we may be required to modify our estimated selling prices in subsequent periods and our revenue could be adversely affected.
Subsequent to adoption of 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")." This standard superseded most of the previous revenue recognition guidance under U.S. GAAP and is intended to improve and converge with international standards' related financial reporting requirements for revenue recognition. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. Subsequently, the FASB issued several standards that clarified certain aspects of ASU 2014-09, but did not significantly change the original standard. We adopted ASU 2014-09 and its related amendments (collectively “ASC 606”) as of January 1, 2019 using the modified retrospective method. Under the modified retrospective method, results for reporting periods beginning after December 31, 2018 are presented under ASC 606 while prior period financial information is not adjusted and continues to be reported under prior guidance (“ASC 605”). See “Accounting Guidance Implemented in Fiscal Year 2019” below for additional information on the impact of adopting ASC 606.
In applying ASC 606, Revenue related to contracts with customers is recognized by following a five-step process:
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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 service agreements or energy supply agreement.
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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 service renewal options which provide customers with material rights.
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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.
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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.
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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 service 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 service 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 revenue to each performance obligation based on the total transaction price for each contract. Our maintenance service contracts are typically subject to renewal by customers on an annual basis. We assess these maintenance service renewal options at contract inception to determine whether they provide customers with material rights that give rise to a separate performance obligation.
The total transaction price is determined based on the total consideration specified in the contract, including variable consideration in the form of a production guarantee 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. We allocate the transaction price to each performance obligation in an amount that depicts the amount of consideration to which we expect to be entitled in exchange for transferring and installing the Energy Server and providing associated maintenance services.
Given that we typically sell an Energy Server with a maintenance service 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 service 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 service agreements based on their respective costs or, in the case of maintenance service 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 service 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, 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 leases 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 service contract are not combined.
Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until the acceptance criteria as defined within the customer contract are met. The related cost of such product and installation is also deferred as a component of deferred cost in the consolidated balance sheets until acceptance.
Installation Revenue - Nearly all of our installation revenue relates to the installation of Energy Servers sold to direct purchase, including financing partners on Third-Party PPAs and traditional lease customers. Generally, we recognize installation revenue when the system has been installed and is running at full power.
Service Revenue - Service revenue is generated from maintenance services agreements. We typically provide to our customers a standard one-year warranty, against manufacturing or performance defects in our Energy Servers. We also sell to these customers extended annual maintenance services that effectively extend the standard one-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. 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.
Revenue is recognized over the term of the renewed one-year service period. Given our customers' renewal history, we anticipate that almost all of our customers will continue to renew their maintenance services agreements each year through their expected use of the Energy Server. As a result, we estimate the standalone selling price for customer renewal options that give rise to material rights using the practical alternative by reference to optional operations and maintenance services renewal periods expected to be provided and the corresponding expected consideration for these services. This reflects that our additional performance obligations in any contractual renewal period are consistent with the services provided under the initial maintenance service contract.
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 using a cost-to-cost basis that reflects the cost of providing these services.
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 power purchase agreements ("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 product sales, we are a party to master lease agreements that provide for the sale of our Energy Servers to third-parties and the simultaneous leaseback of the systems, which we then sublease to our customers. In sale-leaseback sublease arrangements ("Managed Services"), we first determine whether the Energy Servers under the sale-leaseback arrangement are “integral equipment”. As the Energy Servers are determined not to be integral equipment, we determine if the leaseback is classified as a capital lease or an operating lease.
Our managed services arrangements with the financing party are classified as capital leases and are recorded as financing transactions, while the sub-lease arrangements with the end customer are classified as operating leases. Payments received from the financier are recorded as financing leases. We then recognize revenue for the electricity generated by allocating the total proceeds based on the relative standalone selling prices to electricity revenue and to service revenue. Electricity revenue relating to power purchase agreements is typically accounted for in accordance with ASC 840 Leases and service revenue in accordance with ASC 606.
We recognize revenue from the PPAs and Managed Services contracts as the electricity is provided over the term of the agreement.
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. Lastly, 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. During fiscal 2019, we did not recognize any material revenue for contracts modified during the period that had performance obligations satisfied in prior periods.
We recognize a contract liability (deferred revenue) 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 goods sold 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.
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 customers, including financing partners on Third-Party PPA, 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. Estimated standard one-year warranty costs are also included in cost of product revenue for those contracts that do not contain material rights, 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, including financing partners on Third-Party PPAs and 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 Recognition from Power Purchase Agreement Programs
Revenue Recognized from Power Purchase Agreement Programs (See Note 13 - Power Purchase Agreement Programs)
In 2010, we began offering our Energy Servers through our Bloom Electrons financing program. This program is financed via a special purpose Investment Company and Operating Company, collectively referred to as a PPA Entity, and are owned partly by us and partly by third-party investors. The investors contribute cash to the PPA Entity in exchange for an equity interest, which then allows the PPA Entity to purchase our Energy Server from us. The cash contributions held are classified as short-term or long-term restricted cash according to the terms of each power purchase agreement. As we identify end customers, the PPA Entity enters into a PPA with the end customer pursuant to which the customer agrees to purchase the power generated by the Bloom Energy Server at a specified rate per kilowatt hour ("kWh") for a specified term, which can range from 10 to 21 years. The PPA Entity typically enters into a maintenance services agreement with us following the first year of service to extend the standard one-year warranty service and performance guaranties. This intercompany arrangement is eliminated in consolidation. Those power purchase agreements 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. For both operating leases and tariff agreements, 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 arrangements entered into by certain PPA entities, including Bloom Energy 2009 PPA Project Company, LLC ("PPA I"), 2012 ESA Project Company, LLC ("PPA IIIa") and 2013B ESA Project Company, LLC ("PPA IIIb"), qualify as sales-type leases in accordance with FASB ASC Topic 840, Leases ("ASC 840"). 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 customer contracts, we may also be obligated to supply fuel for the Energy Servers. The amount billed for the delivery of the electricity to PPA I’s customers primarily consists of returns on the amounts financed including interest revenue, service revenue and fuel revenue for certain arrangements.
We are obligated to supply fuel to the Energy Servers that deliver electricity under the PPA I agreements. Based on the customer offtake agreements, the customers pay an all-inclusive rate per kWh of electricity produced by the Energy Servers. The consideration received under the PPA I agreements primarily consists of returns on the amounts financed including interest revenue, service revenue and fuel revenue on the consolidated statements of operations.
As the Power Purchase Agreement Programs 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. 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 $2.9 million, $3.4 million and $4.0 million for the years ended December 31, 2019, 2018 and 2017, respectively, is included in electricity revenue in the consolidated statements of operations.
Product revenue associated with the sale of the Energy Servers under the PPAs that qualify as sales-type leases is recognized at the present value of the minimum lease payments, which approximates fair value, assuming all other conditions for revenue recognition noted above have also been met. A sale is typically recognized as revenue when an Energy Server begins generating electricity and has been accepted, which is consistent across all purchase options in that acceptance generally occurs after the Energy Server has been installed and is running at full power as defined in each contract. There was no product revenue recognized under sales-type leases for the years ended December 31, 2019, 2018 and 2017.
Operating Leases - Certain Power Purchase Agreement Program leases entered into by PPA IIIa, PPA IIIb, 2014 ESA Holdco, LLC ("PPA IV") and 2015 ESA Holdco, LLC ("PPAV") that are leases in substance, but do not meet the criteria of sales-type leases or direct financing leases in accordance with ASC 840, are accounted for as operating leases. Revenue under these arrangements is recognized as electricity sales and service revenue and is provided to the customer at rates specified under the contracts. During the years ended December 31, 2019, 2018 and 2017, revenue from electricity sales from these PPA arrangements amounted to $29.7 million, $30.9 million and $29.9 million, respectively. During the years ended December 31, 2019, 2018 and 2017, service revenue amounted to $14.6 million, $15.2 million and $15.6 million, respectively.
Financing Leases Under Managed Services Agreements - Certain of our customers use managed services agreements to finance their lease of Bloom Energy Servers which are accounted for as operating leases with the end customer. As a result, revenue is recognized over the life of the managed service agreements as power is generated by the Energy Servers. The Managed Services Program is one of several financing vehicles we use to sell our Energy Servers. Under our Managed Services Program, we sell our equipment to a bank financing party, which pays us for the Energy Server and takes title to the Energy Server. We then enter into a sublease contract with an end customer, which pays us a fixed, monthly fee for its use of the Energy Server and pays us for our maintenance services on the Energy Server. The fees we receive for the maintenance services on the Energy Server is recognized as services revenue. In addition, the payments received from our customers under our Managed Services program for power generated by our Energy Servers are also recorded as services revenue, as well as electricity revenue over the term of the agreement using our standalone selling price model allocation.
The fixed, monthly fee for the use of the Energy Server is then paid to the bank to pay down the lease obligation, with interest thereon being calculated on an effective interest rate basis.
Incentives and Grants
Incentives and Grants
Tariff Agreement - PPA II entered into an agreement with Delmarva, 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 $11.3 million, $23.0 million and $23.3 million for the years ended December 31, 2019, 2018 and 2017, respectively, is included in electricity sales in the consolidated statements of operations. Revenue relating to power generation at the Delmarva sites of $6.8 million, $13.7 million and $13.9 million for the years ended December 31, 2019, 2018 and 2017, respectively, is included in service revenue in the consolidated statements of operations.
Investment Tax Credits ("ITCs") - 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 Power Purchase Agreement Programs, 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 investment tax credits for fuel cell systems applicable retroactively to January 1, 2017. Due to this reinstatement of ITC in 2018, the benefit of ITC to total revenue was $45.5 million of revenue benefit related to the retroactive ITC for 2017 acceptances.
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 incentives. No ITC recapture has occurred during the years ended December 31, 2019, 2018 and 2017.
Recapture of U.S. Treasury Grants and Similar Grants 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 incentives. Our purchase of Energy Servers were by the PPA Entities and, therefore, the PPA Entities bear the risk of repayment 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 grants and established tariffs fail to occur. Based on outside expert guidance, we believe these events to be less than likely to occur and have not established financial reserves.
Warranty Costs
Warranty Costs
We generally warrant our products sold to our direct customers for one year following the date of acceptance of the products (the “standard one-year warranty”). To estimate the product warranty costs, we continuously monitor product returns for warranty failures and maintains the reserve for the related warranty expense based on various factors including historical warranty claims, field monitoring and results of lab testing. Our performance obligations under our standard product warranty and managed services agreements are generally in the form of product replacement, repair or reimbursement for higher customer electricity costs. The standard one-year warranty covers defects in materials and workmanship under normal use and service conditions and against manufacturing or performance defects. Prior to adoption of ASC 606 Revenue From Contracts With Customers, 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 accrue for warranty costs based on estimated costs that may be incurred including material costs, labor costs and higher customer electricity costs should the units not work for extended periods.
With the adoption of ASC 606 Revenue From Contracts With Customers for the year ended 2019, 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.
As part of both 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 product performance guaranty, we will reimburse the customer for this underperformance. Our performance obligation includes ensuring the customer’s equipment operates at least at the efficiency and power output levels set forth in the customer agreement. Our aggregate reimbursement obligation for this 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 product 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
Shipping and Handling Costs
We record costs related to shipping and handling in cost of revenue, as they are incurred.
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.
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.
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 and restricted stock units ("RSUs") awarded to employees and non-employee directors under the provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718 - Compensation-Stock Compensation ("ASC 718") using the Black-Scholes valuation model to estimate fair value. The Black-Scholes valuation model requires us to make estimates and assumptions regarding the underlying stock’s fair value, the expected life of the option and RSUs, the risk-free rate of return interest rate, the expected volatility of our common stock price and the expected dividend yield. In developing estimates used to calculate assumptions, we established the expected term for employee options and RSUs, as well as expected forfeiture rates, based on the historical settlement experience and after giving consideration to vesting schedules. 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 under the straight-line attribution method over the vesting term, which is generally four years for options, and record stock-based compensation costs for performance-based awards using the graded-vesting method. 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.
Stock-based compensation cost for RSUs is measured based on the fair value of the underlying shares on the date of grant. Up to the date of our IPO, RSUs were subject to a time-based vesting condition and a performance-based vesting condition, both of which require satisfaction before the RSUs vest and settle for shares of common stock. The performance-based condition was tied to a liquidity event such as a sale event of Bloom or the completion of our IPO. The time-based conditions range between six months and four years from the end of the lock-up period after our IPO. Upon completion of our IPO in July 2018, the performance-based condition of our RSUs was satisfied and we began recognizing stock-based compensation over the remaining time-based vesting condition, which ranges from six months and up to four years from IPO.
We use the Black-Scholes valuation model to estimate the fair value of stock purchase rights under our 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. Stock-based compensation expense is recorded in the consolidated statements of operations based on the employees’ respective function.
For performance-based awards, stock-based compensation costs are recognized over the expected performance achievement period of individual's performance milestone(s) as the achievement of each individual performance milestone become probable. For performance-based awards with a vesting schedule, based entirely on the attainment of market conditions, stock-based compensation costs are recognized for performance and market conditions when the relevant market condition is considered probable of achievement. The fair value of such awards is estimated on the grant date using Monte Carlo simulations, see Note 12, Stock-Based Compensation and Employee Benefit Plans.
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.
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, or NOL, position), based on the amount of compensation cost recognized and our statutory tax rate. With our adoption of ASU 2016-09 Improvements to Employee Share-Based Payment Accounting (Topic 718) ("ASU 2016-09") in the first quarter of 2017 on a prospective basis, stock-based compensation excess tax benefits or deficiencies are reflected in the consolidated statements of operations as a component of the provision for income taxes. No tax benefit or expense for stock-based compensation has been recorded for the years ended December 31, 2019, 2018 and 2017 since we remain in an NOL position.
Determining the amount of stock-based compensation to be recorded requires us to develop estimates for the inputs used in the Black-Scholes valuation model to calculate the grant-date fair value of stock options. We use weighted-average assumptions in applying the Black-Scholes valuation model.
The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury zero-coupon issues in effect at the grant date for periods corresponding with the expected term of option. Our estimate of an expected term is calculated based on our historical share option exercise data. We have not and do not expect to pay dividends in the foreseeable future. The estimated stock price volatility is derived based on historical volatility of our peer group, which represents our best estimate of expected volatility.
The amount of stock-based compensation costs recognized during a period is based on the value of that portion of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered option. We review historical forfeiture data and determines the appropriate forfeiture rate based on that data. We reevaluate this analysis periodically and adjust the forfeiture rate as necessary and ultimately recognize the actual expense over the vesting period only for the shares that vest.
Income Taxes
Income Taxes
We account for income taxes using the liability method under FASB ASC Topic 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 740-10, 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.
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
FASB ASC Topic 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 1
 
Quoted 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 2
 
Inputs 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. Financial instruments utilizing Level 2 inputs include interest rate swaps.
 
 
 
Level 3
 
Unobservable 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 derivatives, warrants issued to purchase our preferred stock and embedded derivatives in sales contracts and bifurcated from 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, Short-Term Investments and Restricted Cash - Cash equivalents consist of highly liquid short-term investments with maturities of 90 days or less at the date of purchase.
Short-Term Investments
Short-term investments consist of highly liquid investments with maturities of greater than 90 days at the reporting period end date. Short-term investments are reported at fair value with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss). Short-term investments are anticipated to be used for current operations and are, therefore, classified as available-for-sale in current assets even though their maturities may extend beyond one year. We periodically review short-term investments for impairment. In the event a decline in value is determined to be other-than-temporary, an impairment loss is recognized. When determining if a decline in value is other-than-temporary, we take into consideration the current market conditions and the duration and severity of and the reason for the decline as well as considering the likelihood that it would need to sell the security prior to a recovery of par value.
The specific identification method is used to determine the cost of any securities disposed with any realized gains or losses recognized as income or expense in the consolidated statements of operations.
Restricted Cash
Restricted cash is held as collateral to provide financial assurance that we will fulfill obligations and commitments primarily related to our power purchase agreement 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 Bloom Electrons program (refer to Note 13, Power Purchase Agreement Programs). 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. We also issued derivative financial instruments embedded in our 6% 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 and for those that do not qualify for hedge accounting or are not designated hedges are recorded through earnings in the consolidated statements of operations.
While we hedge certain of our natural gas purchase requirements under our power purchase agreements, 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. We evaluate and calculate the effectiveness of the hedge at each reporting date. 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 Accounting Standards Update ("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 agreement 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 topic 815-40, were determined to be embedded derivatives and were bifurcated from the debt and were classified prior to the IPO as liabilities on the consolidated balance sheets. 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 are classified as either operating or sales-type leases in accordance with the relevant accounting guidelines and customer financing receivables are generated by Energy Servers leased to PPA Entities’ customers in leasing arrangements that qualify as sales-type leases. Customer financing receivables represents 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 sales-type leases are recognized as cost of revenue when the Energy Servers are placed in service.
We review our customer financing receivables by aging category to identify significant customer balances with known disputes or collection issues. In determining the allowance, we make judgments about the credit worthiness of a majority of our customers based on ongoing credit evaluations. We also consider our historical level of credit losses as well as current economic trends that might impact the level of future credit losses. We write off customer financing receivables when they are deemed uncollectible. We do not maintain an allowance for doubtful accounts to reserve for potentially uncollectible customer financing receivables as historically all of our receivables on the consolidated balance sheets have been collected in full.
Accounts Receivable
Accounts Receivable - Accounts receivable primarily represents trade receivables from sales to customers recorded at net realizable value. As we do for our customer financing receivables, we review our accounts receivable by aging category to identify significant customer balances with known disputes or collection issues. In determining the allowance, we make judgments about the creditworthiness of a majority of our customers based on ongoing credit evaluations. We also consider our historical level of credit losses as well as current economic trends that might impact the level of future credit losses. We write off accounts receivable when they are deemed uncollectible. We do not maintain an allowance for doubtful accounts to reserve for potentially uncollectible accounts receivable as historically all of our receivables on the consolidated balance sheets have been collected in full.
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, including inventory from purchase commitments, 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 power purchase 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
  
35 years

When assets are retired or disposed, the assets and related accumulated depreciation and amortization are removed from our general ledger and the resulting gain or loss is reflected in the consolidated statements of operations.
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.
Preferred Stock Warrants
Preferred Stock Warrants - We accounted for freestanding warrants to purchase shares of our convertible preferred stock as liabilities on the consolidated balance sheets at fair value upon issuance. In accordance with ASC 480 - Distinguishing Liability from Equity ("ASC 480"), these warrants were classified within warrant liability in the consolidated balance sheets as the underlying shares of convertible preferred stock were contingently redeemable which, therefore, may have obligated us to transfer assets at some point in the future. These warrants were valued on the date of issuance, using the Probability-Weighted Expected Return Model ("PWERM"). The warrants were subject to remeasurement to fair value at each balance sheet date or immediately prior to exercise. Any change in fair value was recognized in the consolidated statements of operations. Our convertible preferred stock warrants were converted into common stock warrants upon the completion of our IPO in July 2018. At that time, the convertible preferred stock warrant liability was reclassified to additional paid-in capital.
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 PPE Entities. Refer to Note 13, Power Purchase Agreement Programs 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
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 Fiscal Year 2019
Revenue Recognition - In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts With Customers (Topic 606), as amended ("ASC 606"). The guidance provides principles for recognizing revenue for the transfer of promised goods or services to customers with the consideration to which the entity expects to be entitled in exchange for those goods or services, as well as guidance on the recognition of costs related to obtaining and fulfilling customer contracts. The guidance also requires expanded disclosures about the nature, amount, timing, and uncertainty of revenues and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASC 606 is effective for our annual period beginning January 1, 2019, and for our interim periods beginning on January 1, 2020. ASC 606 can be adopted using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within the guidance (“full retrospective method”); or (ii) retrospective with the cumulative effect of initially applying the guidance recognized at the date of initial application and providing certain additional disclosures as defined per the guidance (“modified retrospective method”). We adopted ASC 606 in the year ended December 31, 2019 using the modified retrospective method. As a policy election, Topic ASC was applied only to contracts that were not complete as of the date of adoption. We recognized the cumulative effect of initially applying ASC 606 as an adjustment to the January 1, 2019 opening balance of accumulated deficit. The prior period consolidated financial statements have not been retrospectively adjusted and continue to be reported under the accounting standards in effect for those periods.
As part of our adoption of ASC 606, we elected to apply the following practical expedients:
•
We have not restated contracts that begin and are completed within the same annual reporting period;
•
For completed contracts that have variable consideration, we used the transaction price at the date upon which the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods;
•
We have excluded disclosures of transaction prices allocated to remaining performance obligations and when we expect to recognize such revenue for all periods prior to the date of initial application;
•
We have not retrospectively restated our contracts to account for those modifications that were entered into before January 1, 2019, the earliest reporting period impacted by ASC 606;
See Note 3 Revenue Recognition for additional information.
Statement of Cash Flows - In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (Topic 230) ("ASU 2016-15"), which clarifies the classification of the activity in the consolidated statements of cash flows and how the predominant principle should be applied when cash receipts and cash payments have more than one class of cash flows. Adoption will be applied retrospectively to all periods presented. We adopted ASU 2016-15 on January 1, 2019. Adoption of ASU 2016-15 had no impact on our consolidated financial statements.
Hedging Activities - As of January 1, 2019, we adopted Accounting Standards Update ("ASU") 2017-12 Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12") to help entities recognize the economic results of their hedging strategies in the financial statements so that stakeholders can better interpret and understand the effect of hedge accounting on reported results. It is intended to more clearly disclose an entity’s risk exposures and how we manage those exposures through hedging, and it is expected to simplify the application of hedge accounting guidance. The new guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. There was not a material impact to our consolidated financial statements upon adoption of ASU 2017-12.
Income Taxes - As of January 1, 2019, we adopted ASU 2016-16, Income Taxes-Intra-Entity Transfers of Assets Other Than Inventory (Topic 740) ("ASU 2016-16"), which requires that entities recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-16 is effective for us in our Annual Report on Form 10-K for the year ended December 31, 2019 and is required to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the adoption period. Adoption of ASU 2016-16 had no impact on our consolidated financial statements.
Income Taxes - As of January 1, 2019, we adopted ASU 2018-02 Income Statement-Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which permits reclassification of certain tax effects in Other Comprehensive Income ("OCI") caused by the U.S. tax reform enacted in December 2017 to retained earnings. We do not have any tax effect (due to full valuation allowance) in our OCI account, thus this guidance has no impact on our consolidated financial statements.
Codification Improvements - In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses; Topic 815, Derivatives and Hedging; and Topic 825, Financial Instruments ("ASU 2019-04"), that clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01), respectively. The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of a company’s next annual reporting period. Early adoption is permitted. As discussed above, we adopted ASU 2017-12 on January 1, 2019 and the amendments of ASU 2019-04 did not have a material impact on our consolidated financial statements.
Cloud Computing - In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), to clarify the guidance on the costs of implementing a cloud computing hosting arrangement that is a service contract. Under ASU 2018-15, the entity is required to follow the guidance in Subtopic 350-40, Internal-Use Software, to determine which implementation costs under the service contract to be capitalized as an asset and which costs to expense. ASU 2018-15 is effective for us for the annual periods beginning in 2021 and the interim periods in 2022 on a retrospective or prospective basis and early adoption is permitted. We adopted ASU 2018-15 on a prospective basis in the fiscal year ended December 31, 2019 and ASU 2018-15 did not have a material impact on the consolidated financial statements and related disclosures.
Accounting Guidance Not Yet Adopted
Leases - In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended (“ASC 842”), which provides new authoritative guidance on lease accounting. Among its provisions, the standard changes the definition of a lease, requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for operating leases and also requires additional qualitative and quantitative disclosures about lease arrangements. All leases in scope will be classified as either operating or financing. Operating and financing leases will require the recognition of an asset and liability to be measured at the present value of the lease payments. ASC 842 also makes a distinction between operating and financing leases for purposes of reporting expenses on the income statement. We are the lessee under various agreements for facilities and equipment that are currently accounted for as operating leases and expect to continue to enter into new such leases. Additionally, we expect to continue to enter into Managed Services related financing leases in the future and are the lessor of Energy Servers that are subject to power purchase arrangements with customers under our PPA and Managed Services programs that are currently accounted for as leases.
We are currently evaluating the impact of the adoption of this update on our financial statements. We expect that the most significant impacts will be assessing whether new power purchase arrangements with customers meet the new definition of a lease and recognizing right of use assets and lease liabilities for arrangements currently accounted for as operating leases where we are the lessee. We expect to adopt this guidance on a prospective basis on January 1, 2021.
Financial Instruments - In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326). The pronouncement was issued to provide more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. This pronouncement will be effective for us from fiscal year 2021. A prospective transition approach is required for debt securities for which an other than temporary impairment had been recognized before the effective date. We are currently evaluating the impact of the adoption of this update on our financial statements.
Stock Compensation - In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting ("ASU 2018-07") which aligns the accounting for share-based payment awards issued to employees and nonemployees. Measurement of equity-classified nonemployee awards will now be valued on the grant date and will no longer be remeasured through the performance completion date. ASU 2018-07 also changes the accounting for nonemployee awards with performance conditions to recognize compensation cost when achievement of the performance condition is probable, rather than upon achievement of the performance condition, as well as eliminating the requirement to reassess the equity or liability classification for nonemployee awards upon vesting, except for certain award types. ASU 2018-07 is effective for us for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We plan to adopt ASU 2018-07 on a modified retrospective approach in January 2020. We do not expect the adoption of ASU 2018-07 to have a material effect on our financial statements and related disclosures.
Fair Value Measurement - In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 has eliminated, amended and added disclosure requirements for fair value measurements. Entities will no longer be required to disclose the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy, the policy of timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. Companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted. ASU 2018-13 will have an impact on our disclosures. We are evaluating the effect on our financial statements and related disclosures.
v3.20.1
Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Estimated Depreciable Lives 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
  
35 years
Property, plant and equipment, net consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Energy Servers
 
$
650,600

 
$
757,574

Computers, software and hardware
 
20,275

 
16,536

Machinery and equipment
 
101,650

 
99,209

Furniture and fixtures
 
8,339

 
4,337

Leasehold improvements
 
35,694

 
18,629

Building
 
40,512

 
40,512

Construction in progress
 
12,611

 
41,180

 
 
869,681

 
977,977

Less: Accumulated depreciation
 
(262,622
)
 
(261,226
)
 
 
$
607,059

 
$
716,751
v3.20.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The cumulative effect of the changes made to our consolidated January 1, 2019 consolidated balance sheet for the adoption of ASC 606 was as follows (in thousands):
 
 
Balances at
December 31, 2018
 
Adjustments
from Adoption
of ASC 606
 
Balances at
January 1, 2019
 
 
As Restated
 
 
 
As Recast
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
220,728

 
$
—

 
$
220,728

Restricted cash
 
28,657

 
—

 
28,657

Short-term investments
 
104,350

 
—

 
104,350

Accounts receivable
 
88,784

 
995

 
89,779

Inventories
 
135,265

 
—

 
135,265

Deferred cost of revenue
 
43,809

 
—

 
43,809

Customer financing receivable
 
5,594

 
—

 
5,594

Prepaid expenses and other current assets
 
36,747

 
140

 
36,887

Total current assets
 
663,934

 
1,135

 
665,069

Property, plant and equipment, net
 
716,751

 
—

 
716,751

Customer financing receivable, non-current
 
67,082

 
—

 
67,082

Restricted cash (non-current)
 
31,100

 
—

 
31,100

Deferred cost of revenue, non-current
 
45

 
—

 
45

Other long-term assets
 
42,882

 
2,472

 
45,354

Total assets
 
$
1,521,794

 
$
3,607

 
$
1,525,401

Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
66,889

 
$
—

 
$
66,889

Accrued warranty
 
17,968

 
(1,032
)
 
16,936

Accrued expenses and other current liabilities
 
66,838

 
—

 
66,838

Financing obligations
 
8,128

 
—

 
8,128

Deferred revenue and customer deposits
 
67,632

 
4,653

 
72,285

Current portion of recourse debt
 
8,686

 
—

 
8,686

Current portion of non-recourse debt
 
18,962

 
—

 
18,962

Current portion of non-recourse debt from related parties
 
2,200

 
—

 
2,200

Total current liabilities
 
257,303

 
3,621

 
260,924

Derivative liabilities
 
14,143

 
—

 
14,143

Deferred revenue and customer deposits, net of current portion
 
87,308

 
17,982

 
105,290

Financing obligations, non-current
 
385,650

 
—

 
385,650

Long-term portion of recourse debt
 
360,339

 
—

 
360,339

Long-term portion of non-recourse debt
 
289,241

 
—

 
289,241

Long-term portion of recourse debt from related parties
 
27,734

 
—

 
27,734

Long-term portion of non-recourse debt from related parties
 
34,119

 
—

 
34,119

Other long-term liabilities
 
26,196

 
—

 
26,196

Total liabilities
 
1,482,033

 
21,603

 
1,503,636

Redeemable noncontrolling interest
 
57,261

 
—

 
57,261

Stockholders’ deficit:
 
 
 
 
 
 
Common stock: $0.0001 par value; Class A shares and, Class B shares
 
11

 
—

 
11

Additional paid-in capital
 
2,481,352

 
—

 
2,481,352

Accumulated other comprehensive income
 
131

 
—

 
131

Accumulated deficit
 
(2,624,104
)
 
(17,996
)
 
(2,642,100
)
Total stockholders’ deficit
 
(142,610
)
 
(17,996
)
 
(160,606
)
Noncontrolling interest
 
125,110

 
—

 
125,110

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,521,794

 
$
3,607

 
$
1,525,401

In accordance with the ASC 606 requirements, the impact of adoption on our consolidated balance sheet was as follows as of December 31, 2019 (in thousands):
 
 
 
December 31, 2019
 
 
As Reported
 
Balances Without
Adoption of ASC 606
 
Effect of Change
Higher / (Lower)
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
202,823

 
$
202,823

 
$
—

Restricted cash
 
30,804

 
30,804

 
—

Accounts receivable
 
37,828

 
47,442

 
(9,614
)
Inventories
 
109,606

 
109,606

 
—

Deferred cost of revenue
 
58,470

 
58,470

 
—

Customer financing receivable
 
5,108

 
5,108

 
—

Prepaid expenses and other current assets
 
28,068

 
27,860

 
208

Total current assets
 
472,707

 
482,113

 
(9,406
)
Property, plant and equipment, net
 
607,059

 
607,059

 
—

Customer financing receivable, non-current
 
50,747

 
50,747

 
—

Restricted cash, non-current
 
143,761

 
143,761

 
—

Deferred cost of revenue, non-current
 
6,665

 
6,665

 
—

Other long-term assets
 
41,652

 
37,849

 
3,803

Total assets
 
$
1,322,591

 
$
1,328,194

 
$
(5,603
)
Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
55,579

 
$
55,579

 
$
—

Accrued warranty
 
10,333

 
11,952

 
(1,619
)
Accrued expenses and other current liabilities
 
70,284

 
70,284

 
—

Financing obligations
 
10,993

 
10,993

 
—

Deferred revenue and customer deposits
 
89,192

 
90,075

 
(883
)
Current portion of recourse debt
 
304,627

 
304,627

 
—

Current portion of non-recourse debt
 
8,273

 
8,273

 
—

Current portion of recourse debt from related parties
 
20,801

 
20,801

 
—

Current portion of non-recourse debt from related parties
 
3,882

 
3,882

 
—

Total current liabilities
 
573,964

 
576,466

 
(2,502
)
Derivative liabilities
 
17,551

 
17,551

 
—

Deferred revenue and customer deposits, net of current portion
 
125,529

 
84,594

 
40,935

Financing obligations, non-current
 
446,165

 
446,165

 
—

Long-term portion of recourse debt
 
75,962

 
75,962

 
—

Long-term portion of non-recourse debt
 
192,180

 
192,180

 
—

Long-term portion of non-recourse debt from related parties
 
31,087

 
31,087

 
—

Other long-term liabilities
 
28,013

 
28,013

 
—

Total liabilities
 
1,490,451

 
1,452,018

 
38,433

Redeemable noncontrolling interest
 
443

 
443

 
—

Stockholders’ deficit:
 
 
 
 
 
 
Common stock: $0.0001 par value; Class A shares and, Class B shares
 
12

 
12

 
—

Additional paid-in capital
 
2,686,759

 
2,686,759

 
—

 
 
December 31, 2019
 
 
As Reported
 
Balances Without
Adoption of ASC 606
 
Effect of Change
Higher / (Lower)
Accumulated other comprehensive income
 
19

 
19

 
—

Accumulated deficit
 
(2,946,384
)
 
(2,902,348
)
 
(44,036
)
Total stockholders’ deficit
 
(259,594
)
 
(215,558
)
 
(44,036
)
Noncontrolling interest
 
91,291

 
91,291

 
—

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,322,591

 
$
1,328,194

 
$
(5,603
)

In accordance with ASC 606 requirements, the impact of adoption on our consolidated statement of operations for the year ended December 31, 2019 was as follows (in thousands):
 
 
Year ended December 31, 2019
 
 
As Reported
 
Balances Without
Adoption of ASC 606
 
Effect of Change
Higher / (Lower)
Revenue:
 
 

 
 

 
 

Product
 
$
557,336

 
$
601,857

 
$
(44,521
)
Installation
 
60,826

 
54,716

 
6,110

Service
 
95,786

 
91,944

 
3,842

Electricity
 
71,229

 
71,229

 
—

Total revenue
 
785,177

 
819,746

 
(34,569
)
Cost of revenue:
 
 
 
 
 
 
Product
 
435,479

 
436,064

 
(585
)
Installation
 
76,487

 
76,487

 
—

Service
 
100,238

 
106,782

 
(6,544
)
Electricity
 
75,386

 
75,386

 
—

Total cost of revenue
 
687,590

 
694,719

 
(7,129
)
Gross profit
 
97,587

 
125,027

 
(27,440
)
Operating expenses:
 
 
 
 
 
 
Research and development
 
104,168

 
104,168

 
—

Sales and marketing
 
73,573

 
74,973

 
(1,400
)
General and administrative
 
152,650

 
152,650

 
—

Total operating expenses
 
330,391

 
331,791

 
(1,400
)
Loss from operations
 
(232,804
)
 
(206,764
)
 
(26,040
)
Interest income
 
5,661

 
5,661

 
—

Interest expense
 
(87,480
)
 
(87,480
)
 
—

Interest expense to related parties
 
(6,756
)
 
(6,756
)
 
—

Other income (expense), net
 
706

 
706

 
—

Loss on revaluation of warrant liabilities and embedded derivatives
 
(2,160
)
 
(2,160
)
 
—

Loss before income taxes
 
(322,833
)
 
(296,793
)
 
(26,040
)
Income tax provision
 
633

 
633

 
—

Net loss
 
(323,466
)
 
(297,426
)
 
(26,040
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(19,052
)
 
(19,052
)
 
—

Net loss attributable to Class A and Class B common stockholders
 
(304,414
)
 
(278,374
)
 
(26,040
)
Less: deemed dividend to noncontrolling interest
 
(2,454
)
 
(2,454
)
 
—

Net loss available to Class A and Class B common stockholders
 
$
(306,868
)
 
$
(280,828
)
 
$
(26,040
)
Net loss per share available to Class A and Class B common stockholders, basic and diluted
 
$
(2.67
)
 
$
(2.44
)
 
$
(0.23
)
Deferred revenue and customer deposits activity related to the adoption of ASC 606 consisted of the following (in thousands):
 
 
Year ended 12/31/2018
(As Restated)
 
Impacts of ASC606 Adoption
 
As of 1/1/2019
(As Recast)
 
As of 12/31/2019
(As Recast)
Deferred revenue
 
$
(141,458
)
 
$
(8,154
)
 
$
(149,612
)
 
$
(175,619
)
Customer deposits
 
(13,482
)
 
(14,481
)
 
(27,963
)
 
(39,101
)
Deferred revenue and customer deposits
 
$
(154,940
)
 
$
(22,635
)
 
$
(177,575
)
 
$
(214,720
)
Deferred Revenue Activity
Deferred revenue activity during the year ended December 31, 2019 after the ASC 606 adoption consisted of the following (in thousands):
 
 
Year Ended December 31, 2019
 
 
As Reported
Deferred revenue on January 1, 2019
 
$
149,612

Additions
 
709,843

Revenue recognized
 
(683,836
)
Deferred revenue on December 31, 2019
 
$
175,619
Revenue by Source
We disaggregate revenue from contracts with customers into four revenue categories: (i) product, (ii) installation, (iii) services and (iv) electricity, as shown below (in thousands):
 
 
Years Ended December 31,
 
 
2019
 
2018
 
 
As Reported, With Adoption of ASC 606
 
As Reported, Under ASC 605
Revenue from contracts with customers:
 
 
 
 
Product revenue
 
$
557,336

 
$
400,638

Installation revenue
 
60,826

 
68,195

Services revenue
 
95,786

 
83,267

Electricity revenue
 
10,840

 
23,023

Total revenue from contract with customers
 
724,788

 
575,123

Revenue from contracts accounted for as leases:
 

 

Electricity revenue
 
60,389

 
57,525

Total revenue
 
$
785,177

 
$
632,648
v3.20.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents
The carrying value of cash and cash equivalents approximate fair value and are as follows (in thousands):
 
 
December 31,
 
 
2019
 
2018
As Held:
 
 
 
 
Cash
 
$
100,773

 
$
136,642

Money market funds
 
276,615

 
143,843

 
 
$
377,388

 
$
280,485

As Reported:
 
 
 
 
Cash and cash equivalents
 
$
202,823

 
$
220,728

Restricted cash
 
174,565

 
59,757

 
 
$
377,388

 
$
280,485
Restrictions on Cash and Cash Equivalents
The carrying value of cash and cash equivalents approximate fair value and are as follows (in thousands):
 
 
December 31,
 
 
2019
 
2018
As Held:
 
 
 
 
Cash
 
$
100,773

 
$
136,642

Money market funds
 
276,615

 
143,843

 
 
$
377,388

 
$
280,485

As Reported:
 
 
 
 
Cash and cash equivalents
 
$
202,823

 
$
220,728

Restricted cash
 
174,565

 
59,757

 
 
$
377,388

 
$
280,485

Restricted cash consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
Current:
 
 
 
 
Restricted cash
 
$
28,494

 
$
25,740

Restricted cash related to PPA Entities
 
2,310

 
2,917

Restricted cash, current
 
$
30,804

 
$
28,657

Non-current:
 
 
 
 
Restricted cash
 
$
10

 
$
3,246

Restricted cash related to PPA Entities 1
 
143,751

 
27,854

Restricted cash, non-current
 
143,761

 
31,100

 
 
$
174,565

 
$
59,757


1 We have variable interest entities which represent a portion of the consolidated balances are recorded within the "restricted cash," and other financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs). This amount includes $108.7 million and $20.0 million of restricted cash non-current, held in PPA II and PPA IIIb entities, respectively. As of December 31, 2019, such entities are no longer considered variable interest entities.
v3.20.1
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The tables below set forth, by level, our financial assets that were 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, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
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


 
 
Fair Value Measured at Reporting Date Using
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
 
Money market funds
 
$
143,843

 
$
—

 
$
—

 
$
143,843

Short-term investments
 
104,350

 
—

 
—

 
104,350

Interest rate swap agreements
 
—

 
82

 
—

 
82

 
 
$
248,193

 
$
82

 
$
—

 
$
248,275

Liabilities
 
 
 
 
 
 
 
 
Accrued expenses and other current liabilities
 
$
1,331

 
$
—

 
$
—

 
$
1,331

Derivatives:
 
 
 
 
 
 
 
 
Natural gas fixed price forward contracts
 
—

 
—

 
9,729

 
9,729

Embedded EPP derivatives
 
—

 
—

 
4,015

 
4,015

Interest rate swap agreements
 
—

 
3,630

 
—

 
3,630

 
 
$
1,331

 
$
3,630

 
$
13,744

 
$
18,705
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,
 
 
2019
 
2018
 
 
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)
 
1,991

 
$
6,968

 
3,096

 
$
9,729

 
 
 
 
 
 
 
 
 
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 assets were as follows (in thousands):
 
 
Natural
Gas
Fixed Price
Forward
Contracts
 
Preferred
Stock
Warrants
 
Embedded
Derivative
Liability
 
Embedded EPP Derivative
 
Total
Balances at December 31, 2017
 
$
15,368

 
$
9,825

 
$
140,771

 
$
4,217

 
$
170,181

Settlement of natural gas fixed price forward contracts
 
(3,412
)
 
—

 
—

 
0

 
(3,412
)
Embedded derivative on notes and sales contracts
 
—

 
—

 
6,288

 
3

 
6,291

Changes in fair value
 
(2,227
)
 
(8,943
)
 
30,904

 
(205
)
 
19,529

Reclassification of preferred stock warrants liability to common stock warrants and derivative liability into additional paid-in-capital
 
—

 
(882
)
 
(177,963
)
 
—

 
(178,845
)
Balances 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 value
 
844

 
—

 
—

 
2,161

 
3,005

Balances at December 31, 2019
 
$
6,968

 
$
—

 
$
—

 
$
6,176

 
$
13,144
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, 2019
 
December 31, 2018
 
 
Net Carrying
Value
 
Fair Value
 
Net Carrying
Value
 
Fair Value
 
 
 
 
 
 
 
 
 
Customer receivables:
 
 
 
 
 
 
 
 
Customer financing receivables
 
$
55,855

 
$
44,002

 
$
72,676

 
$
51,541

Debt instruments:
 
 
 
 
 
 
 
 
Recourse
 
 
 
 
 
 
 
 
LIBOR + 4% term loan due November 2020
 
1,536

 
1,590

 
3,214

 
3,311

5% convertible promissory note due December 2020
 
36,482

 
32,070

 
34,706

 
31,546

6% convertible promissory notes due December 2020
 
273,410

 
302,047

 
263,284

 
353,368

10% notes due July 2024
 
89,962

 
97,512

 
95,555

 
99,260

Non-recourse
 
 
 
 
 
 
 
 
5.22% senior secured notes due March 2025
 
—

 
—

 
78,566

 
80,838

7.5% term loan due September 2028
 
34,969

 
41,108

 
36,319

 
39,892

LIBOR + 5.25% term loan due October 2020
 
—

 
—

 
23,916

 
25,441

6.07% senior secured notes due March 2030
 
80,016

 
87,618

 
82,337

 
85,917

LIBOR + 2.5% term loan due December 2021
 
120,436

 
120,510

 
123,384

 
123,040
v3.20.1
Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Inventory, net
The components of inventory consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Raw materials
 
$
67,829

 
$
50,856

Work-in-progress
 
21,207

 
18,676

Finished goods
 
20,570

 
65,733

 
 
$
109,606

 
$
135,265
Prepaid Expense and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Government incentives receivable
 
$
893

 
$
1,001

Prepaid HW & SW maintenance
 
3,763

 
1,464

Receivables from employees
 
6,130

 
5,922

Other prepaid expense and other current assets
 
17,282

 
28,360

 
 
$
28,068

 
$
36,747
Property, Plant and Equipment, Net
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
  
35 years
Property, plant and equipment, net consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Energy Servers
 
$
650,600

 
$
757,574

Computers, software and hardware
 
20,275

 
16,536

Machinery and equipment
 
101,650

 
99,209

Furniture and fixtures
 
8,339

 
4,337

Leasehold improvements
 
35,694

 
18,629

Building
 
40,512

 
40,512

Construction in progress
 
12,611

 
41,180

 
 
869,681

 
977,977

Less: Accumulated depreciation
 
(262,622
)
 
(261,226
)
 
 
$
607,059

 
$
716,751
Customer Financing Leases, Receivable
The components of investment in sales-type financing leases consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
Total minimum lease payments to be received
 
$
76,886

 
$
100,816

Less: Amounts representing estimated executing costs
 
(19,931
)
 
(25,180
)
Net present value of minimum lease payments to be received
 
56,955

 
75,636

Estimated residual value of leased assets
 
890

 
1,051

Less: Unearned income
 
(1,990
)
 
(4,011
)
Net investment in sales-type financing leases
 
55,855

 
72,676

Less: Current portion
 
(5,108
)
 
(5,594
)
Non-current portion of investment in sales-type financing leases
 
$
50,747

 
$
67,082
Schedule of Customer Payments from Sales-Type Financing Leases
The future scheduled customer payments from sales-type financing leases were as follows as of December 31, 2019 (in thousands):
 
 
2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
 
 
 
 
 
 
 
 
 
 
 
 
 
Future minimum lease payments, less interest
 
$
5,108

 
$
5,428

 
$
5,784

 
$
6,155

 
$
6,567

 
$
25,923
Other Long-Term Assets
Other long-term assets consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Prepaid and other long-term assets
 
$
29,153

 
$
34,093

Deferred commissions
 
5,007

 
1,083

Equity-method investments
 
5,733

 
6,046

Long-term deposits
 
1,759

 
1,660

 
 
$
41,652

 
$
42,882
Accrued Warranty
Accrued warranty liabilities consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Product warranty
 
$
2,345

 
$
3,378

Product performance
 
7,536

 
6,290

Maintenance services contracts
 
453

 
8,300

 
 
$
10,334

 
$
17,968

Changes in the product warranty and product performance liabilities were as follows (in thousands):
Balances at December 31, 2016 (As Revised)
$
8,082

Accrued warranty, net (As Revised)
5,979

Warranty expenditures during period (As Revised)
(6,740
)
Balances at December 31, 2017 (As Revised)
7,321

Accrued warranty, net (As Restated)
9,301

Warranty expenditures during period (As Restated)
(6,954
)
Balances at December 31, 2018 (As Restated)
9,668

Cumulative effect upon adoption of ASC 606
1,032

Accrued warranty, net
1,849

Warranty expenditures during period
(2,668
)
Balances at December 31, 2019
$
9,881
Accrued Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Compensation and benefits
 
$
17,173

 
$
16,742

Current portion of derivative liabilities
 
4,834

 
3,232

Sales related liabilities
 
416

 
1,421

Accrued installation
 
10,348

 
6,859

Sales tax liabilities
 
3,849

 
1,798

Interest payable
 
3,875

 
4,675

Other
 
29,789

 
32,111

 
 
$
70,284

 
$
66,838
Other Long-Term Liabilities
Other long-term liabilities consisted of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Delaware grant
 
$
10,469

 
$
10,469

Other
 
17,544

 
15,727

 
 
$
28,013

 
$
26,196
v3.20.1
Outstanding Loans and Security Agreements (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of debt
The following is a summary of our debt as of December 31, 2019 (in thousands):
 
 
Unpaid
Principal
Balance
 
Net Carrying Value
 
Unused
Borrowing
Capacity
 
Interest
Rate
 
Maturity Dates
 
Entity
 
Recourse
 
 
Current
 
Long-
Term
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR + 4% term loan due November 2020
 
$
1,571

 
$
1,536

 
$
—

 
$
1,536

 
$
—

 
LIBOR
plus margin
 
November 2020
 
Company
 
Yes
5% convertible promissory note due December 2020
 
33,104

 
36,482

 
—

 
36,482

 
—

 
5.0%
 
December 2020
 
Company
 
Yes
6% convertible promissory notes due December 2020
 
289,299

 
273,410

 
—

 
273,410

 
—

 
6.0%
 
December 2020
 
Company
 
Yes
10% notes due July 2024
 
93,000

 
14,000

 
75,962

 
89,962

 
—

 
10.0%
 
July 2024
 
Company
 
Yes
Total recourse debt
 
416,974

 
325,428

 
75,962

 
401,390

 
—

 
 
 
 
 
 
 
 
7.5% term loan due September 2028
 
38,337

 
3,882

 
31,087

 
34,969

 
—

 
7.5%
 
September 2028
 
PPA IIIa
 
No
6.07% senior secured notes due March 2030
 
80,988

 
3,151

 
76,865

 
80,016

 
—

 
6.1%
 
March 2030
 
PPA IV
 
No
LIBOR + 2.5% term loan due December 2021
 
121,784

 
5,122

 
115,315

 
120,437

 
—

 
LIBOR plus
margin
 
December 2021
 
PPA V
 
No
Letters of Credit due December 2021
 
—

 
—

 
—

 
—

 
1,220

 
2.25%
 
December 2021
 
PPA V
 
No
Total non-recourse debt
 
241,109

 
12,155

 
223,267

 
235,422

 
1,220

 
 
 
 
 
 
 
 
Total debt
 
$
658,083

 
$
337,583

 
$
299,229

 
$
636,812

 
$
1,220

 
 
 
 
 
 
 
 
The following is a summary of our debt as of December 31, 2018 (in thousands):
 
 
Unpaid
Principal
Balance
 
Net Carrying Value
 
Unused
Borrowing
Capacity
 
Interest
Rate
 
Maturity Dates
 
Entity
 
Recourse
 
 
Current
 
Long-
Term
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR + 4% term loan due November 2020
 
$
3,286

 
$
1,686

 
$
1,528

 
$
3,214

 
$
—

 
LIBOR
plus margin
 
November 2020
 
Company
 
Yes
5% convertible promissory note due December 2020
 
33,104

 
—

 
34,706

 
34,706

 
—

 
8.0%
 
December 2020
 
Company
 
Yes
6% convertible promissory notes due December 2020
 
296,233

 
—

 
263,284

 
263,284

 
—

 
6.0%
 
December 2020
 
Company
 
Yes
10% notes due July 2024
 
100,000

 
7,000

 
88,555

 
95,555

 
—

 
10.0%
 
July 2024
 
Company
 
Yes
Total recourse debt
 
432,623

 
8,686

 
388,073

 
396,759

 
—

 
 
 
 
 
 
 
 
5.22% senior secured term notes due March 2025
 
79,698

 
11,994

 
66,572

 
78,566

 
—

 
5.2%
 
March 2025
 
PPA II
 
No
7.5% term loan due September 2028
 
40,538

 
2,200

 
34,119

 
36,319

 
—

 
7.5%
 
September 2028
 
PPA IIIa
 
No
LIBOR + 5.25% term loan due October 2020
 
24,723

 
827

 
23,089

 
23,916

 
—

 
LIBOR
plus margin
 
October 2020
 
PPA IIIb
 
No
6.07% senior secured notes due March 2030
 
83,457

 
2,469

 
79,868

 
82,337

 
—

 
6.1%
 
March 2030
 
PPA IV
 
No
LIBOR + 2.5% term loan due December 2021
 
125,456

 
3,672

 
119,712

 
123,384

 
—

 
LIBOR plus
margin
 
December 2021
 
PPA V
 
No
Letters of Credit due December 2021
 
—

 
—

 
—

 
—

 
1,220

 
2.25%
 
December 2021
 
PPA V
 
No
Total non-recourse debt
 
353,872

 
21,162

 
323,360

 
344,522

 
1,220

 
 
 
 
 
 
 
 
Total debt
 
$
786,495

 
$
29,848

 
$
711,433

 
$
741,281

 
$
1,220

 
 
 
 
 
 
 
 
Schedule of repayment
The following table presents detail of our entire outstanding loan principal repayment schedule as of December 31, 2019 (in thousands):
2020
$
350,129

2021
139,370

2022
26,046

2023
29,450

2024
35,941

Thereafter
77,147

 
$
658,083
v3.20.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value Derivatives
The fair values of the derivatives designated as cash flow hedges as of December 31, 2019 and 2018 on our consolidated balance sheets were as follows (in thousands):
 
 
December 31,
 
 
2019
 
2018
Assets
 
 
 
 
Prepaid expenses and other current assets
 
$
3

 
$
42

Other long-term assets
 
—

 
40

 
 
$
3

 
$
82

 
 
 
 
 
Liabilities
 
 
 
 
Accrued expenses and other current liabilities
 
$
782

 
$
4

Derivative liabilities
 
8,459

 
3,626

 
 
$
9,241

 
$
3,630
Changes in Fair Value of Derivative 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 were as follows (in thousands):
 
 
Year ended December 31,
 
 
2019
 
2018
Beginning balance
 
$
3,548

 
$
5,852

Loss (gain) recognized in other comprehensive loss
 
6,131

 
(1,729
)
Amounts reclassified from other comprehensive loss to earnings
 
(216
)
 
(369
)
Net loss (gain) recognized in other comprehensive income (loss)
 
5,915

 
(2,098
)
Gain recognized in earnings
 
(225
)
 
(206
)
Ending balance
 
$
9,238

 
$
3,548

 
 
 
 
 
v3.20.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
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,
 
 
2019
 
2018
 
2017
 
 
 
 
As Restated
 
As Revised
United States
 
$
(324,467
)
 
$
(291,574
)
 
$
(297,473
)
Foreign
 
1,634

 
1,835

 
3,081

    Total
 
$
(322,833
)
 
$
(289,739
)
 
$
(294,392
)
Schedule of Components of Income Tax Expense (Benefit)
 The provision for income taxes is comprised of the following (in thousands):
 
 
Years Ended
December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Current:
 
 
 
 
 
 
Federal
 
$
—

 
$
—

 
$
—

State
 
26

 
191

 
25

Foreign
 
595

 
1,407

 
621

Total current
 
621

 
1,598

 
646

Deferred:
 
 
 
 
 
 
Federal
 
—

 
—

 
—

State
 
—

 
—

 
—

Foreign
 
12

 
(61
)
 
(10
)
Total deferred
 
12

 
(61
)
 
(10
)
Total provision for income taxes
 
$
633

 
$
1,537

 
$
636
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,
 
 
2019
 
2018
 
2017
 
 
 
 
As Restated
 
As Revised
Tax at federal statutory rate
 
$
(67,795
)
 
$
(60,845
)
 
$
(100,093
)
State taxes, net of federal effect
 
26

 
191

 
25

Impact on noncontrolling interest
 
4,001

 
3,725

 
6,347

Non-U.S. tax effect
 
264

 
960

 
(437
)
Nondeductible expenses
 
144

 
6,796

 
5,698

Stock-based compensation
 
6,484

 
3,892

 
4,854

U.S. tax reform impact
 
—

 
—

 
239,117

U.S. tax on foreign earnings (GILTI)
 
221

 
127

 
—

Change in valuation allowance
 
57,288

 
46,691

 
(154,875
)
   Provision for income taxes
 
$
633

 
$
1,537

 
$
636
Schedule of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities consist of the following (in thousands): 
 
 
December 31,
 
 
2019
 
2018
 
 
 
 
As Restated
Tax credits and NOLs
 
$
494,084

 
$
468,402

Leased liabilities
 
122,145

 
108,113

Depreciation and amortization
 
8,523

 
9,631

Deferred revenue
 
6,688

 
457

Accruals and reserves
 
5,874

 
4,462

Stock-based compensation
 
61,808

 
62,793

Other items - DTA
 
24,443

 
17,863

Gross deferred tax assets
 
723,565

 
671,721

Valuation allowance
 
(633,591
)
 
(571,277
)
Net deferred tax assets
 
89,974

 
100,444

Investment in PPA entities
 
(13,494
)
 
(21,587
)
Debt issuance cost
 
(4,055
)
 
(8,586
)
Leased assets
 
(65,978
)
 
(62,681
)
Other items - DTL
 
(5,803
)
 
(6,817
)
Gross deferred tax liabilities
 
(89,330
)
 
(99,671
)
  Net deferred tax asset
 
$
644

 
$
773
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,
 
 
2019
 
2018
Unrecognized tax benefits beginning balance
 
$
30,311

 
$
28,331

Gross decrease for tax positions of prior year
 
(93
)
 
(468
)
Gross increase for tax positions of prior year
 
615

 
353

Gross increase for tax positions of current year
 
3,647

 
2,095

Unrecognized tax benefits end balance
 
$
34,480

 
$
30,311
v3.20.1
Net Loss per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2019
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 (basic) and net loss per share (diluted) attributable to common stockholders (in thousands, except per share amounts):
 
 
Years Ended
December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
As Restated
 
As Revised
Numerator:
 
 
 
 
 
 
Net loss attributable to Class A and Class B common stockholders
 
$
(304,414
)
 
$
(273,540
)
 
$
(276,362
)
Less: deemed dividend to noncontrolling interest
 
(2,454
)
 
—

 
—

Net loss available to Class A and Class B common stockholders
 
$
(306,868
)
 
$
(273,540
)
 
$
(276,362
)
Denominator:
 
 
 
 
 
 
Weighted average shares of common stock, basic and diluted
 
115,118

 
53,268

 
10,248

 
 
 
 
 
 
 
Net loss per share available to Class A and Class B common stockholders, basic and diluted
 
$
(2.67
)
 
$
(5.14
)
 
$
(26.97
)
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 attributable to common stockholders (diluted) for the periods presented as their inclusion would have been antidilutive:
 
 
Years Ended
December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Convertible and non-convertible redeemable preferred stock and convertible notes
 
27,213

 
27,230

 
85,476

Stock options to purchase common stock
 
4,631

 
4,962

 
2,950

Convertible redeemable preferred stock warrants
 
—

 
—

 
60

Convertible redeemable common stock warrants
 
—

 
—

 
312

 
 
31,844

 
32,192

 
88,798
v3.20.1
Stock-Based Compensation and Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Compensation Related Costs [Abstract]  
Weighted-Average Valuation Assumptions
We used the following weighted-average assumptions in applying the Black-Scholes valuation model:
 
 
Years Ended
December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Risk-free interest rate
 
1.7% - 2.6%
 
2.5% - 3.1%
 
2.0% - 2.1%
Expected term (years)
 
6.4 - 6.7
 
6.2 - 6.7
 
6.1 - 6.6
Expected dividend yield
 
—
 
—
 
—
Expected volatility
 
45.7% - 50.2%
 
52.4% - 56.1%
 
55.6% - 61.0%
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,
 
 
2019
 
2018
 
2017
 
 
 
 
As Restated
 
As Revised
 
 
 
 
 
 
 
Cost of revenue
 
$
45,429

 
$
29,680

 
$
6,355

Research and development
 
40,949

 
39,029

 
5,560

Sales and marketing
 
32,478

 
32,284

 
4,685

General and administrative
 
77,435

 
67,489

 
12,501

 
 
$
196,291

 
$
168,482

 
$
29,101
Stock Option and RSU Activity
The following table presents the stock activity and the total number of shares available for grant under our stock plans as of December 31, 2019:
 
 
Plan Shares Available
for Grant
 
 
 
 
 
 
Balances at December 31, 2017
 
1,037,616

Added to plan
 
40,924,861

Granted
 
(18,075,790
)
Cancelled
 
1,061,054

Expired
 
(7,489,894
)
Balances at December 31, 2018
 
17,457,847

Added to plan
 
7,585,422

Granted
 
(8,176,023
)
Cancelled
 
2,289,290

Expired
 
(1,923,392
)
Balances at December 31, 2019
 
17,233,144

The following table summarizes the stock option activity under our stock plans during the reporting period (in thousands), except per share amounts:
 
 
Outstanding Options
 
 
Number of
Shares
 
Weighted
Average
Exercise
Price
 
Remaining
Contractual
Life (Years)
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
Balances at December 31, 2017
 
11,604,403

 
$
26.42

 
6.01
 
$
52,682

Granted
 
4,202,284

 
19.79

 
 
 
 
Exercised
 
(398,704
)
 
3.98

 
 
 
 
Cancelled
 
(849,563
)
 
12.51

 
 
 
 
Balances at December 31, 2018
 
14,558,420

 
25.93

 
6.78
 
3,084

Granted
 
4,956,064

 
5.6

 
 
 
 
Exercised
 
(358,564
)
 
4.26

 
 
 
 
Cancelled
 
(1,318,604
)
 
25.33

 
 
 
 
Balances at December 31, 2019
 
17,837,316

 
20.76

 
6.94
 
14,964

Vested and expected to vest at December 31, 2019
 
17,159,824

 
21.17

 
6.85
 
13,471

Exercisable at December 31, 2019
 
9,161,918

 
28.82

 
4.89
 
500
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, 2017
 
3,140,578

 
$
30.95

Granted
 
13,873,506

 
16.02

Vested
 
(17,793
)
 
19.67

Forfeited
 
(211,491
)
 
21.22

Unvested Balance at December 31, 2018
 
16,784,800

 
18.74

Granted
 
3,219,959

 
11.81

Vested
 
(8,921,807
)
 
18.03

Forfeited
 
(970,686
)
 
17.34

Unvested Balance at December 31, 2019
 
10,112,266

 
17.29
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
We use the Black-Scholes option pricing model to determine the fair value of shares purchased under the 2018 ESPP with the following weighted average assumptions on the date of grant:
 
 
Year Ended
December 31,
 
 
2019
 
2018
 
 
 
 
 
 
 
Risk-free interest rate
 
1.5% - 2.6%
 
2.2% - 2.7%
 
Expected term (years)
 
0.5 - 2.0
 
0.6 - 2.0
 
Expected dividend yield
 
—
 
—
 
Expected volatility
 
45.9% - 54.0%
 
47.0% - 52.7%
 
v3.20.1
Power Purchase Agreement Programs (Tables)
 12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The following table shows Bloom Energy's stand-alone, the PPA Entities combined and these consolidated balances as of December 31, 2019, and December 31, 2018 (in thousands):
 
 
December 31, 2019
 
December 31, 2018
 
 
Bloom Energy
 
PPA Entities
 
Consolidated
 
Bloom Energy
 
PPA Entities
 
Consolidated
 
 
 
 
 
 
 
 
As Restated
 
 
 
As Restated
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
$
455,680

 
$
17,027

 
$
472,707

 
$
637,703

 
$
26,231

 
$
663,934

Long-term assets
 
508,004

 
341,880

 
849,884

 
361,172

 
496,688

 
857,860

Total assets
 
$
963,684

 
$
358,907

 
$
1,322,591

 
$
998,875

 
$
522,919

 
$
1,521,794

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
234,328

 
$
2,053

 
$
236,381

 
$
224,503

 
$
2,952

 
$
227,455

Current portion of debt
 
325,428

 
12,155

 
337,583

 
8,686

 
21,162

 
29,848

Long-term liabilities
 
599,709

 
17,549

 
617,258

 
499,177

 
14,120

 
513,297

Long-term portion of debt
 
75,962

 
223,267

 
299,229

 
388,073

 
323,360

 
711,433

Total liabilities
 
$
1,235,427

 
$
255,024

 
$
1,490,451

 
$
1,120,439

 
$
361,594

 
$
1,482,033

The aggregate carrying values of our VIEs for their assets and liabilities in our consolidated balance sheets, after eliminations of intercompany transactions and balances, were as follows (in thousands):
 
 
December 31,
 
 
   2019 1
 
   2018 2
 
 
 
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
1,894

 
$
5,295

Restricted cash
 
2,244

 
2,917

Accounts receivable
 
4,194

 
7,516

Customer financing receivable
 
5,108

 
5,594

Prepaid expenses and other current assets
 
3,587

 
4,909

Total current assets
 
17,027

 
26,231

Property and equipment, net
 
275,481

 
399,060

Customer financing receivable, non-current
 
50,747

 
67,082

Restricted cash
 
15,045

 
27,854

Other long-term assets
 
607

 
2,692

Total assets
 
$
358,907

 
$
522,919

Liabilities
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
—

 
$
724

Accrued expenses and other current liabilities
 
1,391

 
1,442

Deferred revenue and customer deposits
 
662

 
786

Current portion of debt
 
12,155

 
21,162

Total current liabilities
 
14,208

 
24,114

Derivative liabilities
 
8,459

 
3,626

Deferred revenue
 
6,735

 
8,696

Long-term portion of debt
 
223,267

 
323,360

Other long-term liabilities
 
2,355

 
1,798

Total liabilities
 
$
255,024

 
$
361,594


1 These amounts include our VIEs: PPA IIIa, PPA IV and PPA V.
2 These amounts include our VIEs: PPA II, PPA IIIa, PPA IIIb, PPA IV and PPA V.
The table below shows the details of the five Investment Companies' VIEs that were active during 2019 and their cumulative activities from inception to the periods indicated (dollars in thousands):
 
 
PPA II
 
PPA IIIa
 
PPA IIIb
 
PPA IV
 
PPA V
Overview:
 
 
 
 
 
 
 
 
 
 
Maximum size of installation (in megawatts)
 
30
 
10
 
6
 
21
 
40
Installed size (in megawatts) 1
 
—
 
10
 
—
 
19
 
37
Term of power purchase agreements (in years)
 
21
 
15
 
15
 
15
 
15
First system installed
 
Jun-12
 
Feb-13
 
Aug-13
 
Sep-14
 
Jun-15
Last system installed
 
Nov-13
 
Jun-14
 
Jun-15
 
Mar-16
 
Dec-16
Income (loss) and tax benefits allocation to Equity Investor
 
99%
 
99%
 
99%
 
90%
 
99%
Cash allocation to Equity Investor
 
99%
 
99%
 
99%
 
90%
 
90%
Income (loss), tax and cash allocations to Equity Investor after the flip date
 
5%
 
5%
 
5%
 
No flip
 
No flip
Variable Investment Entity termination
 
June
2019
 
N/A
 
November 2019
 
N/A
 
N/A
Equity Investor 2
 
N/A
 
US Bank
 
N/A
 
Exelon Corporation
 
Exelon Corporation
Put option date 3
 
N/A
 
1st anniversary of flip point
 
N/A
 
N/A
 
N/A
Company cash contributions
 
$
22,442

 
$
32,223

 
$
22,658

 
$
11,669

 
$
27,932

Company non-cash contributions 4
 
$
—

 
$
8,655

 
$
2,082

 
$
—

 
$
—

Equity Investor cash contributions
 
$
139,993

 
$
36,967

 
$
20,152

 
$
84,782

 
$
227,344

Debt financing
 
$
144,813

 
$
44,968

 
$
28,676

 
$
99,000

 
$
131,237

Activity as of December 31, 2019:
 
 
 
 
 
 
 
 
 
 
Distributions to Equity Investor
 
$
176,364

 
$
4,803

 
$
4,462

 
$
6,692

 
$
70,591

Debt repayment—principal
 
$
144,813

 
$
6,631

 
$
28,676

 
$
18,012

 
$
9,453

Activity as of December 31, 2018:
 
 
 
 
 
 
 
 
 
 
Distributions to Equity Investor
 
$
116,942

 
$
4,063

 
$
1,807

 
$
4,568

 
$
66,745

Debt repayment—principal
 
$
65,114

 
$
4,431

 
$
3,953

 
$
15,543

 
$
5,780

Activity as of December 31, 2017:
 
 
 
 
 
 
 
 
 
 
Distributions to Equity Investor
 
$
111,296

 
$
3,324

 
$
1,404

 
$
2,565

 
$
60,286

Debt repayment—principal
 
$
53,726

 
$
3,041

 
$
3,077

 
$
13,697

 
$
2,834

 
1 Installed base decreased from December 31, 2018 due to the repurchase of 36 megawatts of our Energy Servers during 2019 under the PPA II and PPA IIIb upgrade of Energy Servers. See disclosures above.
2 Investor name represents ultimate parent of subsidiary financing the project.
3 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.
4 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.
v3.20.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases
At December 31, 2019, future minimum lease payments under operating leases and financing obligations were as follows (in thousands):
 
Operating Leases Obligations
 
Financing Obligations
 
Sublease Payments1
2020
$
7,250

 
$
37,840

 
$
(37,840
)
2021
5,495

 
38,726

 
(38,726
)
2022
4,168

 
39,680

 
(39,680
)
2023
4,230

 
40,582

 
(40,582
)
2024
4,357

 
38,442

 
(38,442
)
Thereafter
17,913

 
117,592

 
(117,592
)
Total lease payments
$
43,413

 
312,862

 
$
(312,862
)
Less: imputed interest
 
 
(184,184
)
 

Total lease obligations
 
 
128,678

 

Less: current obligations
 
 
(10,993
)
 

Long-term lease obligations
 
 
$
117,685

 

1 Sublease Payments primarily represents the fees received by the bank from our end 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.
v3.20.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Our operations included the following related party transactions (in thousands):
 
 
Years Ended
December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Total revenue from related parties
 
$
228,100

 
$
32,381

 
$
2,176

Interest expense to related parties
 
6,756

 
8,893

 
12,265

Consulting expenses paid to related parties 1 (included in general and administrative expense)
 
—

 
125

 
206

1As of July 2019, we no longer have a consultant considered to be a related party.
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
 
 
 
Current
 
Long-
Term
 
Total
 
 
 
 
 
 
 
 
 
Recourse debt from related parties:
 
 
 
 
 
 
 
 
6% convertible promissory notes due December 2020 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

The following is a summary of our debt and convertible notes from investors considered to be related parties as of December 31, 2018 (in thousands):
 
 
Unpaid
Principal
Balance
 
Net Carrying Value
 
 
 
Current
 
Long-
Term
 
Total
 
 
 
 
 
 
 
 
 
Recourse debt from related parties:
 
 
 
 
 
 
 
 
6% convertible promissory notes due December 2020 from related parties
 
$
27,734

 
$
—

 
$
27,734

 
$
27,734

Non-recourse debt from related parties:
 
 
 
 
 
 
 
 
7.5% term loan due September 2028 from related parties
 
40,538

 
2,200

 
34,119

 
36,319

Total debt from related parties
 
$
68,272

 
$
2,200

 
$
61,853

 
$
64,053
v3.20.1
Unaudited Quarterly Supplemental Financial Information (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
The following presents our consolidated statements of operations by quarter (in thousands) (unaudited):
 
 
2019
 
2018
 
 
Three Months Ended
 
 
Dec. 31
 
Sept. 30
 
June 30
 
March 31
 
Dec. 31
 
Sept. 30
 
June 30
 
March 31
 
 
 
 
As Restated and Recast
 
As Restated
 
As Revised
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product
 
$
158,427

 
$
163,902

 
$
144,081

 
$
90,926

 
$
103,937

 
$
102,433

 
$
78,497

 
$
115,771

Installation
 
14,429

 
21,102

 
13,076

 
12,219

 
11,066

 
24,691

 
19,643

 
12,795

Service
 
25,628

 
23,665

 
23,026

 
23,467

 
21,778

 
21,056

 
20,299

 
20,134

Electricity
 
15,059

 
15,638

 
20,143

 
20,389

 
20,364

 
20,439

 
19,863

 
19,882

Total revenue
 
213,543

 
224,307

 
200,326

 
147,001

 
157,145

 
168,619

 
138,302

 
168,582

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product
 
141,782

 
91,697

 
113,228

 
88,772

 
86,154

 
69,053

 
49,603

 
76,465

Installation
 
16,901

 
26,141

 
17,685

 
15,760

 
20,651

 
35,506

 
29,951

 
9,198

Service
 
17,127

 
36,427

 
18,763

 
27,921

 
31,818

 
24,470

 
19,702

 
24,699

Electricity
 
12,785

 
27,317

 
22,300

 
12,984

 
11,601

 
12,180

 
12,062

 
13,785

Total cost of revenue
 
188,595

 
181,582

 
171,976

 
145,437

 
150,224

 
141,209

 
111,318

 
124,147

Gross profit
 
24,948

 
42,725

 
28,350

 
1,564

 
6,921

 
27,410

 
26,984

 
44,435

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
22,148

 
23,389

 
29,772

 
28,859

 
32,970

 
27,021

 
14,413

 
14,731

Sales and marketing
 
17,357

 
17,649

 
18,194

 
20,373

 
24,951

 
21,396

 
8,167

 
8,293

General and administrative
 
33,315

 
36,599

 
43,662

 
39,074

 
47,471

 
40,999

 
15,359

 
14,988

Total operating expenses
 
72,820

 
77,637

 
91,628

 
88,306

 
105,392

 
89,416

 
37,939

 
38,012

Income (loss) from operations
 
(47,872
)
 
(34,912
)
 
(63,278
)
 
(86,742
)
 
(98,471
)
 
(62,006
)
 
(10,955
)
 
6,423

Interest income
 
862

 
1,214

 
1,700

 
1,885

 
1,996

 
1,467

 
444

 
415

Interest expense
 
(21,635
)
 
(21,323
)
 
(22,722
)
 
(21,800
)
 
(21,757
)
 
(22,125
)
 
(27,147
)
 
(25,992
)
Interest expense to related parties
 
(1,933
)
 
(1,605
)
 
(1,606
)
 
(1,612
)
 
(1,628
)
 
(1,966
)
 
(2,672
)
 
(2,627
)
Other income (expense), net
 
138

 
525

 
(222
)
 
265

 
636

 
(705
)
 
(855
)
 
(75
)
Gain (loss) on revaluation of warrant liabilities and embedded derivatives
 
(540
)
 
(540
)
 
(540
)
 
(540
)
 
192

 
900

 
(19,197
)
 
(4,034
)
Loss before income taxes
 
(70,980
)
 
(56,641
)
 
(86,668
)
 
(108,544
)
 
(119,032
)
 
(84,435
)
 
(60,382
)
 
(25,890
)
Income tax provision (benefit)
 
31

 
136

 
258

 
208

 
1,079

 
(3
)
 
128

 
333

Net loss
 
(71,011
)
 
(56,777
)
 
(86,926
)
 
(108,752
)
 
(120,111
)
 
(84,432
)
 
(60,510
)
 
(26,223
)
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(5,178
)
 
(5,027
)
 
(5,015
)
 
(3,832
)
 
(4,662
)
 
(3,930
)
 
(4,512
)
 
(4,632
)
Net loss attributable to Class A and Class B common stockholders
 
(65,833
)
 
(51,750
)
 
(81,911
)
 
(104,920
)
 
(115,449
)
 
(80,502
)
 
(55,998
)
 
(21,591
)
Less: deemed dividend to noncontrolling interest
 
(2,454
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Net loss available to Class A and Class B common stockholders
 
$
(68,287
)
 
$
(51,750
)
 
$
(81,911
)
 
$
(104,920
)
 
$
(115,449
)
 
$
(80,502
)
 
$
(55,998
)
 
$
(21,591
)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted
 
$
(0.58
)
 
$
(0.44
)
 
$
(0.72
)
 
$
(0.94
)
 
$
(1.06
)
 
$
(0.99
)
 
$
(5.31
)
 
$
(2.08
)
Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted
 
118,588

 
116,330

 
113,624

 
111,842

 
109,416

 
81,321

 
10,536

 
10,404


Restatement and Recasting and Revision of Previously Issued Unaudited Financial Data
Following are the restatement and recasting of previously reported condensed consolidated balance sheets for the quarters ended March 31, 2019, June 30, 2019, and September 30, 2019, restatement of previously reported condensed consolidated balance sheets for the quarters ended June 30, 2018 and September 30, 2018, and revision of previously reported condensed consolidated balance sheet for the quarter ended March 31, 2018.
 
 
March 31, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Assets
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
320,414

 
$
—

 
$
320,414

 
$
—

 
$
320,414

Restricted cash
 
18,419

 
—

 
18,419

 
—

 
18,419

Accounts receivable
 
84,070

 
3,995

1
88,065

 
(2,418
)
 
85,647

Inventories
 
116,544

 
3,327

2
119,871

 
—

 
119,871

Deferred cost of revenue
 
66,316

 
(13,405
)
3
52,911

 
—

 
52,911

Customer financing receivable
 
5,717

 
—

 
5,717

 
—

 
5,717

Prepaid expenses and other current assets
 
28,362

 
1,582

4
29,944

 
129

 
30,073

Total current assets
 
639,842

 
(4,501
)
 
635,341

 
(2,289
)
 
633,052

Property, plant and equipment, net
 
475,385

 
236,246

5
711,631

 
—

 
711,631

Customer financing receivable, non-current
 
65,620

 
—

 
65,620

 
—

 
65,620

Restricted cash (noncurrent)
 
31,101

 
—

 
31,101

 
—

 
31,101

Deferred cost of revenue, non-current
 
72,516

 
(70,583
)
3
1,933

 
—

 
1,933

Other long-term assets
 
34,386

 
8,486

6
42,872

 
2,575

 
45,447

Total assets
 
$
1,318,850

 
$
169,648

 
$
1,488,498

 
$
286

 
$
1,488,784

Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
64,425

 
$
—

 
$
64,425

 
$
—

 
$
64,425

Accrued warranty
 
16,736

 
(1,219
)
7
15,517

 
(1,280
)
 
14,237

Accrued expenses and other current liabilities
 
67,966

 
(3,893
)
8
64,073

 
—

 
64,073

Financing obligations
 
—

 
8,819

10
8,819

 
—

 
8,819

Deferred revenue and customer deposits
 
89,557

 
(16,153
)
11
73,404

 
1,665

 
75,069

Current portion of recourse debt
 
15,683

 
—

 
15,683

 
—

 
15,683

Current portion of non-recourse debt
 
19,486

 
—

 
19,486

 
—

 
19,486

Current portion of non-recourse debt from related parties
 
2,341

 
—

 
2,341

 
—

 
2,341

Total current liabilities
 
276,194

 
(12,446
)
 
263,748

 
385

 
264,133

Derivative liabilities
 
11,166

 
4,556

 
15,722

 
—

 
15,722

Deferred revenue and customer deposits, net of current portion
 
201,863

 
(115,432
)
11
86,431

 
17,320

 
103,751

Financing obligations, non-current
 
—

 
394,037

10
394,037

 
—

 
394,037

Long-term portion of recourse debt
 
357,876

 
—

 
357,876

 
—

 
357,876

Long-term portion of non-recourse debt
 
284,541

 
—

 
284,541

 
—

 
284,541

Long-term portion of recourse debt from related parties
 
27,734

 
—

 
27,734

 
—

 
27,734

Long-term portion of non-recourse debt from related parties
 
33,417

 
—

 
33,417

 
—

 
33,417

 
 
March 31, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Other long-term liabilities
 
58,032

 
(29,062
)
8
28,970

 
—

 
28,970

Total liabilities
 
1,250,823

 
241,653

 
1,492,476

 
17,705

 
1,510,181


 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
 
58,802

 
—

 
58,802

 
—

 
58,802

Stockholders’ deficit:
 
 
 
 
 
 
 
 
 
 
Common stock
 
11

 
—

 
11

 
—

 
11

Additional paid-in capital
 
2,551,256

 
755

12
2,552,011

 
—

 
2,552,011

Accumulated other comprehensive income
 
5

 
—

 
5

 
—

 
5

Accumulated deficit
 
(2,656,711
)
 
(72,760
)
 
(2,729,471
)
 
(17,419
)
 
(2,746,890
)
Total stockholders’ deficit
 
(105,439
)
 
(72,005
)
 
(177,444
)
 
(17,419
)
 
(194,863
)
Noncontrolling interest
 
114,664

 
—

 
114,664

 
—

 
114,664

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,318,850

 
$
169,648

 
$
1,488,498

 
$
286

 
$
1,488,784

 
 
 
 
 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation cost of $3.8 million and reclassification of inventories of $0.5 million held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $13.9 million (short-term) and $70.6 million (long-term), net capitalization of stock-based compensation costs of $2.1 million into current deferred cost of revenue, and the correction of certain other immaterial misstatements identified to relieve installation deferred cost of revenue of $1.7 million.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $232.6 million. This includes a net capitalization of stock-based compensation cost for these assets of $3.6 million.
6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.4 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities, reducing accrued warranty by $0.8 million.
8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability.
12 Additional paid-in capital — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million recorded within other expense, net.
 
 
June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Assets
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
308,009

 
$
—

 
$
308,009

 
$
—

 
$
308,009

Restricted cash
 
23,706

 
—

 
23,706

 
—

 
23,706

Accounts receivable
 
38,296

 
4,172

1
42,468

 
(2,430
)
 
40,038

Inventories
 
104,934

 
1,955

2
106,889

 
—

 
106,889

Deferred cost of revenue
 
86,434

 
(6,127
)
3
80,307

 
—

 
80,307

Customer financing receivable
 
5,817

 
—

 
5,817

 
—

 
5,817

Prepaid expenses and other current assets
 
25,088

 
1,252

4
26,340

 
143

 
26,483

Total current assets
 
592,284

 
1,252

 
593,536

 
(2,287
)
 
591,249

Property, plant and equipment, net
 
406,610

 
234,649

5
641,259

 
—

 
641,259

Customer financing receivable, non-current
 
64,146

 
—

 
64,146

 
—

 
64,146

Restricted cash (noncurrent)
 
39,351

 
—

 
39,351

 
—

 
39,351

Deferred cost of revenue, non-current
 
59,213

 
(55,367
)
3
3,846

 
—

 
3,846

Other long-term assets
 
60,975

 
9,118

6
70,093

 
2,743

 
72,836

Total assets
 
$
1,222,579

 
$
189,652

 
$
1,412,231

 
$
456

 
$
1,412,687

Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
61,427

 
—

 
61,427

 
—

 
61,427

Accrued warranty
 
12,393

 
(1,154
)
7
11,239

 
(999
)
 
10,240

Accrued expenses and other current liabilities
 
109,722

 
(4,329
)
8
105,393

 
—

 
105,393

Financing obligations
 
—

 
10,027

10
10,027

 
—

 
10,027

Deferred revenue and customer deposits
 
129,321

 
(13,847
)
11
115,474

 
3,264

 
118,738

Current portion of recourse debt
 
15,681

 
—

 
15,681

 
—

 
15,681

Current portion of non-recourse debt
 
7,654

 
—

 
7,654

 
—

 
7,654

Current portion of non-recourse debt from related parties
 
2,889

 
—

 
2,889

 
—

 
2,889

Total current liabilities
 
339,087

 
(9,303
)
 
329,784

 
2,265

 
332,049

Derivative liabilities
 
13,079

 
5,096

 
18,175

 
—

 
18,175

Deferred revenue and customer deposits, net of current portion
 
181,221

 
(95,840
)
11
85,381

 
25,369

 
110,750

Financing obligations, non-current
 
—

 
400,078

10
400,078

 
—

 
400,078

Long-term portion of recourse debt
 
362,424

 
—

 
362,424

 
—

 
362,424

Long-term portion of non-recourse debt
 
219,182

 
—

 
219,182

 
—

 
219,182

Long-term portion of recourse debt from related parties
 
27,734

 
—

 
27,734

 
—

 
27,734

Long-term portion of non-recourse debt from related parties
 
32,643

 
—

 
32,643

 
—

 
32,643

Other long-term liabilities
 
58,417

 
(28,438
)
8
29,979

 
—

 
29,979

Total liabilities
 
1,233,787

 
271,593

 
1,505,380

 
27,634

 
1,533,014

 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
 
505

 
—

 
505

 
—

 
505

Stockholders’ deficit:
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Common stock
 
11

 
—

 
11

 
—

 
11

Additional paid-in capital
 
2,603,279

 
755

12
2,604,034

 
—

 
2,604,034

Accumulated other comprehensive loss
 
(148
)
 
—

 
(148
)
 
—

 
(148
)
Accumulated deficit
 
(2,718,927
)
 
(82,696
)
 
(2,801,623
)
 
(27,178
)
 
(2,828,801
)
Total stockholders’ deficit
 
(115,785
)
 
(81,941
)
 
(197,726
)
 
(27,178
)
 
(224,904
)
Noncontrolling interest
 
104,072

 
—

 
104,072

 
—

 
104,072

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,222,579

 
$
189,652

 
$
1,412,231

 
$
456

 
$
1,412,687

 
 
 
 
 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation costs of $2.0 million.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $7.4 million (short-term) and $55.4 million (long-term), and net capitalization of stock-based compensation costs of $3.7 million into current deferred cost of revenue, and the correction of certain other immaterial misstatements identified to relieve installation deferred cost of revenue of $2.5 million.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $230.9 million. This includes a net capitalization of stock-based compensation costs for these assets of $3.7 million.
6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.2 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities, reducing accrued warranty by $0.9 million.
8 Accrued expenses and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability.
12 Additional paid-in capital — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million recorded within other expense, net.

 
 
September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Assets
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
226,499

 
$
—

 
$
226,499

 
$
—

 
$
226,499

Restricted cash
 
14,486

 
—

 
14,486

 
—

 
14,486

Accounts receivable
 
26,737

 
4,216

1
30,953

 
(4,600
)
 
26,353

Inventories
 
140,372

 
(7,765
)
2
132,607

 
—

 
132,607

Deferred cost of revenue
 
50,707

 
(9,665
)
3
41,042

 
—

 
41,042

Customer financing receivable
 
5,919

 
—

 
5,919

 
—

 
5,919

Prepaid expenses and other current assets
 
25,639

 
2,830

4
28,469

 
173

 
28,642

Total current assets
 
490,359

 
(10,384
)
 
479,975

 
(4,427
)
 
475,548

Property, plant and equipment, net
 
384,377

 
243,008

5
627,385

 
—

 
627,385

Customer financing receivable, non-current
 
62,615

 
—

 
62,615

 
—

 
62,615

Restricted cash (noncurrent)
 
116,890

 
—

 
116,890

 
—

 
116,890

Deferred cost of revenue, non-current
 
57,286

 
(53,562
)
3
3,724

 
—

 
3,724

Other long-term assets
 
58,400

 
9,319

6
67,719

 
3,232

 
70,951

Total assets
 
$
1,169,927

 
$
188,381

 
$
1,358,308

 
$
(1,195
)
 
$
1,357,113

Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
81,060

 
$
—

 
$
81,060

 
$
—

 
$
81,060

Accrued warranty
 
15,295

 
(1,159
)
7
14,136

 
(1,274
)
 
12,862

Accrued expense and other current liabilities
 
82,150

 
(2,534
)
8
79,616

 
—

 
79,616

Financing obligations
 
—

 
10,420

10
10,420

 
—

 
10,420

Deferred revenue and customer deposits
 
88,060

 
(13,856
)
11
74,204

 
3,347

 
77,551

Current portion of recourse debt
 
15,678

 
—

 
15,678

 
—

 
15,678

Current portion of non-recourse debt
 
7,983

 
—

 
7,983

 
—

 
7,983

Current portion of non-recourse debt from related parties
 
3,500

 
—

 
3,500

 
—

 
3,500

Total current liabilities
 
293,726

 
(7,129
)
 
286,597

 
2,073

 
288,670

Derivative liabilities
 
14,648

 
5,636

 
20,284

 
—

 
20,284

Deferred revenue and customer deposits, net of current portion
 
179,712

 
(92,390
)
11
87,322

 
34,954

 
122,276

Financing obligations, non-current
 
—

 
397,272

10
397,272

 
—

 
397,272

Long-term portion of recourse debt
 
359,959

 
—

 
359,959

 
—

 
359,959

Long-term portion of non-recourse debt
 
217,334

 
—

 
217,334

 
—

 
217,334

Long-term portion of recourse debt from related parties
 
27,734

 
—

 
27,734

 
—

 
27,734

Long-term portion of non-recourse debt from related parties
 
31,781

 
—

 
31,781

 
—

 
31,781

Other long-term liabilities
 
56,117

 
(27,264
)
8
28,853

 
(1
)
 
28,852

Total liabilities
 
1,181,011

 
276,125

 
1,457,136

 
37,026

 
1,494,162

 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
 
557

 
—

 
557

 
—

 
557

 
 
September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Stockholders’ deficit:
 
 
 
 
 
 
 
 
 
 
Common stock
 
12

 
—

 
12

 
—

 
12

Additional paid-in capital
 
2,647,118

 
756

12
2,647,874

 
—

 
2,647,874

Accumulated other comprehensive loss
 
(147
)
 
—

 
(147
)
 
—

 
(147
)
Accumulated deficit
 
(2,753,830
)
 
(88,500
)
 
(2,842,330
)
 
(38,221
)
 
(2,880,551
)
Total stockholders’ deficit
 
(106,847
)
 
(87,744
)
 
(194,591
)
 
(38,221
)
 
(232,812
)
Noncontrolling interest
 
95,206

 
—

 
95,206

 
—

 
95,206

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,169,927

 
$
188,381

 
$
1,358,308

 
$
(1,195
)
 
$
1,357,113

 
 
 
 
 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation costs of $3.7 million, and reclassification of inventories of $11.5 million on held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $7.4 million (short-term) and $53.6 million (long-term), and net capitalization of stock-based compensation costs of $0.8 million into current deferred cost of revenue, and the correction of certain other immaterial misstatements identified to relieve installation deferred cost of revenue of $3.1 million.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $239.3 million. This includes a net capitalization of stock-based compensation costs for these assets of $3.7 million.
6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.1 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities, reducing accrued warranty by $1.1 million.
8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability.
12 Additional paid-in capital — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million recorded within other expense, net.


 
 
March 31, 2018
 
 
As Previously Reported
 
Revision Impacts
 
As Revised
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
88,227

 
$
—

 
$
88,227

Restricted cash
 
22,998

 
—

 
22,998

Short-term investments
 
20,138

 
—

 
20,138

Accounts receivable
 
58,520

 
3,476

1
61,996

Inventories
 
97,079

 
(3,047
)
2
94,032

Deferred cost of revenue
 
81,229

 
(37,814
)
3
43,415

Customer financing receivable
 
5,303

 
—

 
5,303

Prepaid expenses and other current assets
 
27,836

 
1,108

4
28,944

Total current assets
 
401,330

 
(36,277
)
 
365,053

Property, plant and equipment, net
 
487,169

 
215,059

5
702,228

Customer financing receivable, non-current
 
71,337

 
—

 
71,337

Restricted cash (noncurrent)
 
32,367

 
—

 
32,367

Deferred cost of revenue, non-current
 
155,658

 
(155,605
)
3
53

Other long-term assets
 
36,773

 
6,406

6
43,179

Total assets
 
$
1,184,634

 
$
29,583

 
$
1,214,217

Liabilities, Convertible Redeemable Preferred Stock, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
47,755

 
$
—

 
$
47,755

Accrued warranty
 
16,723

 
(329
)
7
16,394

Accrued expenses and other current liabilities
 
57,683

 
(4,029
)
8
53,654

Financing obligations
 
—

 
6,556

10
6,556

Deferred revenue and customer deposits
 
99,449

 
(27,963
)
11
71,486

Current portion of recourse debt
 
6,017

 
—

 
6,017

Current portion of non-recourse debt
 
17,583

 
—

 
17,583

Current portion of non-recourse debt from related parties
 
1,525

 
—

 
1,525

Total current liabilities
 
246,735

 
(25,765
)
 
220,970

Preferred stock warrant liabilities
 
6,554

 
—

 
6,554

Derivative liabilities
 
163,854

 
4,217

 
168,071

Deferred revenue and customer deposits, net of current portion
 
306,153

 
(216,652
)
11
89,501

Financing obligations, non-current
 
—

 
321,682

10
321,682

Long-term portion of recourse debt
 
517,483

 
—

 
517,483

Long-term portion of non-recourse debt
 
302,345

 
—

 
302,345

Long-term portion of recourse debt from related parties
 
70,202

 
—

 
70,202

Long-term portion of non-recourse debt from related parties
 
35,312

 
—

 
35,312

Other long-term liabilities
 
51,860

 
(30,107
)
8
21,753

Total liabilities
 
1,700,498

 
53,375

 
1,753,873


 
 
 
 
 
 
 
 
March 31, 2018
 
 
As Previously Reported
 
Revision Impacts
 
As Revised
Redeemable noncontrolling interest
 
58,176

 
—

 
58,176

Convertible redeemable preferred stock
 
1,465,841

 
—

 
1,465,841

Stockholders’ deficit:
 
 
 
 
 
 
Common stock
 
1

 
—

 
1

Additional paid-in capital
 
158,605

 
—

 
158,605

Accumulated other comprehensive income
 
117

 
—

 
117

Accumulated deficit
 
(2,348,363
)
 
(23,792
)
 
(2,372,155
)
Total stockholders’ deficit
 
(2,189,640
)
 
(23,792
)
 
(2,213,432
)
Noncontrolling interest
 
149,759

 
—

 
149,759

Total liabilities, redeemable noncontrolling interest, convertible redeemable preferred stock, stockholders' deficit and noncontrolling interest
 
$
1,184,634

 
$
29,583

 
$
1,214,217

 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation costs of $0.3 million, and reclassification of inventories of $3.4 million held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $38.2 million (short-term) and $155.6 million (long-term), and net capitalization of stock-based compensation costs of $0.3 million into current deferred cost of revenue.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $214.1 million. This includes a net capitalization of stock-based compensation costs for these assets of $0.9 million.
6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities of $0.3 million.
8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability.


 
 
June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
91,596

 
$
—

 
$
91,596

Restricted cash
 
25,860

 
—

 
25,860

Short-term investments
 
15,703

 
—

 
15,703

Accounts receivable
 
36,804

 
3,638

1
40,442

Inventories
 
136,433

 
(7,149
)
2
129,284

Deferred cost of revenue
 
55,476

 
(19,822
)
3
35,654

Customer financing receivable
 
5,398

 
—

 
5,398

Prepaid expenses and other current assets
 
23,003

 
1,817

4
24,820

Total current assets
 
390,273

 
(21,516
)
 
368,757

Property, plant and equipment, net
 
477,765

 
219,579

5
697,344

Customer financing receivable, non-current
 
69,963

 
—

 
69,963

Restricted cash (noncurrent)
 
32,416

 
—

 
32,416

Deferred cost of revenue, non-current
 
148,934

 
(148,874
)
3
60

Other long-term assets
 
38,386

 
6,855

6
45,241

Total assets
 
$
1,157,737

 
$
56,044

 
$
1,213,781

Liabilities, Redeemable Noncontrolling Interest, convertible redeemable preferred stock, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
53,798

 
$
—

 
$
53,798

Accrued warranty
 
14,928

 
(641
)
7
14,287

Accrued expenses and other current liabilities
 
54,832

 
(4,900
)
8
49,932

Financing obligations
 
—

 
6,792

10
6,792

Deferred revenue and customer deposits
 
94,582

 
(28,528
)
11
66,054

Current portion of recourse debt
 
10,351

 
—

 
10,351

Current portion of non-recourse debt
 
18,025

 
—

 
18,025

Current portion of non-recourse debt from related parties
 
1,630

 
—

 
1,630

Total current liabilities
 
248,146

 
(27,277
)
 
220,869

Preferred stock warrant liabilities
 
2,369

 
—

 
2,369

Derivative liabilities
 
188,199

 
4,217

 
192,416

Deferred revenue and customer deposits, net of current portion
 
301,550

 
(212,920
)
11
88,630

Financing obligations, non-current
 
—

 
356,727

10
356,727

Long-term portion of recourse debt
 
524,934

 
—

 
524,934

Long-term portion of non-recourse debt
 
298,048

 
—

 
298,048

Long-term portion of recourse debt from related parties
 
72,087

 
—

 
72,087

Long-term portion of non-recourse debt from related parties
 
35,054

 
—

 
35,054

Other long-term liabilities
 
52,153

 
(30,589
)
8
21,564

Total liabilities
 
1,722,540

 
90,158

 
1,812,698

 
 
 
 
 
 
 
 
 
June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Redeemable noncontrolling interest
 
54,940

 
—

 
54,940

Convertible redeemable preferred stock
 
1,465,841

 
—

 
1,465,841

Stockholders’ deficit:
 
 
 
 
 
 
Common stock
 
1

 
—

 
1

Additional paid-in capital
 
166,805

 
—

 
166,805

Accumulated other comprehensive income
 
217

 
—

 
217

Accumulated deficit
 
(2,394,040
)
 
(34,114
)
 
(2,428,154
)
Total stockholders’ deficit
 
(2,227,017
)
 
(34,114
)
 
(2,261,131
)
Noncontrolling interest
 
141,433

 
—

 
141,433

Total liabilities, redeemable noncontrolling interest, convertible redeemable preferred stock, stockholders' deficit and noncontrolling interest
 
$
1,157,737

 
$
56,044

 
$
1,213,781

 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation expenses of $0.9 million, and reclassification of inventories of $8.0 million held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net, a decrease for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $20.1 million (short-term) and $148.9 million (long-term), and the cumulative net absorption in current deferred cost of revenue for overhead in related to stock-based compensation expenses of $0.3 million.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the cumulative net change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $218.6 million. This includes a net capitalization of stock-based compensation costs for these assets of $1.0 million.
6 Other long-term assets — The correction of these misstatements resulted from the cumulative net change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within long term prepaid expenses, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis on our Managed Services Agreements and similar arrangements of $0.4 million and also includes the cumulative net change of accounting for the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements of $0.3 million.
8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the cumulative change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the cumulative net change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as an accrued liability.


 
 
September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
395,516

 
$
—

 
$
395,516

Restricted cash
 
17,931

 
—

 
17,931

Short-term investments
 
4,494

 
—

 
4,494

Accounts receivable
 
41,485

 
3,776

1
45,261

Inventories
 
134,725

 
3,053

2
137,778

Deferred cost of revenue
 
66,009

 
(20,826
)
3
45,183

Customer financing receivable
 
5,496

 
—

 
5,496

Prepaid expenses and other current assets
 
32,876

 
3,623

4
36,499

Total current assets
 
698,532

 
(10,374
)
 
688,158

Property, plant and equipment, net
 
471,074

 
227,049

5
698,123

Customer financing receivable, non-current
 
68,535

 
—

 
68,535

Restricted cash (noncurrent)
 
30,779

 
—

 
30,779

Deferred cost of revenue, non-current
 
139,217

 
(139,172
)
3
45

Other long-term assets
 
37,008

 
7,389

6
44,397

Total assets
 
$
1,445,145

 
$
84,892

 
$
1,530,037

Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
59,818

 
$
—

 
$
59,818

Accrued warranty
 
17,975

 
(663
)
7
17,312

Accrued expenses and other current liabilities
 
66,873

 
(2,887
)
8
63,986

Financing obligations
 
—

 
7,780

10
7,780

Deferred revenue and customer deposits
 
105,265

 
(32,527
)
11
72,738

Current portion of recourse debt
 
1,686

 
—

 
1,686

Current portion of non-recourse debt
 
18,499

 
—

 
18,499

Current portion of non-recourse debt from related parties
 
1,737

 
—

 
1,737

Total current liabilities
 
271,853

 
(28,297
)
 
243,556

Derivative liabilities
 
9,441

 
4,217

 
13,658

Deferred revenue and customer deposits, net of current portion
 
290,481

 
(201,277
)
11
89,204

Financing obligations, non-current
 
—

 
375,254

10
375,254

Long-term portion of recourse debt
 
358,363

 
—

 
358,363

Long-term portion of non-recourse debt
 
293,593

 
—

 
293,593

Long-term portion of recourse debt from related parties
 
32,168

 
—

 
32,168

Long-term portion of non-recourse debt from related parties
 
34,765

 
—

 
34,765

Other long-term liabilities
 
48,161

 
(29,724
)
8
18,437

Total liabilities
 
1,338,825

 
120,173

 
1,458,998

 
 
September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
 
 
 
 
 
 
Redeemable noncontrolling interest
 
56,446

 
—

 
56,446

Stockholders’ deficit:
 
 
 
 
 
 
Common stock
 
11

 
—

 
11

Additional paid-in capital
 
2,387,361

 
755

12
2,388,116

Accumulated other comprehensive income
 
272

 
—

 
272

Accumulated deficit
 
(2,472,619
)
 
(36,036
)
 
(2,508,655
)
Total stockholders’ deficit
 
(84,975
)
 
(35,281
)
 
(120,256
)
Noncontrolling interest
 
134,849

 
—

 
134,849

Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest
 
$
1,445,145

 
$
84,892

 
$
1,530,037

 
 
 
 
 
 
 
1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation costs of $7.2 million, and reclassification of inventories of $4.1 million held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net.
3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $23.8 million (short-term) and $139.2 million (long-term), and net capitalization of stock-based compensation costs of $3.0 million into current deferred cost of revenue.
4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $224.6 million. This includes a net capitalization of stock-based compensation costs for these assets of $2.4 million.
6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and where prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.4 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities of $0.3 million.
8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed.
9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations.
10Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability.
12 Additional paid-in capital — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million recorded within other expense, net.
.


The following tables contain the restatement and recasting of previously reported unaudited condensed consolidated statements of operations for the three-month period ended March 31, 2019, the three- and six-month periods ended June 30, 2019 and the three- and nine-month periods ended September 30, 2019, the restatement of previously reported unaudited condensed consolidated statements of operations for the three- and six-month periods ended June 30, 2018 and the three- and nine-month periods ended September 30, 2018 and the revision of the previously reported unaudited condensed consolidated statement of operations for the three-month period ended March 31, 2018. Reconciliation to the previously reported unaudited condensed consolidated statements of comprehensive loss is not provided, as there is no change to those statements for any period, with the exception of the change to net loss, described in the tables below. Reconciliation to the previously reported unaudited condensed consolidated statements of convertible redeemable preferred stock, redeemable noncontrolling interest, stockholders' deficit and noncontrolling is not provided, as there is no change to those statements for any period, with the exception of the correction of an uncorrected misstatement within additional paid-in capital for $0.8 million in the three months ended September 30, 2018.
 
 
Three Months Ended March 31, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
$
141,734

 
$
(48,171
)
a
$
93,563

 
$
(2,637
)
 
$
90,926

Installation
 
22,258

 
(11,195
)
a
11,063

 
1,156

 
12,219

Service
 
23,290

 
(574
)
a
22,716

 
751

 
23,467

Electricity
 
13,425

 
6,964

a
20,389

 
—

 
20,389

Total revenue
 
200,707

 
(52,976
)
 
147,731

 
(730
)
 
147,001

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
124,000

 
(34,980
)
c, d
89,020

 
(248
)
 
88,772

Installation
 
24,166

 
(8,406
)
c
15,760

 
—

 
15,760

Service
 
27,557

 
1,331

b, d
28,888

 
(967
)
 
27,921

Electricity
 
9,229

 
3,755

c
12,984

 
—

 
12,984

Total cost of revenue
 
184,952

 
(38,300
)
 
146,652

 
(1,215
)
 
145,437

Gross profit
 
15,755

 
(14,676
)
 
1,079

 
485

 
1,564

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
28,859

 
—

 
28,859

 
—

 
28,859

Sales and marketing
 
20,463

 
2

e
20,465

 
(92
)
 
20,373

General and administrative
 
39,074

 
—

 
39,074

 
—

 
39,074

Total operating expenses
 
88,396

 
2

 
88,398

 
(92
)
 
88,306

Income (loss) from operations
 
(72,641
)
 
(14,678
)
 
(87,319
)
 
577

 
(86,742
)
Interest income
 
1,885

 
—

 
1,885

 
—

 
1,885

Interest expense
 
(15,962
)
 
(5,838
)
f
(21,800
)
 
—

 
(21,800
)
Interest expense to related parties
 
(1,612
)
 
—

 
(1,612
)
 
—

 
(1,612
)
Other income (expense), net
 
265

 
—

 
265

 
—

 
265

Loss on revaluation of warrant liabilities and embedded derivatives
 
—

 
(540
)
g
(540
)
 
—

 
(540
)
Loss before income taxes
 
(88,065
)
 
(21,056
)
 
(109,121
)
 
577

 
(108,544
)
Income tax provision
 
208

 
—

 
208

 
—

 
208

Net loss
 
(88,273
)
 
(21,056
)
 
(109,329
)
 
577

 
(108,752
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(3,832
)
 
—

 
(3,832
)
 
—

 
(3,832
)
Net loss attributable to Class A and Class B common stockholders
 
$
(84,441
)
 
$
(21,056
)
 
$
(105,497
)
 
$
577

 
$
(104,920
)

a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in the accounting for our grid escalation guarantees that resulted in a decrease in service cost of revenue of $0.1 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $37.5 million and installation cost of revenue of $9.2 million, offset by an increase in electricity cost of revenue of $3.7 million, together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $0.8 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net increase to product cost of revenue of $2.5 million and an increase in service cost of revenue of $1.4 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value increased resulting in a loss of $0.5 million.

 
 
Three Months Ended June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
$
179,899

 
$
(22,757
)
a
$
157,142

 
$
(13,061
)
 
$
144,081

Installation
 
17,285

 
(5,900
)
a
11,385

 
1,691

 
13,076

Service
 
23,659

 
(586
)
a
23,073

 
(47
)
 
23,026

Electricity
 
12,939

 
7,204

a
20,143

 
—

 
20,143

Total revenue
 
233,782

 
(22,039
)
 
211,743

 
(11,417
)
 
200,326

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
131,952

 
(19,005
)
c, d
112,947

 
281

 
113,228

Installation
 
22,116

 
(4,431
)
c
17,685

 
—

 
17,685

Service
 
19,599

 
920

b, d
20,519

 
(1,756
)
 
18,763

Electricity
 
18,442

 
3,858

c
22,300

 
—

 
22,300

Total cost of revenue
 
192,109

 
(18,658
)
 
173,451

 
(1,475
)
 
171,976

Gross profit
 
41,673

 
(3,381
)
 
38,292

 
(9,942
)
 
28,350

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
29,772

 
—

 
29,772

 
—

 
29,772

Sales and marketing
 
18,359

 
17

e
18,376

 
(182
)
 
18,194

General and administrative
 
43,662

 
—

 
43,662

 
—

 
43,662

Total operating expenses
 
91,793

 
17

 
91,810

 
(182
)
 
91,628

Loss from operations
 
(50,120
)
 
(3,398
)
 
(53,518
)
 
(9,760
)
 
(63,278
)
Interest income
 
1,700

 
—

 
1,700

 
—

 
1,700

Interest expense
 
(16,725
)
 
(5,997
)
f
(22,722
)
 
—

 
(22,722
)
Interest expense to related parties
 
(1,606
)
 
—

 
(1,606
)
 
—

 
(1,606
)
Other income (expense), net
 
(222
)
 
—

 
(222
)
 
—

 
(222
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
—

 
(540
)
g
(540
)
 
—

 
(540
)
Loss before income taxes
 
(66,973
)
 
(9,935
)
 
(76,908
)
 
(9,760
)
 
(86,668
)
Income tax provision
 
258

 
—

 
258

 
—

 
258

Net loss
 
(67,231
)
 
(9,935
)
 
(77,166
)
 
(9,760
)
 
(86,926
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(5,015
)
 
—

 
(5,015
)
 
—

 
(5,015
)
Net loss attributable to Class A and Class B common stockholders
 
$
(62,216
)
 
$
(9,935
)
 
$
(72,151
)
 
$
(9,760
)
 
$
(81,911
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in accounting for our grid escalation guarantees that resulted in a decrease in service cost of revenue of $0.1 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $18.1 million and installation cost of revenue of $5.2 million, offset by an increase in electricity cost of revenue of $3.8 million, together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $0.8 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $0.9 million and an increase in service cost of revenue of $1.0 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value increased resulting in a loss of $0.5 million.

 
 
Three Months Ended September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
$
182,616

 
$
(1,292
)
a
$
181,324

 
$
(17,422
)
 
$
163,902

Installation
 
19,010

 
(460
)
a
18,550

 
2,552

 
21,102

Service
 
23,597

 
(779
)
a
22,818

 
847

 
23,665

Electricity
 
8,248

 
7,390

a
15,638

 
—

 
15,638

Total revenue
 
233,471

 
4,859

 
238,330

 
(14,023
)
 
224,307

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
94,056

 
(2,085
)
c, d
91,971

 
(274
)
 
91,697

Installation
 
26,162

 
(21
)
c
26,141

 
—

 
26,141

Service
 
36,539

 
2,073

b, d
38,612

 
(2,185
)
 
36,427

Electricity
 
23,249

 
4,068

c
27,317

 
—

 
27,317

Total cost of revenue
 
180,006

 
4,035

 
184,041

 
(2,459
)
 
181,582

Gross profit
 
53,465

 
824

 
54,289

 
(11,564
)
 
42,725

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
23,389

 
—

 
23,389

 
—

 
23,389

Sales and marketing
 
18,125

 
43

e
18,168

 
(519
)
 
17,649

General and administrative
 
36,599

 
—

 
36,599

 
—

 
36,599

Total operating expenses
 
78,113

 
43

 
78,156

 
(519
)
 
77,637

Income (loss) from operations
 
(24,648
)
 
781

 
(23,867
)
 
(11,045
)
 
(34,912
)
Interest income
 
1,214

 
—

 
1,214

 
—

 
1,214

Interest expense
 
(15,280
)
 
(6,043
)
f
(21,323
)
 
—

 
(21,323
)
Interest expense to related parties
 
(1,605
)
 
—

 
(1,605
)
 
—

 
(1,605
)
Other income, net
 
525

 
—

 
525

 
—

 
525

Loss on revaluation of warrant liabilities and embedded derivatives
 
—

 
(540
)
g
(540
)
 
—

 
(540
)
Loss before income taxes
 
(39,794
)
 
(5,802
)
 
(45,596
)
 
(11,045
)
 
(56,641
)
Income tax provision
 
136

 
—

 
136

 
—

 
136

Net loss
 
(39,930
)
 
(5,802
)
 
(45,732
)
 
(11,045
)
 
(56,777
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(5,027
)
 
—

 
(5,027
)
 
—

 
(5,027
)
Net loss attributable to Class A and Class B common stockholders
 
$
(34,903
)
 
$
(5,802
)
 
$
(40,705
)
 
$
(11,045
)
 
$
(51,750
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in accounting for our grid escalation guarantees that resulted in a decrease in service cost of revenue of $0.1 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $1.1 million, a decrease of installation cost of revenue of $0.6 million, offset by an increase in electricity cost of revenue of $4.0 million together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $0.6 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $1.0 million and an increase in service cost of revenue of $2.2 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value increased resulting in a loss of $0.5 million.


 
 
Six Months Ended June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
$
321,633

 
$
(70,928
)
a
$
250,705

 
$
(15,698
)
 
$
235,007

Installation
 
39,543

 
(17,095
)
a
22,448

 
2,847

 
25,295

Service
 
46,949

 
(1,160
)
a
45,789

 
704

 
46,493

Electricity
 
26,364

 
14,168

a
40,532

 
—

 
40,532

Total revenue
 
434,489

 
(75,015
)
 
359,474

 
(12,147
)
 
347,327

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
255,952

 
(53,985
)
c, d
201,967

 
33

 
202,000

Installation
 
46,282

 
(12,837
)
c
33,445

 
—

 
33,445

Service
 
47,156

 
2,251

b, d
49,407

 
(2,723
)
 
46,684

Electricity
 
27,671

 
7,613

c
35,284

 
—

 
35,284

Total cost of revenue
 
377,061

 
(56,958
)
 
320,103

 
(2,690
)
 
317,413

Gross profit
 
57,428

 
(18,057
)
 
39,371

 
(9,457
)
 
29,914

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
58,631

 
—

 
58,631

 
—

 
58,631

Sales and marketing
 
38,822

 
19

e
38,841

 
(274
)
 
38,567

General and administrative
 
82,736

 
—

 
82,736

 
—

 
82,736

Total operating expenses
 
180,189

 
19

 
180,208

 
(274
)
 
179,934

Loss from operations
 
(122,761
)
 
(18,076
)
 
(140,837
)
 
(9,183
)
 
(150,020
)
Interest income
 
3,585

 
—

 
3,585

 
—

 
3,585

Interest expense
 
(32,687
)
 
(11,835
)
f
(44,522
)
 
—

 
(44,522
)
Interest expense to related parties
 
(3,218
)
 
—

 
(3,218
)
 
—

 
(3,218
)
Other income, net
 
43

 
—

 
43

 
—

 
43

Loss on revaluation of warrant liabilities and embedded derivatives
 
—

 
(1,080
)
g
(1,080
)
 
—

 
(1,080
)
Loss before income taxes
 
(155,038
)
 
(30,991
)
 
(186,029
)
 
(9,183
)
 
(195,212
)
Income tax provision
 
466

 
—

 
466

 
—

 
466

Net loss
 
(155,504
)
 
(30,991
)
 
(186,495
)
 
(9,183
)
 
(195,678
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(8,847
)
 
—

 
(8,847
)
 
—

 
(8,847
)
Net loss attributable to Class A and Class B common stockholders
 
$
(146,657
)
 
$
(30,991
)
 
$
(177,648
)
 
$
(9,183
)
 
$
(186,831
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in accounting for our grid escalation guarantees that resulted in a decrease in service cost of revenue of $0.2 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $55.6 million and installation cost of revenue of $14.4 million, offset by an increase in electricity cost of revenue of $7.5 million, together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $1.6 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net increase to product cost of revenue of $1.6 million, and an increase in service cost of revenue of $2.4 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value increased resulting in a loss of $1.1 million.

 
 
Nine Months Ended September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
$
504,249

 
$
(72,220
)
a
$
432,029

 
$
(33,120
)
 
$
398,909

Installation
 
58,553

 
(17,555
)
a
40,998

 
5,399

 
46,397

Service
 
70,546

 
(1,939
)
a
68,607

 
1,551

 
70,158

Electricity
 
34,612

 
21,558

a
56,170

 
—

 
56,170

Total revenue
 
667,960

 
(70,156
)
 
597,804

 
(26,170
)
 
571,634

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Product
 
350,008

 
(56,070
)
c, d
293,938

 
(241
)
 
293,697

Installation
 
72,444

 
(12,858
)
c
59,586

 
—

 
59,586

Service
 
83,695

 
4,324

b, d
88,019

 
(4,908
)
 
83,111

Electricity
 
50,920

 
11,681

c
62,601

 
—

 
62,601

Total cost of revenue
 
557,067

 
(52,923
)
 
504,144

 
(5,149
)
 
498,995

Gross profit
 
110,893

 
(17,233
)
 
93,660

 
(21,021
)
 
72,639

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
82,020

 
—

 
82,020

 
—

 
82,020

Sales and marketing
 
56,947

 
62

e
57,009

 
(793
)
 
56,216

General and administrative
 
119,335

 
—

 
119,335

 
—

 
119,335

Total operating expenses
 
258,302

 
62

 
258,364

 
(793
)
 
257,571

Loss from operations
 
(147,409
)
 
(17,295
)
 
(164,704
)
 
(20,228
)
 
(184,932
)
Interest income
 
4,799

 
—

 
4,799

 
—

 
4,799

Interest expense
 
(47,967
)
 
(17,878
)
f
(65,845
)
 
—

 
(65,845
)
Interest expense to related parties
 
(4,823
)
 
—

 
(4,823
)
 
—

 
(4,823
)
Other income, net
 
568

 
—

 
568

 
—

 
568

Loss on revaluation of warrant liabilities and embedded derivatives
 
—

 
(1,620
)
g
(1,620
)
 
—

 
(1,620
)
Loss before income taxes
 
(194,832
)
 
(36,793
)
 
(231,625
)
 
(20,228
)
 
(251,853
)
Income tax provision
 
602

 
—

 
602

 
—

 
602

Net loss
 
(195,434
)
 
(36,793
)
 
(232,227
)
 
(20,228
)
 
(252,455
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(13,874
)
 
—

 
(13,874
)
 
—

 
(13,874
)
Net loss attributable to Class A and Class B common stockholders
 
$
(181,560
)
 
$
(36,793
)
 
$
(218,353
)
 
$
(20,228
)
 
$
(238,581
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in accounting for our grid escalation guarantees that resulted in a decrease in service cost of revenue of $0.3 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $56.7 million and installation cost of revenue of $15.0 million, offset by an increase in electricity cost of revenue of $11.6 million, together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $2.1 million
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net increase to product cost of revenue of $0.6 million and an increase in service cost of revenue of $4.6 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value increased resulting in a loss of $1.6 million.


 
 
Three Months Ended March 31, 2018
 
 
As Previously Reported
 
Revision Impacts
 
As Revised
Revenue:
 
 
 
 
 
 
Product
 
$
121,307

 
$
(5,536
)
a
$
115,771

Installation
 
14,118

 
(1,323
)
a
12,795

Service
 
19,907

 
227

a
20,134

Electricity
 
14,029

 
5,853

a
19,882

Total revenue
 
169,361

 
(779
)
 
168,582

Cost of revenue:
 
 
 
 
 
 
Product
 
80,355

 
(3,890
)
c, d
76,465

Installation
 
10,438

 
(1,240
)
c
9,198

Service
 
24,253

 
446

d
24,699

Electricity
 
10,649

 
3,136

c
13,785

Total cost of revenue
 
125,695

 
(1,548
)
 
124,147

Gross profit
 
43,666

 
769

 
44,435

Operating expenses:
 
 
 
 
 
 
Research and development
 
14,731

 
—

 
14,731

Sales and marketing
 
8,262

 
31

e
8,293

General and administrative
 
14,988

 
—

 
14,988

Total operating expenses
 
37,981

 
31

 
38,012

Income from operations
 
5,685

 
738

 
6,423

Interest income
 
415

 
—

 
415

Interest expense
 
(21,379
)
 
(4,613
)
f
(25,992
)
Interest expense to related parties
 
(2,627
)
 
—

 
(2,627
)
Other expense, net
 
(75
)
 
—

 
(75
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
(4,034
)
 
—

 
(4,034
)
Loss before income taxes
 
(22,015
)
 
(3,875
)
 
(25,890
)
Income tax provision
 
333

 
—

 
333

Net loss
 
(22,348
)
 
(3,875
)
 
(26,223
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(4,632
)
 
—

 
(4,632
)
Net loss attributable to Class A and Class B common stockholders
 
$
(17,716
)
 
$
(3,875
)
 
$
(21,591
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Not used.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $3.6 million and installation cost of revenue of $1.2 million, offset by an increase in electricity cost of revenue of $3.1 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $0.3 million and an increase in service cost of revenue of $0.4 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.

 
 
Three Months Ended June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Revenue:
 
 
 
 
 
 
Product
 
$
108,654

 
$
(30,157
)
a
$
78,497

Installation
 
26,245

 
(6,602
)
a
19,643

Service
 
19,975

 
324

a
20,299

Electricity
 
14,007

 
5,856

a
19,863

Total revenue
 
168,881

 
(30,579
)
 
138,302

Cost of revenue:
 
 
 
 
 
 
Product
 
70,802

 
(21,199
)
c, d
49,603

Installation
 
37,099

 
(7,148
)
c
29,951

Service
 
19,260

 
442

d
19,702

Electricity
 
8,949

 
3,113

c
12,062

Total cost of revenue
 
136,110

 
(24,792
)
 
111,318

Gross profit
 
32,771

 
(5,787
)
 
26,984

Operating expenses:
 
 
 
 
 
 
Research and development
 
14,413

 
—

 
14,413

Sales and marketing
 
8,254

 
(87
)
e
8,167

General and administrative
 
15,359

 
—

 
15,359

Total operating expenses
 
38,026

 
(87
)
 
37,939

Loss from operations
 
(5,255
)
 
(5,700
)
 
(10,955
)
Interest income
 
444

 
—

 
444

Interest expense
 
(22,525
)
 
(4,622
)
f
(27,147
)
Interest expense to related parties
 
(2,672
)
 
—

 
(2,672
)
Other expense, net
 
(855
)
 
—

 
(855
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
(19,197
)
 
—

 
(19,197
)
Loss before income taxes
 
(50,060
)
 
(10,322
)
 
(60,382
)
Income tax provision
 
128

 
—

 
128

Net loss
 
(50,188
)
 
(10,322
)
 
(60,510
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(4,512
)
 
—

 
(4,512
)
Net loss attributable to Class A and Class B common stockholders
 
$
(45,676
)
 
$
(10,322
)
 
$
(55,998
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which impacted our service revenue allocation.
b Not used.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation costs of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $20.3 million and installation cost of revenue of $7.1 million, offset by an increase in electricity cost of revenue of $3.1 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $0.9 million and an increase in service cost of revenue of $0.4 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
 
 
Three Months Ended September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Revenue:
 
 
 
 
 
 
Product
 
$
125,690

 
$
(23,257
)
a
$
102,433

Installation
 
29,690

 
(4,999
)
a
24,691

Service
 
20,751

 
305

a
21,056

Electricity
 
14,059

 
6,380

a
20,439

Total revenue
 
190,190

 
(21,571
)
 
168,619

Cost of revenue:
 
 
 
 
 
 
Product
 
95,357

 
(26,304
)
c, d
69,053

Installation
 
40,118

 
(4,612
)
c
35,506

Service
 
22,651

 
1,819

d
24,470

Electricity
 
8,679

 
3,501

c
12,180

Total cost of revenue
 
166,805

 
(25,596
)
 
141,209

Gross profit
 
23,385

 
4,025

 
27,410

Operating expenses:
 
 
 
 
 
 
Research and development
 
27,021

 
—

 
27,021

Sales and marketing
 
21,476

 
(80
)
e
21,396

General and administrative
 
40,999

 
—

 
40,999

Total operating expenses
 
89,496

 
(80
)
 
89,416

Loss from operations
 
(66,111
)
 
4,105

 
(62,006
)
Interest income
 
1,467

 
—

 
1,467

Interest expense
 
(16,853
)
 
(5,272
)
f
(22,125
)
Interest expense to related parties
 
(1,966
)
 
—

 
(1,966
)
Other expense, net
 
(705
)
 
—

 
(705
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
1,655

 
(755
)
g
900

Loss before income taxes
 
(82,513
)
 
(1,922
)
 
(84,435
)
Income tax provision
 
(3
)
 
—

 
(3
)
Net loss
 
(82,510
)
 
(1,922
)
 
(84,432
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(3,930
)
 
—

 
(3,930
)
Net loss attributable to Class A and Class B common stockholders
 
$
(78,580
)
 
$
(1,922
)
 
$
(80,502
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Not used.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $14.0 million and installation cost of revenue of $4.6 million, offset by an increase in electricity cost of revenue of $3.5 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $12.3 million and an increase in service cost revenue of $1.8 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the correction of a misstatement in the valuation of our 6% Notes derivative, resulting in $0.8 million of additional loss in the period.
 
 
Three Months Ended December 31, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Revenue:
 
 
 
 
 
 
Product
 
$
156,671

 
$
(52,734
)
a
$
103,937

Installation
 
21,363

 
(10,297
)
a
11,066

Service
 
21,752

 
26

a
21,778

Electricity
 
13,820

 
6,544

a
20,364

Total revenue
 
213,606

 
(56,461
)
 
157,145

Cost of revenue:
 
 
 
 
 
 
Product
 
128,076

 
(41,922
)
c, d
86,154

Installation
 
31,819

 
(11,168
)
c
20,651

Service
 
28,475

 
3,343

b, d
31,818

Electricity
 
7,988

 
3,613

c
11,601

Total cost of revenue
 
196,358

 
(46,134
)
 
150,224

Gross profit
 
17,248

 
(10,327
)
 
6,921

Operating expenses:
 
 
 
 
 
 
Research and development
 
32,970

 
—

 
32,970

Sales and marketing
 
24,983

 
(32
)
e
24,951

General and administrative
 
47,471

 
—

e
47,471

Total operating expenses
 
105,424

 
(32
)
 
105,392

Loss from operations
 
(88,176
)
 
(10,295
)
 
(98,471
)
Interest income
 
1,996

 
—

 
1,996

Interest expense
 
(16,178
)
 
(5,579
)
f
(21,757
)
Interest expense to related parties
 
(1,628
)
 
—

 
(1,628
)
Other expense, net
 
636

 
—

 
636

Gain (loss) on revaluation of warrant liabilities and embedded derivatives
 
(14
)
 
206

g
192

Loss before income taxes
 
(103,364
)
 
(15,668
)
 
(119,032
)
Income tax provision
 
1,079

 
—

 
1,079

Net loss
 
(104,443
)
 
(15,668
)
 
(120,111
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(4,662
)
 
—

 
(4,662
)
Net loss attributable to Class A and Class B common stockholders
 
$
(99,781
)
 
$
(15,668
)
 
$
(115,449
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Service cost of revenue impacted by grid pricing escalation guarantees — The correction of these misstatements resulted in a change in accounting for our grid escalation guarantees that resulted in a decrease of service cost of revenue of $0.5 million.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $37.1 million and installation cost of revenue of $12.1 million, offset by an increase in electricity cost of revenue $3.6 million, together with the correction of certain other immaterial misstatements identified to record installation cost of revenue of $0.9 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $4.8 million and an increase in service cost of $3.8 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives —The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements which is now recorded as a derivative liability that needs to be fair valued each period end. The fair value of the liability decreased resulting in a gain of $0.2 million.

 
 
Six Months Ended June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Revenue:
 
 
 
 
 
 
Product
 
$
229,961

 
$
(35,693
)
a
$
194,268

Installation
 
40,363

 
(7,925
)
a
32,438

Service
 
39,882

 
551

a
40,433

Electricity
 
28,036

 
11,709

a
39,745

Total revenue
 
338,242

 
(31,358
)
 
306,884

Cost of revenue:
 
 
 
 
 
 
Product
 
151,157

 
(25,089
)
c, d
126,068

Installation
 
47,537

 
(8,388
)
c
39,149

Service
 
43,513

 
888

d
44,401

Electricity
 
19,598

 
6,249

c
25,847

Total cost of revenue
 
261,805

 
(26,340
)
 
235,465

Gross profit
 
76,437

 
(5,018
)
 
71,419

Operating expenses:
 
 
 
 
 
 
Research and development
 
29,144

 
—

 
29,144

Sales and marketing
 
16,516

 
(56
)
e
16,460

General and administrative
 
30,347

 
—

 
30,347

Total operating expenses
 
76,007

 
(56
)
 
75,951

Loss from operations
 
430

 
(4,962
)
 
(4,532
)
Interest income
 
859

 
—

 
859

Interest expense
 
(43,904
)
 
(9,235
)
f
(53,139
)
Interest expense to related parties
 
(5,299
)
 
—

 
(5,299
)
Other expense, net
 
(930
)
 
—

 
(930
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
(23,231
)
 
—

 
(23,231
)
Loss before income taxes
 
(72,075
)
 
(14,197
)
 
(86,272
)
Income tax provision
 
461

 
—

 
461

Net loss
 
(72,536
)
 
(14,197
)
 
(86,733
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(9,144
)
 
—

 
(9,144
)
Net loss attributable to Class A and Class B common stockholders
 
$
(63,392
)
 
$
(14,197
)
 
$
(77,589
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which impacted our service revenue allocation.
b .Not used.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in decreases in product cost of revenue of $23.9 million and installation cost of revenue of $8.4 million, offset by an increase in electricity cost of revenue of $6.2 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $1.2 million and an increase in service cost of revenue of $0.9 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.

 
 
Nine Months Ended September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Revenue:
 
 
 
 
 
 
Product
 
$
355,651

 
$
(58,950
)
a
$
296,701

Installation
 
70,053

 
(12,924
)
a
57,129

Service
 
60,633

 
856

a
61,489

Electricity
 
42,095

 
18,089

a
60,184

Total revenue
 
528,432

 
(52,929
)
 
475,503

Cost of revenue:
 
 
 
 
 
 
Product
 
246,514

 
(51,393
)
c, d
195,121

Installation
 
87,655

 
(13,000
)
c
74,655

Service
 
66,164

 
2,707

d
68,871

Electricity
 
28,277

 
9,750

c
38,027

Total cost of revenue
 
428,610

 
(51,936
)
 
376,674

Gross profit
 
99,822

 
(993
)
 
98,829

Operating expenses:
 
 
 
 
 
 
Research and development
 
56,165

 
—

 
56,165

Sales and marketing
 
37,992

 
(136
)
e
37,856

General and administrative
 
71,346

 
—

e
71,346

Total operating expenses
 
165,503

 
(136
)
 
165,367

Loss from operations
 
(65,681
)
 
(857
)
 
(66,538
)
Interest income
 
2,326

 
—

 
2,326

Interest expense
 
(60,757
)
 
(14,507
)
f
(75,264
)
Interest expense to related parties
 
(7,265
)
 
—

 
(7,265
)
Other expense, net
 
(1,635
)
 
—

 
(1,635
)
Loss on revaluation of warrant liabilities and embedded derivatives
 
(21,576
)
 
(755
)
g
(22,331
)
Loss before income taxes
 
(154,588
)
 
(16,119
)
 
(170,707
)
Income tax provision
 
458

 
—

 
458

Net loss
 
(155,046
)
 
(16,119
)
 
(171,165
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(13,074
)
 
—

 
(13,074
)
Net loss attributable to Class A and Class B common stockholders
 
$
(141,972
)
 
$
(16,119
)
 
$
(158,091
)
a Revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation revenue to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue over the term of our Managed Services Agreements and similar sale-leaseback arrangements, which also impacted our service revenue allocation.
b Not used.
c Cost of revenue impacted by Managed Services restatements — The correction of these misstatements resulted from the change from upfront recognition of product and installation cost of revenue to recognition of the depreciation expense on the capitalized Energy Servers over their useful life of 21 years for our Managed Services Agreements and similar sale-leaseback transactions, resulting in a decrease in product cost of revenue of $37.9 million and installation cost of revenue of $13.0 million, offset by an increase in electricity cost of revenue of $9.7 million.
d Cost of revenue impacted by stock-based compensation allocation — The correction of these misstatements resulted from the capitalization of stock-based compensation costs, with a net benefit to product cost of revenue of $13.5 million and an increase in service cost of revenue of $2.7 million due to the expensing of stock-based compensation related to field replacement units.
e Sales and marketing and general and administrative expenses — The correction of these misstatements primarily resulted from the change of accounting for sales commission expense on an as earned basis, to accounting for the expense over the term of our Managed Services Agreements and similar sale-leaseback arrangements.
f Interest expense — The correction of these misstatements resulted from the change of accounting for sales that should have been accounted for as financing transactions, in which the upfront consideration received from the financing party is accounted for as a financing obligation and interest expense is recognized over the term of the Managed Services Agreement using the effective interest method.
g Gain (loss) on revaluation of warrant liabilities and embedded derivatives — The correction of these misstatements resulted from the correction of a misstatement in the valuation of our 6% Notes derivative, resulting in $0.8 million of additional expense in the period.
The following tables contain the restatement and recasting of previously reported unaudited condensed consolidated statements of cash flows for the three-month period ended March 31, 2019, the six-month periods ended June 30, 2019 and the nine-month period ended September 30, 2019, the restatement of previously reported unaudited condensed consolidated statements of cash flows for the six-month period ended June 30, 2018 and the nine-month period ended September 30, 2018 and the revision of the previously reported unaudited condensed consolidated statement of cash flows for the three-month period ended March 31, 2018.

 
 
Three Months Ended March 31, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(88,273
)
 
$
(21,056
)
 
$
(109,329
)
 
$
577

 
$
(108,752
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
11,271

 
2,954

A
14,225

 
—

 
14,225

Write-off of property, plant and equipment, net
 
1

 
—

 
1

 
—

 
1

Revaluation of derivative contracts
 
(453
)
 
540

B
87

 
—

 
87

Stock-based compensation
 
63,882

 
3,940

C
67,822

 
—

 
67,822

Loss on long-term REC purchase contract
 
59

 
—

 
59

 
—

 
59

Amortization of debt issuance cost
 
5,152

 
—

 
5,152

 
—

 
5,152

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts receivable
 
816

 
(98
)
D
718

 
3,413

 
4,131

Inventories
 
15,932

 
(4,845
)
E
11,087

 
—

 
11,087

Deferred cost of revenue
 
26,014

 
(37,098
)
F
(11,084
)
 
—

 
(11,084
)
Customer financing receivable and other
 
1,339

 
—

 
1,339

 
—

 
1,339

Prepaid expenses and other current assets
 
5,194

 
1,423

G
6,617

 
11

 
6,628

Other long-term assets
 
83

 
(396
)
H
(313
)
 
(103
)
 
(416
)
Accounts payable
 
(2,464
)
 
—

 
(2,464
)
 
—

 
(2,464
)
Accrued warranty
 
(2,500
)
 
50

I
(2,450
)
 
(247
)
 
(2,697
)
Accrued expenses and other current liabilities
 
823

 
(1,196
)
J
(373
)
 
—

 
(373
)
Deferred revenue and customer deposits
 
(44,533
)
 
49,428

K
4,895

 
(3,651
)
 
1,244

Other long-term liabilities
 
3,487

 
679

L
4,166

 
—

 
4,166

Net cash used in operating activities
 
(4,170
)
 
(5,675
)
 
(9,845
)
 
—

 
(9,845
)
Cash flows from investing activities:
 


 


 

 

 

Purchase of property, plant and equipment
 
(8,543
)
 
(3,403
)
M
(11,946
)
 
—

 
(11,946
)
Payments for acquisition of intangible assets
 
(848
)
 
—

 
(848
)
 
—

 
(848
)
Proceeds from maturity of marketable securities
 
104,500

 
—

 
104,500

 
—

 
104,500

Net cash provided by investing activities
 
95,109

 
(3,403
)
 
91,706

 
—

 
91,706

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayment of debt
 
(5,016
)
 
—

 
(5,016
)
 
—

 
(5,016
)
Repayment of debt to related parties
 
(778
)
 
—

 
(778
)
 
—

 
(778
)
Proceeds from financing obligations
 
—

 
10,961

N
10,961

 
—

 
10,961

Repayment of financing obligations
 
—

 
(1,883
)
N
(1,883
)
 
—

 
(1,883
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(3,189
)
 
—

 
(3,189
)
 
—

 
(3,189
)
Proceeds from issuance of common stock
 
7,493

 
—

 
7,493

 
—

 
7,493

 
 
Three Months Ended March 31, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Net cash provided by (used in) financing activities
 
(1,490
)
 
9,078

 
7,588

 
—

 
7,588

Net increase in cash, cash equivalents, and restricted cash
 
89,449

 
—

 
89,449

 
—

 
89,449

Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
 
 
 
 
Beginning of period
 
280,485

 
—

 
280,485

 
—

 
280,485

End of period
 
$
369,934

 
$
—

 
$
369,934

 
$
—

 
$
369,934

 
 
 
 
 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
 
 
 
 
Cash paid during the period for interest
 
$
14,545

 
$
5,838

N
$
20,383

 
$
—

 
$
20,383

Cash paid during the period for taxes
 
222

 
—

 
222

 
—

 
222

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Revaluation of derivative contracts — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote. We now consider the commitments a derivative liability, with the initial value of recorded as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
C Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation cost into inventory of $4.4 million. The correction of this misstatement also resulted in the capitalization of $0.5 million of stock-based compensation costs related to assets under the Managed Services Programs now recorded as construction in progress within property, plant and equipment, net.
D Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
E Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
F Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $37.2 million, and the net capitalization of stock-based compensation expenses of $0.1 million.
G Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses.
H Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
I Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis on our Managed Services Agreements and similar arrangements. The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote and therefore, no accrual was made. We now have a $0.1 million accrual, with the initial value of treated as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
J Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
K Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to the recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
L Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as a lease loan liability.
M Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
N Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received and due are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.
 
 
Six Months Ended June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(155,504
)
 
$
(30,991
)
 
$
(186,495
)
 
$
(9,183
)
 
$
(195,678
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
31,023

 
6,011

A
37,034

 
—

 
37,034

Write-off of property, plant and equipment, net
 
2,704

 
—

 
2,704

 
—

 
2,704

Write-off of PPA II and PPA IIIb decommissioned assets
 
25,613

 
—

 
25,613

 
—

 
25,613

Debt make-whole expense
 
5,934

 
—

 
5,934

 
—

 
5,934

Revaluation of derivative contracts
 
555

 
1,081

B
1,636

 
—

 
1,636

Stock-based compensation
 
115,100

 
4,086

C
119,186

 
—

 
119,186

Loss on long-term REC purchase contract
 
60

 
—

 
60

 
—

 
60

Amortization of debt issuance cost
 
11,255

 
—

 
11,255

 
—

 
11,255

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts receivable
 
46,591

 
(274
)
D
46,317

 
3,424

 
49,741

Inventories
 
27,542

 
(5,345
)
E
22,197

 
—

 
22,197

Deferred cost of revenue
 
19,198

 
(57,991
)
F
(38,793
)
 
—

 
(38,793
)
Customer financing receivable and other
 
2,713

 
—

 
2,713

 
—

 
2,713

Prepaid expenses and other current assets
 
8,477

 
1,752

G
10,229

 
(2
)
 
10,227

Other long-term assets
 
1,028

 
(1,029
)
H
(1
)
 
(271
)
 
(272
)
Accounts payable
 
(5,461
)
 
—

 
(5,461
)
 
—

 
(5,461
)
Accrued warranty
 
(6,843
)
 
114

I
(6,729
)
 
33

 
(6,696
)
Accrued expenses and other current liabilities
 
7,213

 
(1,632
)
J
5,581

 
—

 
5,581

Deferred revenue and customer deposits
 
(25,411
)
 
71,325

K
45,914

 
5,999

 
51,913

Other long-term liabilities
 
3,419

 
1,303

L
4,722

 
—

 
4,722

Net cash provided by operating activities
 
115,206

 
(11,590
)
 
103,616

 
—

 
103,616

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(18,882
)
 
(4,737
)
M
(23,619
)
 
—

 
(23,619
)
Payments for acquisition of intangible assets
 
(970
)
 
—

 
(970
)
 
—

 
(970
)
Proceeds from maturity of marketable securities
 
104,500

 
—

 
104,500

 
—

 
104,500

Net cash provided by investing activities
 
84,648

 
(4,737
)
 
79,911

 
—

 
79,911

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayment of debt
 
(83,997
)
 
—

 
(83,997
)
 
—

 
(83,997
)
Repayment of debt to related parties
 
(1,220
)
 
—

 
(1,220
)
 
—

 
(1,220
)
Debt make-whole payment
 
(5,934
)
 
—

 
(5,934
)
 
—

 
(5,934
)
Proceeds from financing obligations
 
—

 
20,333

N
20,333

 
—

 
20,333

Repayment of financing obligations
 
—

 
(4,006
)
N
(4,006
)
 
—

 
(4,006
)
Payments to noncontrolling and redeemable noncontrolling interests
 
(18,690
)
 
—

 
(18,690
)
 
—

 
(18,690
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(7,753
)
 
—

 
(7,753
)
 
—

 
(7,753
)
Proceeds from issuance of common stock
 
8,321

 
—

 
8,321

 
—

 
8,321

Net cash used in financing activities
 
(109,273
)
 
16,327

 
(92,946
)
 
—

 
(92,946
)
Net increase in cash, cash equivalents, and restricted cash
 
90,581

 
—

 
90,581

 
—

 
90,581

 
 
Six Months Ended June 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
 
 
 
 
Beginning of period
 
280,485

 
—

 
280,485

 
—

 
280,485

End of period
 
$
371,066

 
$
—

 
$
371,066

 
$
—

 
$
371,066

 
 
 
 
 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
 
 
 
 
Cash paid during the period for interest
 
$
23,867

 
$
11,835

N
$
35,702

 
$
—

 
$
35,702

Cash paid during the period for taxes
 
497

 
—

 
497

 
—

 
497

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Revaluation of derivative contracts — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote. We now consider the commitments a derivative liability, with the initial value recorded as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
C Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation costs into inventory of $4.7 million. The correction of this misstatement resulted in the capitalization of $0.6 million of stock-based compensation costs related to assets under the Managed Services Programs now recorded as construction in progress within property, plant and equipment, net.
D Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
E Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
F Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $56.5 million, and the net capitalization of stock-based compensation costs of $1.5 million.
G Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
H Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, including the timing difference of capacity billings to end customers and the payments received from the financing entity, is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
I Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements. The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we've provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote. We now maintain a $0.3 million accrual, with the initial value of treated as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
J Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
K Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to the recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
L Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as a lease loan liability.
M Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
N Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the bank proceeds received are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.
 
 
Nine Months Ended September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(195,434
)
 
$
(36,793
)
 
$
(232,227
)
 
$
(20,228
)
 
$
(252,455
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
55,816

 
9,132

A
64,948

 
—

 
64,948

Write-off of property, plant and equipment, net
 
2,987

 
—

 
2,987

 
—

 
2,987

Write-off of PPA II and PPA IIIb decommissioned assets
 
25,613

 
—

 
25,613

 
—

 
25,613

Debt make-whole expense
 
5,934

 
—

 
5,934

 
—

 
5,934

PPA I decommissioning, net
 
—

 
—

 
—

 
—

 
—

Revaluation of derivative contracts
 
1,335

 
1,620

B
2,955

 
—

 
2,955

Stock-based compensation
 
154,955

 
5,278

C
160,233

 
—

 
160,233

Loss on long-term REC purchase contract
 
61

 
—

 
61

 
—

 
61

Amortization of debt issuance cost
 
16,295

 
—

 
16,295

 
—

 
16,295

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts receivable
 
58,150

 
(318
)
D
57,832

 
5,594

 
63,426

Inventories
 
(7,896
)
 
6,121

E
(1,775
)
 
—

 
(1,775
)
Deferred cost of revenue
 
56,854

 
(59,198
)
F
(2,344
)
 
—

 
(2,344
)
Customer financing receivable and other
 
4,142

 
—

 
4,142

 
—

 
4,142

Prepaid expenses and other current assets
 
7,928

 
176

G
8,104

 
(33
)
 
8,071

Other long-term assets
 
3,281

 
(1,229
)
H
2,052

 
(758
)
 
1,294

Accounts payable
 
14,171

 
—

 
14,171

 
—

 
14,171

Accrued warranty
 
(3,941
)
 
109

I
(3,832
)
 
(242
)
 
(4,074
)
Accrued expenses and other current liabilities
 
5,029

 
162

J
5,191

 
—

 
5,191

Deferred managed services revenue
 
—

 
—

 
—

 
—

 
—

Deferred revenue and customer deposits
 
(68,180
)
 
74,765

K
6,585

 
15,667

 
22,252

Other long-term liabilities
 
2,083

 
2,477

L
4,560

 
—

 
4,560

Net cash provided by operating activities
 
139,183

 
2,302

 
141,485

 
—

 
141,485

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(23,474
)
 
(16,216
)
M
(39,690
)
 
—

 
(39,690
)
Payments for acquisition of intangible assets
 
(1,478
)
 
—

 
(1,478
)
 
—

 
(1,478
)
Proceeds from maturity of marketable securities
 
104,500

 
—

 
104,500

 
—

 
104,500

Net cash provided by investing activities
 
79,548

 
(16,216
)
 
63,332

 
—

 
63,332

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayment of debt
 
(93,263
)
 
—

 
(93,263
)
 
—

 
(93,263
)
Repayment of debt to related parties
 
(1,691
)
 
—

 
(1,691
)
 
—

 
(1,691
)
Debt make-whole payment
 
(5,934
)
 
—

 
(5,934
)
 
—

 
(5,934
)
Proceeds from financing obligations
 
—

 
20,333

N
20,333

 
—

 
20,333

Repayment of financing obligations
 
—

 
(6,419
)
N
(6,419
)
 
—

 
(6,419
)
Payments to noncontrolling and redeemable noncontrolling interests
 
(43,713
)
 
—

 
(43,713
)
 
—

 
(43,713
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(9,363
)
 
—

 
(9,363
)
 
—

 
(9,363
)
Proceeds from issuance of common stock
 
12,623

 
—

 
12,623

 
—

 
12,623

 
 
Nine Months Ended September 30, 2019
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
ASC 606 Adoption Impacts
 
As Restated & Recast
Net cash used in financing activities
 
(141,341
)
 
13,914

 
(127,427
)
 
—

 
(127,427
)
Net increase in cash, cash equivalents, and restricted cash
 
77,390

 
—

 
77,390

 
—

 
77,390

Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
 
 
 
 
Beginning of period
 
280,485

 
—

 
280,485

 
—

 
280,485

End of period
 
$
357,875

 
$
—

 
$
357,875

 
$
—

 
$
357,875

 
 
 
 
 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
 
 
 
 
Cash paid during the period for interest
 
$
35,894

 
$
17,878

N
$
53,772

 
$
—

 
$
53,772

Cash paid during the period for taxes
 
715

 
—

 
715

 
—

 
715

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Revaluation of derivative contracts — The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote. We now consider the commitments a derivative liability, with the initial value of recorded as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
C Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation costs into inventory of $5.9 million. The correction of this misstatement also resulted in the capitalization of $0.6 million of stock-based compensation costs related to assets under the Managed Services Programs now recorded as construction in progress within property, plant and equipment, net.
D Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
E Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
F Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $60.6 million and the net capitalization of stock-based compensation expenses of $1.4 million.
G Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
H Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
I Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements. The correction of these misstatements resulted from the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements. These commitments were previously treated as a contingent liability that was considered remote. We now maintain a $0.4 million accrual, with the initial value treated as a reduction in product revenue and then any changes in the value adjusted through other expense, net each period thereafter.
J Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
K Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
L Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as a lease loan liability.
M Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
N Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the bank proceeds received are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.

 
 
Three Months Ended March 31, 2018
 
 
As Previously Reported
 
Revision Impacts
 
As Revised
Cash flows from operating activities:
 
 
 
 
 
 
Net loss
 
$
(22,348
)
 
$
(3,875
)
 
$
(26,223
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
Depreciation and amortization
 
10,847

 
2,457

A
13,304

Revaluation of derivative contracts
 
7,157

 
—

 
7,157

Stock-based compensation
 
7,956

 
191

B
8,147

Loss on long-term REC purchase contract
 
12

 
—

 
12

Revaluation of preferred stock warrants
 
(3,271
)
 
—

 
(3,271
)
Common stock warrant valuation
 
(100
)
 
—

 
(100
)
Amortization of debt issuance cost
 
7,168

 
—

 
7,168

Changes in operating assets and liabilities:
 
 
 
 
 
 
Accounts receivable
 
(28,203
)
 
(32
)
C
(28,235
)
Inventories
 
(6,818
)
 
3,291

D
(3,527
)
Deferred cost of revenue
 
16,282

 
(3,541
)
E
12,741

Customer financing receivable and other
 
1,306

 
—

 
1,306

Prepaid expenses and other current assets
 
(446
)
 
929

F
483

Other long-term assets
 
1,266

 
(418
)
G
848

Accounts payable
 
(827
)
 
—

 
(827
)
Accrued warranty
 
(87
)
 
10

H
(77
)
Accrued expenses and other current liabilities
 
(10,083
)
 
(515
)
I
(10,598
)
Deferred revenue and customer deposits
 
(22,347
)
 
6,620

J
(15,727
)
Other long-term liabilities
 
8,049

 
981

K
9,030

Net cash used in operating activities
 
(34,487
)
 
6,098

 
(28,389
)
Cash flows from investing activities:
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(223
)
 
(4,635
)
L
(4,858
)
Purchase of marketable securities
 
(8,991
)
 
—

 
(8,991
)
Proceeds from maturity of marketable securities
 
15,750

 
—

 
15,750

Net cash provided by investing activities
 
6,536

 
(4,635
)
 
1,901

Cash flows from financing activities:
 
 
 
 
 
 
Repayment of debt
 
(4,489
)
 
—

 
(4,489
)
Repayment of debt to related parties
 
(290
)
 
—

 
(290
)
Repayment of financing obligations
 
—

 
(1,463
)
M
(1,463
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(3,832
)
 
—

 
(3,832
)
Proceeds from issuance of common stock
 
120

 
—

 
120

Payments of initial public offering issuance costs
 
(578
)
 
—

 
(578
)
Net cash used in financing activities
 
(9,069
)
 
(1,463
)
 
(10,532
)
Net decrease in cash, cash equivalents, and restricted cash
 
(37,020
)
 
—

 
(37,020
)
Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
Beginning of period
 
180,612

 
—

 
180,612

 
 
Three Months Ended March 31, 2018
 
 
As Previously Reported
 
Revision Impacts
 
As Revised
End of period
 
$
143,592

 
$
—

 
$
143,592

 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
Cash paid during the period for interest
 
11,216

 
4,613

M
15,829

Cash paid during the period for taxes
 
401

 
—

 
401

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation costs into inventory of $0.6 million. The correction of this misstatement also resulted in the capitalization of costs of $0.8 million related to assets under the Managed Services Program now recorded as construction in progress within property, plant and equipment, net.
C Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
D Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
E Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $3.2 million and the net capitalization of stock-based compensation expenses of $0.3 million.
F Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
G Other long-term assets —The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, including the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
H Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis on our Managed Services Agreements and similar arrangements.
I Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
J Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to the recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
K Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as a lease loan liability.
L Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
M Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received and due are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.
.
 
 
Six Months Ended June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Cash flows from operating activities:
 
 
 
 
 
 
Net loss
 
$
(72,536
)
 
$
(14,197
)
 
$
(86,733
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
Depreciation and amortization
 
21,554

 
4,912

A
26,466

Write-off of property, plant and equipment, net
 
661

 
—

 
661

Revaluation of derivative contracts
 
28,611

 
—

 
28,611

Stock-based compensation
 
15,773

 
(292
)
B
15,481

Loss on long-term REC purchase contract
 
100

 
—

 
100

Revaluation of stock warrants
 
(7,456
)
 
—

 
(7,456
)
Revaluation of preferred stock warrants
 
(166
)
 
—

 
(166
)
Amortization of debt issuance cost
 
14,420

 
—

 
14,420

Changes in operating assets and liabilities:
 
 
 
 
 
 
Accounts receivable
 
(6,486
)
 
(195
)
C
(6,681
)
Inventories
 
(46,172
)
 
7,915

D
(38,257
)
Deferred cost of revenue
 
48,760

 
(28,362
)
E
20,398

Customer financing receivable and other
 
2,439

 
—

 
2,439

Prepaid expenses and other current assets
 
4,544

 
220

F
4,764

Other long-term assets
 
15

 
(866
)
G
(851
)
Accounts payable
 
5,217

 
—

 
5,217

Accrued warranty
 
(1,883
)
 
(300
)
H
(2,183
)
Accrued expenses and other current liabilities
 
(12,815
)
 
(1,386
)
I
(14,201
)
Deferred revenue and customer deposits
 
(31,817
)
 
9,787

J
(22,030
)
Other long-term liabilities
 
18,652

 
497

K
19,149

Net cash used in operating activities
 
(18,585
)
 
(22,267
)
 
(40,852
)
Cash flows from investing activities:
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(1,595
)
 
(11,550
)
L
(13,145
)
Purchase of marketable securities
 
(15,732
)
 
—

 
(15,732
)
Proceeds from maturity of marketable securities
 
27,000

 
—

 
27,000

Net cash provided by (used in) investing activities
 
9,673

 
(11,550
)
 
(1,877
)
Cash flows from financing activities:
 
 
 
 
 
 
Repayment of debt
 
(9,201
)
 
—

 
(9,201
)
Repayment of debt to related parties
 
(627
)
 
—

 
(627
)
Proceeds from financing obligations
 
—

 
36,799

M
36,799

Repayment of financing obligations
 
—

 
(2,982
)
M
(2,982
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(11,582
)
 
—

 
(11,582
)
Proceeds from issuance of common stock
 
742

 
—

 
742

Payments of initial public offering issuance costs
 
(1,160
)
 
—

 
(1,160
)
Net cash provided by (used in) financing activities
 
(21,828
)
 
33,817

 
11,989

Net decrease in cash, cash equivalents, and restricted cash
 
(30,740
)
 
—

 
(30,740
)
Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Beginning of period
 
180,612

 
—

 
180,612

End of period
 
$
149,872

 
$
—

 
$
149,872

 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
Cash paid during the period for interest
 
$
16,540

 
$
9,233

M
$
25,773

Cash paid during the period for taxes
 
625

 
—
 
625

A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation costs into inventory of $1.0 million. The correction of this misstatement also resulted in the capitalization of $0.7 million of stock-based compensation costs related to assets under the Managed Services Programs now recorded as construction in progress within property, plant and equipment, net.
C Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
D Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
E Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $28.1 million and the net capitalization of stock-based compensation costs of $0.3 million.
F Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue.
G Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, including the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
H Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements.
I Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
J Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to the recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
K Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due beyond the next twelve months are classified as a lease loan liability.
L Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
M Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received and due are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.
 
 
Nine Months Ended September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Cash flows from operating activities:
 
 
 
 
 
 
Net loss
 
$
(155,046
)
 
$
(16,119
)
 
$
(171,165
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
Depreciation and amortization
 
32,141

 
7,616

A
39,757

Write-off of property, plant and equipment, net
 
901

 
—

 
901

Revaluation of derivative contracts
 
26,761

 
755

B
27,516

Stock-based compensation
 
87,451

 
(10,777
)
C
76,674

Loss on long-term REC purchase contract
 
150

 
—

 
150

Revaluation of stock warrants
 
(9,109
)
 
—

 
(9,109
)
Amortization of debt issuance cost
 
20,279

 
—

 
20,279

Changes in operating assets and liabilities:
 
 
 
 
 
 
Accounts receivable
 
(11,168
)
 
(332
)
D
(11,500
)
Inventories
 
(44,465
)
 
4,037

E
(40,428
)
Deferred cost of revenue
 
47,945

 
(34,343
)
F
13,602

Customer financing receivable and other
 
3,736

 
—

 
3,736

Prepaid expenses and other current assets
 
(6,514
)
 
(1,585
)
G
(8,099
)
Other long-term assets
 
1,052

 
(1,398
)
H
(346
)
Accounts payable
 
11,236

 
—

 
11,236

Accrued warranty
 
1,164

 
(324
)
I
840

Accrued expenses and other current liabilities
 
1,885

 
626

J
2,511

Deferred revenue and customer deposits
 
(32,203
)
 
17,431

K
(14,772
)
Other long-term liabilities
 
10,156

 
1,362

L
11,518

Net cash used in operating activities
 
(13,648
)
 
(33,051
)
 
(46,699
)
Cash flows from investing activities:
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(4,333
)
 
(20,283
)
M
(24,616
)
Payments for acquisition of intangible assets
 
(2,762
)
 
—

 
(2,762
)
Purchase of marketable securities
 
(15,732
)
 
—

 
(15,732
)
Proceeds from maturity of marketable securities
 
38,250

 
—

 
38,250

Net cash provided by (used in) investing activities
 
15,423

 
(20,283
)
 
(4,860
)
Cash flows from financing activities:
 
 
 
 
 
 
Repayment of debt
 
(14,036
)
 
—

 
(14,036
)
Repayment of debt to related parties
 
(990
)
 
—

 
(990
)
Proceeds from financing obligations
 
—

 
57,897

N
57,897

Repayment of financing obligations
 
—

 
(4,563
)
N
(4,563
)
Distributions to noncontrolling and redeemable noncontrolling interests
 
(14,192
)
 
—

 
(14,192
)
Proceeds from issuance of common stock
 
1,456

 
—

 
1,456

Proceeds from public offerings, net of underwriting discounts and commissions
 
292,529

 
—

 
292,529

Payments of initial public offering issuance costs
 
(2,928
)
 
—

 
(2,928
)
Net cash provided by financing activities
 
261,839

 
53,334

 
315,173

Net increase in cash, cash equivalents, and restricted cash
 
263,614

 
—

 
263,614

 
 
Nine Months Ended September 30, 2018
 
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Cash, cash equivalents, and restricted cash:
 
 
 
 
 
 
Beginning of period
 
180,612

 
—

 
180,612

End of period
 
$
444,226

 
$
—

 
$
444,226

 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
 
Cash paid during the period for interest
 
$
30,601

 
$
14,505

N
$
45,106

Cash paid during the period for taxes
 
1,052

 
—

 
1,052


A Depreciation and amortization — The correction of these misstatements resulted from the change of accounting for Energy Servers under the Managed Services Program and similar arrangements that would have been product and install cost of revenue, but are now recorded as property, plant and equipment, net and depreciated over their useful lives of 21 years.
B Revaluation of derivative contracts — The correction of this misstatement resulted from the cumulative net change in the valuation of our embedded derivatives in our 6% Notes. The change in the valuation was recorded in loss on revaluation of embedded derivatives.
C Stock-based compensation — The correction of these misstatements resulted from the change of accounting for stock-based compensation, including net capitalization of stock-based compensation cost into inventory of $10.1 million. The correction of this misstatement also resulted in the capitalization of $0.7 million of stock-based compensation costs related to assets under the Managed Services Programs now recorded as construction in progress within property, plant and equipment, net.
D Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end.
E Inventories — The correction of these misstatements resulted from the change of accounting for inventories held for shipments planned to customers under the Managed Services Program and similar arrangements now accounted for as construction in progress within property, plant and equipment, net.
F Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from the cumulative net change of accounting moving deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $31.4 million and the net capitalization of stock-based compensation expenses of $3.0 million.
G Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses.
H Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and payments received from the financing entity is recorded within long term receivables and commission payments are now classified within long term prepaid commissions.
I Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements.
J Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the bank financing as revenue, the bank financing loan proceeds received and due are classified as a lease loan liability.
K Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue.
L Other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and whereby prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue.
M Purchase of property, plant and equipment — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby costs previously recognized as product and installation cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party.
N Proceeds and repayments from financing obligations — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received and due are classified as proceeds from financing obligations and the capacity payments received from the end customer are classified as repayment of financing obligations and interest paid.
v3.20.1
Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies - Liquidity (Additional Information) (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2018
Mar. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Subsidiary, Sale of Stock [Line Items]          
Current portion of debt     $ 337,583,000 $ 29,848,000  
Repayments of principal in next twelve months     353,500,000    
Revenue related to sales-type leases     2,900,000 3,400,000 $ 4,000,000
ITC recaptured amount     $ 0 $ 0 $ 0
Interest rate percentage     6.00%    
IPO          
Subsidiary, Sale of Stock [Line Items]          
Shares sold in offering (in shares) 20,700,000        
Class A common stock          
Subsidiary, Sale of Stock [Line Items]          
Common stock, authorized (in shares)     600,000,000 600,000,000  
Class B common stock          
Subsidiary, Sale of Stock [Line Items]          
Common stock, authorized (in shares)     600,000,000 600,000,000  
Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse, Amendment          
Subsidiary, Sale of Stock [Line Items]          
Convertible stock price (in dollars per share)     $ 8    
Subsequent Event          
Subsidiary, Sale of Stock [Line Items]          
Current portion of debt   $ 70,000,000      
Subsequent Event | Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse, Amendment          
Subsidiary, Sale of Stock [Line Items]          
Interest rate percentage   10.00%      
Subsequent Event | Senior secured notes | Senior Notes Due 2027          
Subsidiary, Sale of Stock [Line Items]          
Debt face amount   $ 70,000,000      
Interest rate percentage   10.25%      
Subsequent Event | Convertible debt | Additional Convertible Notes          
Subsidiary, Sale of Stock [Line Items]          
Debt face amount   $ 30,000,000      
Funding used for repayment   100.00%      
v3.20.1
Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies - Concentration of Risk (Details)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Asia Pacific | Sales Revenue, Net | Geographic Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk, percentage 23.00% 14.00%
The Southern Company | Sales Revenue, Net | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk, percentage 34.00% 51.00%
SK (Korea) | Sales Revenue, Net | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk, percentage 23.00%  
SK (Korea) | Accounts Receivable | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk, percentage   64.00%
Costco Wholesale Company | Accounts Receivable | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk, percentage 19.00%  
The Kraft Company | Accounts Receivable | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk, percentage 17.00%  
v3.20.1
Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Additional Information) (Details) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Disaggregation of Revenue [Line Items]                                
Contract with customer, liability $ 214,720,000       $ 177,575,000               $ 214,720,000 $ 177,575,000    
Revenue related to sales-type leases                         2,900,000 3,400,000 $ 4,000,000  
Revenue 213,543,000 $ 224,307,000 $ 200,326,000 $ 147,001,000 157,145,000 $ 168,619,000 $ 138,302,000 $ 168,582,000 $ 347,327,000 $ 306,884,000 $ 571,634,000 $ 475,503,000 $ 785,177,000 632,648,000 365,623,000  
Benefit of ITC                             45,500,000  
ITC recapture period                         5 years      
ITC recaptured amount                         $ 0 0 0  
Minimum                                
Disaggregation of Revenue [Line Items]                                
Term of PPA                         10 years      
Term during which the Company is responsible for the installation, operation and maintenance of the Energy Servers                         10 years      
Incentives received by the Company                               1.00%
Maximum                                
Disaggregation of Revenue [Line Items]                                
Term of PPA                         21 years      
Term during which the Company is responsible for the installation, operation and maintenance of the Energy Servers                         15 years      
Incentives received by the Company                               10.00%
Product                                
Disaggregation of Revenue [Line Items]                                
Revenue related to sales-type leases                         $ 0 0 0  
Revenue 158,427,000 163,902,000 144,081,000 90,926,000 103,937,000 102,433,000 78,497,000 115,771,000 235,007,000 194,268,000 398,909,000 296,701,000 557,336,000 400,638,000 157,192,000  
Electricity                                
Disaggregation of Revenue [Line Items]                                
Operating lease revenue                         60,389,000 57,525,000    
Revenue 15,059,000 15,638,000 20,143,000 20,389,000 20,364,000 20,439,000 19,863,000 19,882,000 40,532,000 39,745,000 56,170,000 60,184,000 71,229,000 80,548,000 75,602,000  
Service                                
Disaggregation of Revenue [Line Items]                                
Revenue $ 25,628,000 $ 23,665,000 $ 23,026,000 $ 23,467,000 $ 21,778,000 $ 21,056,000 $ 20,299,000 $ 20,134,000 $ 46,493,000 $ 40,433,000 $ 70,158,000 $ 61,489,000 95,786,000 83,267,000 74,892,000  
Electricity sales | Power generation                                
Disaggregation of Revenue [Line Items]                                
Revenue                         11,300,000 23,000,000 23,300,000  
Service revenue | Power generation                                
Disaggregation of Revenue [Line Items]                                
Revenue                         6,800,000 13,700,000 13,900,000  
PPA II | Variable Interest Entity, Primary Beneficiary                                
Disaggregation of Revenue [Line Items]                                
Increase (decrease) in restricted cash                         108,700,000      
Power Purchase Agreement Program Leases | Electricity                                
Disaggregation of Revenue [Line Items]                                
Operating lease revenue                         29,700,000 30,900,000 29,900,000  
Power Purchase Agreement Program Leases | Service                                
Disaggregation of Revenue [Line Items]                                
Operating lease revenue                         $ 14,600,000 $ 15,200,000 $ 15,600,000  
v3.20.1
Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies - Warranty Costs (Details)
 12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Standard warranty period 1 year
v3.20.1
Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies - Other Components of Balance Sheet (Details) - USD ($)
 12 Months Ended
Dec. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Net Investment Income [Line Items]            
Short-term investments $ 0 $ 104,350,000 $ 104,350,000 $ 4,494,000 $ 15,703,000 $ 20,138,000
Interest rate percentage 6.00%          
Inventory reserve $ 14,600,000   13,000,000      
US Treasury Bill Securities            
Net Investment Income [Line Items]            
Short-term investments $ 0   $ 104,400,000      
Minimum            
Net Investment Income [Line Items]            
Future demand period 12 months          
Maximum            
Net Investment Income [Line Items]            
Future demand period 24 months          
v3.20.1
Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies - Estimated Depreciable Lives (Details)
 12 Months Ended
Dec. 31, 2019
Energy Servers  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 21 years
Building  
Property, Plant and Equipment [Line Items]  
Estimated depreciable life 35 years
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
v3.20.1
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Interest rate percentage 6.00%                
Cash and cash equivalents $ 202,823 [1] $ 226,499 $ 308,009 $ 320,414 $ 220,728 $ 220,728 [1] $ 395,516 $ 91,596 $ 88,227
Restricted cash 30,804 [1] 14,486 23,706 18,419 28,657 28,657 [1] 17,931 25,860 22,998
Short-term investments 0       104,350 104,350 4,494 15,703 20,138
Accounts receivable 37,828 [1] 26,353 40,038 85,647 89,779 88,784 [1] 45,261 40,442 61,996
Inventories 109,606 132,607 106,889 119,871 135,265 135,265 137,778 129,284 94,032
Deferred cost of revenue 58,470 41,042 80,307 52,911 43,809 43,809 45,183 35,654 43,415
Customer financing receivable 5,108 [1] 5,919 5,817 5,717 5,594 5,594 [1] 5,496 5,398 5,303
Prepaid expense and other current assets 28,068 [1] 28,642 26,483 30,073 36,887 36,747 [1] 36,499 24,820 28,944
Total current assets 472,707 475,548 591,249 633,052 665,069 663,934 688,158 368,757 365,053
Property, plant and equipment, net 607,059 [1] 627,385 641,259 711,631 716,751 716,751 [1] 698,123 697,344 702,228
Customer financing receivable, non-current 50,747 [1] 62,615 64,146 65,620 67,082 67,082 [1] 68,535 69,963 71,337
Restricted cash, non-current 143,761 [1] 116,890 39,351 31,101 31,100 31,100 [1] 30,779 32,416 32,367
Deferred cost of revenue, non-current 6,665 3,724 3,846 1,933 45 45 45 60 53
Other long-term assets 41,652 [1] 70,951 72,836 45,447 45,354 42,882 [1] 44,397 45,241 43,179
Total assets 1,322,591 1,357,113 1,412,687 1,488,784 1,525,401 1,521,794 1,530,037 1,213,781 1,214,217
Accounts payable 55,579 [1] 81,060 61,427 64,425 66,889 66,889 [1] 59,818 53,798 47,755
Accrued warranty 10,333 12,862 10,240 14,237 16,936 17,968 17,312 14,287 16,394
Accrued other current liabilities 70,284 [1] 79,616 105,393 64,073 66,838 66,838 [1] 63,986 49,932 53,654
Deferred managed services revenue 416 10,420 10,027 8,819   1,421 7,780 6,792 6,556
Financing obligations 10,993 77,551 118,738 75,069 8,128 8,128 72,738 66,054 71,486
Deferred revenue and customer deposits [1] 89,192       72,285 67,632      
Current portion of recourse debt 304,627 15,678 15,681 15,683 8,686 8,686 1,686 10,351 6,017
Current portion of non-recourse debt 8,273 [1] 7,983 7,654 19,486 18,962 18,962 [1] 18,499 18,025 17,583
Current portion of recourse debt from related parties 20,801         0      
Current portion of non-recourse debt from related parties 3,882 [1] 3,500 2,889 2,341 2,200 2,200 [1] 1,737 1,630 1,525
Total current liabilities 573,964 288,670 332,049 264,133 260,924 257,303 243,556 220,869 220,970
Preferred stock warrant liabilities               2,369 6,554
Derivative liabilities 17,551 [1] 20,284 18,175 15,722 14,143 14,143 [1] 13,658 192,416 168,071
Deferred revenue and customer deposits, net of current portion 125,529 [1] 122,276 110,750 103,751 105,290 87,308 [1] 89,204 88,630 89,501
Managed services liabilities 446,200         385,600      
Financing obligations, non-current 446,165 397,272 400,078 394,037 385,650 385,650 375,254 356,727 321,682
Long-term portion of recourse debt 75,962 359,959 362,424 357,876 360,339 360,339 358,363 524,934 517,483
Long-term portion of non-recourse debt 192,180 [1] 217,334 219,182 284,541 289,241 289,241 [1] 293,593 298,048 302,345
Long-term portion of recourse debt from related parties 0 27,734 27,734 27,734 27,734 27,734 32,168 72,087 70,202
Long-term portion of non-recourse debt from related parties 31,087 [1] 31,781 32,643 33,417 34,119 34,119 [1] 34,765 35,054 35,312
Other long-term liabilities 28,013 28,852 29,979 28,970 26,196 26,196 18,437 21,564 21,753
Total liabilities 1,490,451 1,494,162 1,533,014 1,510,181 1,503,636 1,482,033 1,458,998 1,812,698 1,753,873
Commitments and contingencies (Note 14)              
Redeemable noncontrolling interest 443 557 505 58,802 57,261 57,261 56,446 54,940 58,176
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively. 12 12 11 11 11 11 11 1 1
Additional paid-in capital 2,686,759 2,647,874 2,604,034 2,552,011 2,481,352 2,481,352 2,388,116 166,805 158,605
Accumulated other comprehensive income 19 (147) (148) 5 131 131 272 217 117
Accumulated deficit (2,946,384) (2,880,551) (2,828,801) (2,746,890) (2,642,100) (2,624,104) (2,508,655) (2,428,154) (2,372,155)
Total stockholders’ deficit (259,594) (232,812) (224,904) (194,863) (160,606) (142,610) (120,256) (2,261,131) (2,213,432)
Noncontrolling interest 91,291 95,206 104,072 114,664 125,110 125,110 134,849 141,433 149,759
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest $ 1,322,591 1,357,113 1,412,687 1,488,784 $ 1,525,401 1,521,794 1,530,037 1,213,781 1,214,217
Previously Reported                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Cash and cash equivalents   226,499 308,009 320,414   220,728 395,516 91,596 88,227
Restricted cash   14,486 23,706 18,419   28,657 17,931 25,860 22,998
Short-term investments           104,350 4,494 15,703 20,138
Accounts receivable   26,737 38,296 84,070   84,887 41,485 36,804 58,520
Inventories   140,372 104,934 116,544   132,476 134,725 136,433 97,079
Deferred cost of revenue   50,707 86,434 66,316   62,147 66,009 55,476 81,229
Customer financing receivable   5,919 5,817 5,717   5,594 5,496 5,398 5,303
Prepaid expense and other current assets   25,639 25,088 28,362   33,742 32,876 23,003 27,836
Total current assets   490,359 592,284 639,842   672,581 698,532 390,273 401,330
Property, plant and equipment, net   384,377 406,610 475,385   481,414 471,074 477,765 487,169
Customer financing receivable, non-current   62,615 64,146 65,620   67,082 68,535 69,963 71,337
Restricted cash, non-current   116,890 39,351 31,101   31,100 30,779 32,416 32,367
Deferred cost of revenue, non-current   57,286 59,213 72,516   102,699 139,217 148,934 155,658
Other long-term assets   58,400 60,975 34,386   34,792 37,008 38,386 36,773
Total assets   1,169,927 1,222,579 1,318,850   1,389,668 1,445,145 1,157,737 1,184,634
Accounts payable   81,060 61,427 64,425   66,889 59,818 53,798 47,755
Accrued warranty   15,295 12,393 16,736   19,236 17,975 14,928 16,723
Accrued other current liabilities   82,150 109,722 67,966   69,535 66,873 54,832 57,683
Deferred managed services revenue   0 0 0     0 0 0
Financing obligations   88,060 129,321 89,557   0 105,265 94,582 99,449
Deferred revenue and customer deposits           94,158      
Current portion of recourse debt   15,678 15,681 15,683   8,686 1,686 10,351 6,017
Current portion of non-recourse debt   7,983 7,654 19,486   18,962 18,499 18,025 17,583
Current portion of non-recourse debt from related parties   3,500 2,889 2,341   2,200 1,737 1,630 1,525
Total current liabilities   293,726 339,087 276,194   279,666 271,853 248,146 246,735
Preferred stock warrant liabilities               2,369 6,554
Derivative liabilities   14,648 13,079 11,166   10,128 9,441 188,199 163,854
Deferred revenue and customer deposits, net of current portion   179,712 181,221 201,863   241,794 290,481 301,550 306,153
Financing obligations, non-current   0 0 0   0 0 0 0
Long-term portion of recourse debt   359,959 362,424 357,876   360,339 358,363 524,934 517,483
Long-term portion of non-recourse debt   217,334 219,182 284,541   289,241 293,593 298,048 302,345
Long-term portion of recourse debt from related parties   27,734 27,734 27,734   27,734 32,168 72,087 70,202
Long-term portion of non-recourse debt from related parties   31,781 32,643 33,417   34,119 34,765 35,054 35,312
Other long-term liabilities   56,117 58,417 58,032   55,937 48,161 52,153 51,860
Total liabilities   1,181,011 1,233,787 1,250,823   1,298,958 1,338,825 1,722,540 1,700,498
Redeemable noncontrolling interest   557 505 58,802   57,261 56,446 54,940 58,176
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively.   12 11 11   11 11 1 1
Additional paid-in capital   2,647,118 2,603,279 2,551,256   2,480,597 2,387,361 166,805 158,605
Accumulated other comprehensive income   (147) (148) 5   131 272 217 117
Accumulated deficit   (2,753,830) (2,718,927) (2,656,711)   (2,572,400) (2,472,619) (2,394,040) (2,348,363)
Total stockholders’ deficit   (106,847) (115,785) (105,439)   (91,661) (84,975) (2,227,017) (2,189,640)
Noncontrolling interest   95,206 104,072 114,664   125,110 134,849 141,433 149,759
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest   1,169,927 1,222,579 1,318,850   1,389,668 1,445,145 1,157,737 1,184,634
Restatement Adjustment                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Cash and cash equivalents   0 0 0   0 0 0 0
Restricted cash   0 0 0   0 0 0 0
Short-term investments           0 0 0 0
Accounts receivable   4,216 4,172 3,995   3,897 3,776 3,638 3,476
Inventories   (7,765) 1,955 3,327   2,789 3,053 (7,149) (3,047)
Deferred cost of revenue   (9,665) (6,127) (13,405)   (18,338) (20,826) (19,822) (37,814)
Customer financing receivable   0 0 0   0 0 0 0
Prepaid expense and other current assets   2,830 1,252 1,582   3,005 3,623 1,817 1,108
Total current assets   (10,384) 1,252 (4,501)   (8,647) (10,374) (21,516) (36,277)
Property, plant and equipment, net   243,008 234,649 236,246   235,337 227,049 219,579 215,059
Customer financing receivable, non-current   0 0 0   0 0 0 0
Restricted cash, non-current   0 0 0   0 0 0 0
Deferred cost of revenue, non-current   (53,562) (55,367) (70,583)   (102,654) (139,172) (148,874) (155,605)
Other long-term assets   9,319 9,118 8,486   8,090 7,389 6,855 6,406
Total assets   188,381 189,652 169,648   132,126 84,892 56,044 29,583
Accounts payable   0 0 0   0 0 0 0
Accrued warranty   (1,159) (1,154) (1,219)   (1,268) (663) (641) (329)
Accrued other current liabilities   (2,534) (4,329) (3,893)   (2,697) (2,887) (4,900) (4,029)
Deferred managed services revenue   10,420 10,027 8,819     7,780 6,792 6,556
Financing obligations   (13,856) (13,847) (16,153)   8,128 (32,527) (28,528) (27,963)
Deferred revenue and customer deposits           (26,526)      
Current portion of recourse debt   0 0 0   0 0 0 0
Current portion of non-recourse debt   0 0 0   0 0 0 0
Current portion of non-recourse debt from related parties   0 0 0   0 0 0 0
Total current liabilities   (7,129) (9,303) (12,446)   (22,363) (28,297) (27,277) (25,765)
Preferred stock warrant liabilities               0 0
Derivative liabilities   5,636 5,096 4,556   4,015 4,217 4,217 4,217
Deferred revenue and customer deposits, net of current portion   (92,390) (95,840) (115,432)   (154,486) (201,277) (212,920) (216,652)
Financing obligations, non-current   397,272 400,078 394,037   385,650 375,254 356,727 321,682
Long-term portion of recourse debt   0 0 0   0 0 0 0
Long-term portion of non-recourse debt   0 0 0   0 0 0 0
Long-term portion of recourse debt from related parties   0 0 0   0 0 0 0
Long-term portion of non-recourse debt from related parties   0 0 0   0 0 0 0
Other long-term liabilities   (27,264) (28,438) (29,062)   (29,741) (29,724) (30,589) (30,107)
Total liabilities   276,125 271,593 241,653   183,075 120,173 90,158 53,375
Redeemable noncontrolling interest   0 0 0   0 0 0 0
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively.   0 0 0   0 0 0 0
Additional paid-in capital   756 755 755   755 755 0 0
Accumulated other comprehensive income   0 0 0   0 0 0 0
Accumulated deficit   (88,500) (82,696) (72,760)   (51,704) (36,036) (34,114) (23,792)
Total stockholders’ deficit   (87,744) (81,941) (72,005)   (50,949) (35,281) (34,114) (23,792)
Noncontrolling interest   0 0 0   0 0 0 0
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest   188,381 189,652 169,648   132,126 84,892 56,044 29,583
Capitalized Stock-Based Compensation | Restatement Adjustment                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Inventories   3,702 1,955 3,827   8,134 7,193 870 348
Deferred cost of revenue   800 3,700 2,100   2,216 3,000   300
Property, plant and equipment, net   3,700 3,700 3,600   3,221 2,400 1,000 900
Immaterial Misstatements | Restatement Adjustment                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Deferred cost of revenue           900      
Change In Policy | Restatement Adjustment                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Accrued warranty   100 200 400   523 300 300  
Grid Pricing Escalation | Restatement Adjustment                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Accrued warranty   1,100 900 800   745 400 400 300
Transfer Of Ownership | Restatement Adjustment                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Property, plant and equipment, net   239,300 230,900 232,600   232,116 224,600 218,600 214,100
Reclassification Of Inventory | Restatement Adjustment                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Inventories           (6,044)      
Correction Of In-Transit Shipment | Restatement Adjustment                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Inventories           699      
Reclassification Of Lease Arrangements | Restatement Adjustment                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Deferred cost of revenue   (7,400) (7,400) (13,900)   (19,636) (23,800) (20,100) (38,200)
Deferred cost of revenue, non-current   (53,600) $ (55,400) $ (70,600)   (102,654) 139,200 $ (148,900) $ 155,600
Valuation Adjustment | Restatement Adjustment                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Additional paid-in capital   $ (755)       $ 755 $ 755    
Affiliated entity | Convertible promissory notes | 6% Notes                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Interest rate percentage 6.00%                
Energy Servers                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Estimated depreciable life 21 years                
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Statement of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue $ 213,543 $ 224,307 $ 200,326 $ 147,001 $ 157,145 $ 168,619 $ 138,302 $ 168,582 $ 347,327 $ 306,884 $ 571,634 $ 475,503 $ 785,177 $ 632,648 $ 365,623
Cost of revenue 188,595 181,582 171,976 145,437 150,224 141,209 111,318 124,147 317,413 235,465 498,995 376,674 687,590 526,898 381,934
Gross profit (loss) 24,948 42,725 28,350 1,564 6,921 27,410 26,984 44,435 29,914 71,419 72,639 98,829 97,587 105,750 (16,311)
Research and development 22,148 23,389 29,772 28,859 32,970 27,021 14,413 14,731 58,631 29,144 82,020 56,165 104,168 89,135 51,146
Sales and marketing 17,357 17,649 18,194 20,373 24,951 21,396 8,167 8,293 38,567 16,460 56,216 37,856 73,573 62,807 31,926
General and administrative 33,315 36,599 43,662 39,074 47,471 40,999 15,359 14,988 82,736 30,347 119,335 71,346 152,650 118,817 55,689
Total operating expenses 72,820 77,637 91,628 88,306 105,392 89,416 37,939 38,012 179,934 75,951 257,571 165,367 330,391 270,759 138,761
Loss from operations (47,872) (34,912) (63,278) (86,742) (98,471) (62,006) (10,955) 6,423 (150,020) (4,532) (184,932) (66,538) (232,804) (165,009) (155,072)
Interest expense to related parties (1,933) (1,605) (1,606) (1,612) (1,628) (1,966) (2,672) (2,627) (3,218) (5,299) (4,823) (7,265) (6,756) (8,893) (12,265)
Other income (expense), net 138 525 (222) 265 636 (705) (855) (75) 43 (930) 568 (1,635) 706 (999) (491)
Gain (loss) on revaluation of warrant liabilities and embedded derivatives (540) (540) (540) (540) 192 900 (19,197) (4,034) (1,080) (23,231) (1,620) (22,331) (2,160) (22,139) (15,284)
Loss before income taxes (70,980) (56,641) (86,668) (108,544) (119,032) (84,435) (60,382) (25,890) (195,212) (86,272) (251,853) (170,707) (322,833) (289,739) (294,392)
Income tax provision (31) (136) (258) (208) (1,079) 3 (128) (333) (466) (461) (602) (458) (633) (1,537) (636)
Net loss (71,011) (56,777) (86,926) (108,752) (120,111) (84,432) (60,510) (26,223) (195,678) (86,733) (252,455) (171,165) (323,466) (291,276) (295,028)
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests 5,178 5,027 5,015 3,832 4,662 3,930 4,512 4,632 8,847 9,144 13,874 13,074 19,052 17,736 18,666
Net loss available to Class A and Class B common stockholders $ (68,287) $ (51,750) $ (81,911) $ (104,920) $ (115,449) $ (80,502) $ (55,998) $ (21,591)         (306,868) (273,540) (276,362)
Other comprehensive income (loss)                         $ (281) $ 293 $ 380
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share) $ (0.58) $ (0.44) $ (0.72) $ (0.94) $ (1.06) $ (0.99) $ (5.31) $ (2.08)         $ (2.67) $ (5.14) $ (26.97)
Interest income $ 862 $ 1,214 $ 1,700 $ 1,885 $ 1,996 $ 1,467 $ 444 $ 415 3,585 859 4,799 2,326 $ 5,661 $ 4,322 $ 759
Interest Expense, Other                           (97,021) (112,039)
Previously Reported                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue   233,471 233,782 200,707 213,606 190,190 168,881 169,361 434,489 338,242 667,960 528,432   742,038 375,996
Cost of revenue   180,006 192,109 184,952 196,358 166,805 136,110 125,695 377,061 261,805 557,067 428,610   624,968 394,040
Gross profit (loss)   53,465 41,673 15,755 17,248 23,385 32,771 43,666 57,428 76,437 110,893 99,822   117,070 (18,044)
Research and development   23,389 29,772 28,859 32,970 27,021 14,413 14,731 58,631 29,144 82,020 56,165   89,135 51,146
Sales and marketing   18,125 18,359 20,463 24,983 21,476 8,254 8,262 38,822 16,516 56,947 37,992   62,975 32,415
General and administrative   36,599 43,662 39,074 47,471 40,999 15,359 14,988 82,736 30,347 119,335 71,346   118,817 55,674
Total operating expenses   78,113 91,793 88,396 105,424 89,496 38,026 37,981 180,189 76,007 258,302 165,503   270,927 139,235
Loss from operations   (24,648) (50,120) (72,641) (88,176) (66,111) (5,255) 5,685 (122,761) 430 (147,409) (65,681)   (153,857) (157,279)
Interest expense to related parties   (1,605) (1,606) (1,612) (1,628) (1,966) (2,672) (2,627) (3,218) (5,299) (4,823) (7,265)   (8,893) (12,265)
Other income (expense), net   525 (222) 265 636 (705) (855) (75) 43 (930) 568 (1,635)   (999) (491)
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   0 0 0 (14) 1,655 (19,197) (4,034) 0 (23,231) 0 (21,576)   (21,590) (14,995)
Loss before income taxes   (39,794) (66,973) (88,065) (103,364) (82,513) (50,060) (22,015) (155,038) (72,075) (194,832) (154,588)   (257,952) (280,629)
Income tax provision   (136) (258) (208) (1,079) 3 (128) (333) (466) (461) (602) (458)   (1,537) (636)
Net loss   (39,930) (67,231) (88,273) (104,443) (82,510) (50,188) (22,348) (155,504) (72,536) (195,434) (155,046)   (259,489) (281,265)
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests   5,027 5,015 3,832 4,662 3,930 4,512 4,632 8,847 9,144 13,874 13,074   17,736 18,666
Net loss available to Class A and Class B common stockholders                           $ (241,753) $ (262,599)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share)                           $ (4.54) $ (25.62)
Interest income   1,214 1,700 1,885 1,996 1,467 444 415 3,585 859 4,799 2,326   $ 4,322 $ 759
Interest Expense, Other                           (76,935) (96,358)
Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue   4,859 (22,039) (52,976) (56,461) (21,571) (30,579) (779) (75,015) (31,358) (70,156) (52,929)   (109,390) (10,373)
Cost of revenue   4,035 (18,658) (38,300) (46,134) (25,596) (24,792) (1,548) (56,958) (26,340) (52,923) (51,936)   (98,070) (12,106)
Gross profit (loss)   824 (3,381) (14,676) (10,327) 4,025 (5,787) 769 (18,057) (5,018) (17,233) (993)   (11,320) 1,733
Research and development   0 0 0 0 0 0 0 0 0 0 0   0 0
Sales and marketing   43 17 2 (32) (80) (87) 31 19 (56) 62 (136)   (168) (489)
General and administrative   0 0 0 0 0 0 0 0 0 0 0   0 15
Total operating expenses   43 17 2 (32) (80) (87) 31 19 (56) 62 (136)   (168) (474)
Loss from operations   781 (3,398) (14,678) (10,295) 4,105 (5,700) 738 (18,076) (4,962) (17,295) (857)   (11,152) 2,207
Interest expense to related parties   0 0 0 0 0 0 0 0 0 0 0   0 0
Other income (expense), net   0 0 0 0 0 0 0 0 0 0 0   0 0
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   (540) (540) (540) 206 (755) 0 0 (1,080) 0 (1,620) (755)   (549) (289)
Loss before income taxes   (5,802) (9,935) (21,056) (15,668) (1,922) (10,322) (3,875) (30,991) (14,197) (36,793) (16,119)   (31,787) (13,763)
Income tax provision   0 0 0 0 0 0 0 0 0 0 0   0 0
Net loss   (5,802) (9,935) (21,056) (15,668) (1,922) (10,322) (3,875) (30,991) (14,197) (36,793) (16,119)   (31,787) (13,763)
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests   0 0 0 0 0 0 0 0 0 0 0   0 0
Net loss available to Class A and Class B common stockholders                           (31,787) (13,763)
Interest income   0 0 0 0 0 0 0 0 0 0 0   0 0
Interest Expense, Other                           (20,086) (15,681)
Grid Pricing Escalation | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   540 540 540 (205)       1,081   1,621     (205) 288
Immaterial Misstatements | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Cost of revenue                           900  
Service                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue 25,628 23,665 23,026 23,467 21,778 21,056 20,299 20,134 46,493 40,433 70,158 61,489 95,786 83,267 74,892
Cost of revenue 17,127 36,427 18,763 27,921 31,818 24,470 19,702 24,699 46,684 44,401 83,111 68,871 100,238 100,689 85,128
Service | Previously Reported                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue   23,597 23,659 23,290 21,752 20,751 19,975 19,907 46,949 39,882 70,546 60,633   82,385 76,904
Cost of revenue   36,539 19,599 27,557 28,475 22,651 19,260 24,253 47,156 43,513 83,695 66,164   94,639 83,597
Service | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue   (779) (586) (574) 26 305 324 227 (1,160) 551 (1,939) 856   882 (2,012)
Cost of revenue   2,073 920 1,331 3,343 1,819 442 446 2,251 888 4,324 2,707   6,050 1,531
Service | Reclassification Of Lease Arrangements | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue                             (1,069)
Service | Grid Pricing Escalation | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue                             3,082
Cost of revenue   (123) (104) (94) (463)       (198)   (321)     (463) (261)
Service | Capitalized Stock-Based Compensation | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Cost of revenue 3,805 2,196 1,025 1,425   1,819 441 447 2,450 888 4,646 2,707   6,513 1,791
Installation                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue 14,429 21,102 13,076 12,219 11,066 24,691 19,643 12,795 25,295 32,438 46,397 57,129 60,826 68,195 57,937
Cost of revenue 16,901 26,141 17,685 15,760 20,651 35,506 29,951 9,198 33,445 39,149 59,586 74,655 76,487 95,306 54,970
Installation | Previously Reported                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue   19,010 17,285 22,258 21,363 29,690 26,245 14,118 39,543 40,363 58,553 70,053   91,416 63,226
Cost of revenue   26,162 22,116 24,166 31,819 40,118 37,099 10,438 46,282 47,537 72,444 87,655   119,474 59,929
Installation | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue   (460) (5,900) (11,195) (10,297) (4,999) (6,602) (1,323) (17,095) (7,925) (17,555) (12,924)   (23,221) (5,289)
Cost of revenue   (21) (4,431) (8,406) (11,168) (4,612) (7,148) (1,240) (12,837) (8,388) (12,858) (13,000)   (24,168) (4,959)
Installation | Depreciation Of Energy Servers | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Cost of revenue (12,087) (601) (5,230) (9,165)   (4,611) (7,148) (1,240) (14,395) (8,388) (14,996) (13,000)   (25,087) (4,959)
Installation | Immaterial Misstatements | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Cost of revenue   580 799 759 885       1,558   2,138        
Electricity                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue 15,059 15,638 20,143 20,389 20,364 20,439 19,863 19,882 40,532 39,745 56,170 60,184 71,229 80,548 75,602
Cost of revenue 12,785 27,317 22,300 12,984 11,601 12,180 12,062 13,785 35,284 25,847 62,601 38,027 75,386 49,628 49,475
Electricity | Previously Reported                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue   8,248 12,939 13,425 13,820 14,059 14,007 14,029 26,364 28,036 34,612 42,095   55,915 56,098
Cost of revenue   23,249 18,442 9,229 7,988 8,679 8,949 10,649 27,671 19,598 50,920 28,277   36,265 39,741
Electricity | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue   7,390 7,204 6,964 6,544 6,380 5,856 5,853 14,168 11,709 21,558 18,089   24,633 19,504
Cost of revenue   4,068 3,858 3,755 3,613 3,501 3,113 3,136 7,613 6,249 11,681 9,750   13,363 9,734
Electricity | Depreciation Of Energy Servers | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Cost of revenue 3,590 4,022 3,816 3,718   3,490 3,105 3,128 7,533 6,232 11,555 9,722   13,312 9,717
Product                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue 158,427 163,902 144,081 90,926 103,937 102,433 78,497 115,771 235,007 194,268 398,909 296,701 557,336 400,638 157,192
Cost of revenue 141,782 91,697 113,228 88,772 86,154 69,053 49,603 76,465 202,000 126,068 293,697 195,121 $ 435,479 281,275 192,361
Product | Previously Reported                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue   182,616 179,899 141,734 156,671 125,690 108,654 121,307 321,633 229,961 504,249 355,651   512,322 179,768
Cost of revenue   94,056 131,952 124,000 128,076 95,357 70,802 80,355 255,952 151,157 350,008 246,514   374,590 210,773
Product | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Revenue   (1,292) (22,757) (48,171) (52,734) (23,257) (30,157) (5,536) (70,928) (35,693) (72,220) (58,950)   (111,684) (22,576)
Cost of revenue   (2,085) (19,005) (34,980) $ (41,922) (26,304) (21,199) (3,890) (53,985) (25,089) (56,070) (51,393)   (93,315) (18,412)
Product | Depreciation Of Energy Servers | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Cost of revenue (37,092) (1,081) (18,127) (37,496)   (14,001) (20,274) (3,635) (55,623) (23,909) (56,704) (37,910)   (75,001) (15,244)
Product | Capitalized Stock-Based Compensation | Restatement Adjustment                              
Error Corrections and Prior Period Adjustments Restatement [Line Items]                              
Cost of revenue $ (4,830) $ (1,004) $ (879) $ 2,515   $ (12,304) $ (925) $ (256) $ 1,637 $ (1,181) $ 633 $ (13,484)   $ (18,314) $ (3,169)
v3.20.1
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Statements of Cash Flows (Details) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:                              
Net income (loss) $ (71,011,000) $ (56,777,000) $ (86,926,000) $ (108,752,000) $ (120,111,000) $ (84,432,000) $ (60,510,000) $ (26,223,000) $ (195,678,000) $ (86,733,000) $ (252,455,000) $ (171,165,000) $ (323,466,000) $ (291,276,000) $ (295,028,000)
Depreciation and amortization       14,225,000       13,304,000 37,034,000 26,466,000 64,948,000 39,757,000 78,584,000 53,887,000 54,376,000
Write-off of property, plant and equipment, net       1,000         2,704,000 661,000 2,987,000 901,000 3,117,000 939,000 48,000
Write-off of customer financing receivable                         11,302,000 0 0
Write-off of PPA II and PPA IIIb decommissioned assets                 25,613,000   25,613,000   70,543,000 0 0
Revaluation of derivative contracts       87,000       7,157,000 1,636,000 28,611,000 2,955,000 27,516,000 2,779,000 29,021,000 15,042,000
Stock-based compensation       67,822,000       8,147,000 119,186,000 15,481,000 160,233,000 76,674,000 196,291,000 168,482,000 29,101,000
Loss (gain) on long-term REC purchase contract       59,000       12,000 60,000 100,000 61,000 150,000 53,000 200,000 (70,000)
Revaluation of stock warrants               (100,000)   (7,456,000)   (9,109,000) 0 (9,108,000) (2,975,000)
Debt make-whole expense                 5,934,000   5,934,000   5,934,000 0 0
Amortization of debt issuance cost       5,152,000       7,168,000 11,255,000 14,420,000 16,295,000 20,279,000 22,130,000 25,437,000 47,312,000
Accounts receivable       4,131,000       (28,235,000) 49,741,000 (6,681,000) 63,426,000 (11,500,000) 51,952,000 (55,023,000) 3,242,000
Inventories       11,087,000       (3,527,000) 22,197,000 (38,257,000) (1,775,000) (40,428,000) 18,425,000 (36,974,000) (10,636,000)
Deferred cost of revenue       (11,084,000)       12,741,000 (38,793,000) 20,398,000 (2,344,000) 13,602,000 (21,992,000) 14,223,000 (31,278,000)
Customer financing receivable and other       1,339,000       1,306,000 2,713,000 2,439,000 4,142,000 3,736,000 5,520,000 4,878,000 5,459,000
Prepaid expenses and other current assets       6,628,000       483,000 10,227,000 4,764,000 8,071,000 (8,099,000) 8,643,000 (8,032,000) (982,000)
Other long-term assets       (416,000)       848,000 (272,000) (851,000) 1,294,000 (346,000) 3,618,000 (202,000) 756,000
Accounts payable       (2,464,000)       (827,000) (5,461,000) 5,217,000 14,171,000 11,236,000 (11,310,000) 18,307,000 7,076,000
Accrued warranty       (2,697,000)       (77,000) (6,696,000) (2,183,000) (4,074,000) 840,000 (6,603,000) 1,498,000 (7,365,000)
Accrued expenses and other current liabilities       (373,000)       (10,598,000) 5,581,000 (14,201,000) 5,191,000 2,511,000 6,728,000 (5,984,000) 7,997,000
Deferred revenue and customer deposits       1,244,000       (15,727,000) 51,913,000 (22,030,000) 22,252,000 (14,772,000) 37,146,000 (21,774,000) 48,322,000
Other long-term liabilities       4,166,000       9,030,000 4,722,000 19,149,000 4,560,000 11,518,000 4,376,000 19,553,000 37,637,000
Net cash provided by (used in) operating activities       (9,845,000)       (28,389,000) 103,616,000 (40,852,000) 141,485,000 (46,699,000) 163,770,000 (91,948,000) (91,966,000)
Cash flows from investing activities:                              
Purchase of property, plant and equipment       (11,946,000)       (4,858,000) (23,619,000) (13,145,000) (39,690,000) (24,616,000) (51,053,000) (45,205,000) (61,454,000)
Payments for acquisition of intangible assets       (848,000)         (970,000)   (1,478,000) (2,762,000) 0 (3,256,000) 0
Purchase of marketable securities               (8,991,000)   (15,732,000)   (15,732,000) 0 (103,914,000) (29,043,000)
Proceeds from maturity of marketable securities       104,500,000       15,750,000 104,500,000 27,000,000 104,500,000 38,250,000 104,500,000 27,000,000 2,250,000
Net cash provided by (used in) investing activities       91,706,000       1,901,000 79,911,000 (1,877,000) 63,332,000 (4,860,000) 53,447,000 (125,375,000) (88,247,000)
Cash flows from financing activities:                              
Borrowings from issuance of debt                         0 0 100,000,000
Repayment of debt       (5,016,000)       (4,489,000) (83,997,000) (9,201,000) (93,263,000) (14,036,000) (119,277,000) (18,770,000) (20,507,000)
Repayment of debt to related parties       (778,000)       (290,000) (1,220,000) (627,000) (1,691,000) (990,000) (2,200,000) (1,390,000) (912,000)
Debt make-whole payment                 (5,934,000)   (5,934,000)   (5,934,000) 0 0
Debt issuance costs                         0 0 (6,108,000)
Proceeds from financing obligations       10,961,000         20,333,000 36,799,000 20,333,000 57,897,000 72,334,000 70,265,000 84,314,000
Repayment of financing obligations       (1,883,000)       1,463,000 (4,006,000) 2,982,000 (6,419,000) (4,563,000) (8,954,000) (6,188,000) (3,210,000)
Proceeds from noncontrolling and redeemable noncontrolling interests                         0 0 13,652,000
Payments to noncontrolling and redeemable noncontrolling interests                 (18,690,000)   (43,713,000)   (56,459,000) 0 0
Distributions to noncontrolling and redeemable noncontrolling interests       (3,189,000)       (3,832,000) (7,753,000) (11,582,000) (9,363,000) (14,192,000) (12,537,000) (15,250,000) (23,659,000)
Proceeds from issuance of common stock       7,493,000       120,000 8,321,000 742,000 12,623,000 1,456,000 12,713,000 1,521,000 432,000
Proceeds from public offerings, net of underwriting discounts and commissions                       292,529,000 0 292,529,000 0
Payments of initial public offering issuance costs               (578,000)   (1,160,000)   (2,928,000) 0 (5,521,000) (1,092,000)
Net cash provided by (used in) financing activities       7,588,000       (10,532,000) (92,946,000) 11,989,000 (127,427,000) 315,173,000 (120,314,000) 317,196,000 142,910,000
Net increase (decrease) in cash, cash equivalents, and restricted cash       89,449,000       (37,020,000) 90,581,000 (30,740,000) 77,390,000 263,614,000 96,903,000 99,873,000 (37,303,000)
Beginning of period 357,875,000 371,066,000 369,934,000 280,485,000 444,226,000 149,872,000 143,592,000 180,612,000 280,485,000 180,612,000 280,485,000 180,612,000 280,485,000 180,612,000 217,915,000
End of period 377,388,000 357,875,000 371,066,000 369,934,000 280,485,000 444,226,000 149,872,000 143,592,000 371,066,000 149,872,000 357,875,000 444,226,000 377,388,000 280,485,000 180,612,000
Supplemental disclosure of cash flow information:                              
Cash paid during the period for interest       20,383,000       15,829,000 35,702,000 25,773,000 53,772,000 45,106,000 69,851,000 59,549,000 37,628,000
Cash paid during the period for taxes       222,000       401,000 497,000 625,000 715,000 1,052,000 860,000 1,748,000 616,000
Liabilities recorded for property, plant and equipment                         1,745,000 12,236,000 975,000
Liabilities recorded for intangible assets                         0 3,180,000 2,138,000
Issuance of common stock warrant                         0 0 9,410,000
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital                         0 882,000 0
Conversion of redeemable convertible preferred stock into additional paid-in capital                         0 1,465,841,000 0
Conversion of 8% convertible promissory notes into additional paid-in capital                         0 181,469,000 0
Reclassification of derivative liability into additional paid-in capital                         0 177,208,000 0
Reclassification of prior year prepaid initial public offering costs to additional paid-in capital                         0 4,732,000 0
Issuance of common stock                         0 0 1,981,000
Issuance of restricted stock                         0 0 1,254,000
Accrued distributions to Equity Investors                         373,000 576,000 576,000
Accrued interest for notes                         1,812,000 19,041,000 29,705,000
Accrued interest for notes to related parties                         0 2,733,000 4,368,000
Previously Reported                              
Cash flows from operating activities:                              
Net income (loss)   (39,930,000) (67,231,000) (88,273,000) (104,443,000) (82,510,000) (50,188,000) (22,348,000) (155,504,000) (72,536,000) (195,434,000) (155,046,000)   (259,489,000) (281,265,000)
Depreciation and amortization       11,271,000       10,847,000 31,023,000 21,554,000 55,816,000 32,141,000   43,459,000 46,105,000
Write-off of property, plant and equipment, net       1,000         2,704,000 661,000 2,987,000 901,000   939,000 48,000
Write-off of PPA II and PPA IIIb decommissioned assets                 25,613,000   25,613,000        
Revaluation of derivative contracts       (453,000)       7,157,000 555,000 28,611,000 1,335,000 26,761,000   28,471,000 14,754,000
Stock-based compensation       63,882,000       7,956,000 115,100,000 15,773,000 154,955,000 87,451,000   180,284,000 30,479,000
Loss (gain) on long-term REC purchase contract       59,000       12,000 60,000 100,000 61,000 150,000   200,000 (70,000)
Revaluation of stock warrants               (100,000)   (7,456,000)   (9,109,000)   (9,108,000) (2,975,000)
Debt make-whole expense                 5,934,000   5,934,000        
Amortization of debt issuance cost       5,152,000       7,168,000 11,255,000 14,420,000 16,295,000 20,279,000   25,437,000 47,312,000
Accounts receivable       816,000       (28,203,000) 46,591,000 (6,486,000) 58,150,000 (11,168,000)   (54,570,000) 4,849,000
Inventories       15,932,000       (6,818,000) 27,542,000 (46,172,000) (7,896,000) (44,465,000)   (42,216,000) (7,105,000)
Deferred cost of revenue       26,014,000       16,282,000 19,198,000 48,760,000 56,854,000 47,945,000   88,324,000 (70,979,000)
Customer financing receivable and other       1,339,000       1,306,000 2,713,000 2,439,000 4,142,000 3,736,000   4,878,000 5,459,000
Prepaid expenses and other current assets       5,194,000       (446,000) 8,477,000 4,544,000 7,928,000 (6,514,000)   (7,064,000) (2,175,000)
Other long-term assets       83,000       1,266,000 1,028,000 15,000 3,281,000 1,052,000   1,897,000 4,625,000
Accounts payable       (2,464,000)       (827,000) (5,461,000) 5,217,000 14,171,000 11,236,000   18,307,000 7,076,000
Accrued warranty       (2,500,000)       (87,000) (6,843,000) (1,883,000) (3,941,000) 1,164,000   2,426,000 (7,045,000)
Accrued expenses and other current liabilities       823,000       (10,083,000) 7,213,000 (12,815,000) 5,029,000 1,885,000   (6,800,000) 8,599,000
Deferred revenue and customer deposits       (44,533,000)       (22,347,000) (25,411,000) (31,817,000) (68,180,000) (32,203,000)   (91,996,000) 91,893,000
Other long-term liabilities       3,487,000       8,049,000 3,419,000 18,652,000 2,083,000 10,156,000   18,204,000 43,239,000
Net cash provided by (used in) operating activities       (4,170,000)       (34,487,000) 115,206,000 (18,585,000) 139,183,000 (13,648,000)   (58,417,000) (67,176,000)
Cash flows from investing activities:                              
Purchase of property, plant and equipment       (8,543,000)       (223,000) (18,882,000) (1,595,000) (23,474,000) (4,333,000)   (14,659,000) (5,140,000)
Payments for acquisition of intangible assets       (848,000)         (970,000)   (1,478,000) (2,762,000)   (3,256,000)  
Purchase of marketable securities               (8,991,000)   (15,732,000)   (15,732,000)   (103,914,000) (29,043,000)
Proceeds from maturity of marketable securities       104,500,000       15,750,000 104,500,000 27,000,000 104,500,000 38,250,000   27,000,000 2,250,000
Net cash provided by (used in) investing activities       95,109,000       6,536,000 84,648,000 9,673,000 79,548,000 15,423,000   (94,829,000) (31,933,000)
Cash flows from financing activities:                              
Borrowings from issuance of debt                             100,000,000
Repayment of debt       (5,016,000)       (4,489,000) (83,997,000) (9,201,000) (93,263,000) (14,036,000)   (18,770,000) (20,507,000)
Repayment of debt to related parties       (778,000)       (290,000) (1,220,000) (627,000) (1,691,000) (990,000)   (1,390,000) (912,000)
Debt make-whole payment                 (5,934,000)   (5,934,000)        
Debt issuance costs                             (6,108,000)
Proceeds from financing obligations       0         0 0 0 0   0 0
Repayment of financing obligations       0       0 0 0 0 0   0 0
Proceeds from noncontrolling and redeemable noncontrolling interests                             13,652,000
Payments to noncontrolling and redeemable noncontrolling interests                 (18,690,000)   (43,713,000)        
Distributions to noncontrolling and redeemable noncontrolling interests       (3,189,000)       (3,832,000) (7,753,000) (11,582,000) (9,363,000) (14,192,000)   (15,250,000) (23,659,000)
Proceeds from issuance of common stock       7,493,000       120,000 8,321,000 742,000 12,623,000 1,456,000   1,521,000 432,000
Proceeds from public offerings, net of underwriting discounts and commissions                       292,529,000   292,529,000  
Payments of initial public offering issuance costs               (578,000)   (1,160,000)   (2,928,000)   (5,521,000) (1,092,000)
Net cash provided by (used in) financing activities       (1,490,000)       (9,069,000) (109,273,000) (21,828,000) (141,341,000) 261,839,000   253,119,000 61,806,000
Net increase (decrease) in cash, cash equivalents, and restricted cash       89,449,000       (37,020,000) 90,581,000 (30,740,000) 77,390,000 263,614,000   99,873,000 (37,303,000)
Beginning of period 357,875,000 371,066,000 369,934,000 280,485,000 444,226,000 149,872,000 143,592,000 180,612,000 280,485,000 180,612,000 280,485,000 180,612,000 280,485,000 180,612,000 217,915,000
End of period   357,875,000 371,066,000 369,934,000 280,485,000 444,226,000 149,872,000 143,592,000 371,066,000 149,872,000 357,875,000 444,226,000   280,485,000 180,612,000
Supplemental disclosure of cash flow information:                              
Cash paid during the period for interest       14,545,000       11,216,000 23,867,000 16,540,000 35,894,000 30,601,000   39,465,000 21,948,000
Cash paid during the period for taxes       222,000       401,000 497,000 625,000 715,000 1,052,000   1,748,000 616,000
Restatement Adjustment                              
Cash flows from operating activities:                              
Net income (loss)   (5,802,000) (9,935,000) (21,056,000) (15,668,000) (1,922,000) (10,322,000) (3,875,000) (30,991,000) (14,197,000) (36,793,000) (16,119,000)   (31,787,000) (13,763,000)
Depreciation and amortization       2,954,000       2,457,000 6,011,000 4,912,000 9,132,000 7,616,000   10,428,000 8,271,000
Write-off of property, plant and equipment, net       0         0 0 0 0   0 0
Write-off of PPA II and PPA IIIb decommissioned assets                 0   0        
Revaluation of derivative contracts       540,000       0 1,081,000 0 1,620,000 755,000   550,000 288,000
Stock-based compensation       3,940,000       191,000 4,086,000 (292,000) 5,278,000 (10,777,000)   (11,802,000) (1,378,000)
Loss (gain) on long-term REC purchase contract       0       0 0 0 0 0   0 0
Revaluation of stock warrants               0   0   0   0 0
Debt make-whole expense                 0   0        
Amortization of debt issuance cost       0       0 0 0 0 0   0 0
Accounts receivable       (98,000)       (32,000) (274,000) (195,000) (318,000) (332,000)   (453,000) (1,607,000)
Inventories       (4,845,000)       3,291,000 (5,345,000) 7,915,000 6,121,000 4,037,000   5,242,000 (3,531,000)
Deferred cost of revenue       (37,098,000)       (3,541,000) (57,991,000) (28,362,000) (59,198,000) (34,343,000)   (74,101,000) 39,701,000
Customer financing receivable and other       0       0 0 0 0 0   0 0
Prepaid expenses and other current assets       1,423,000       929,000 1,752,000 220,000 176,000 (1,585,000)   (968,000) 1,193,000
Other long-term assets       (396,000)       (418,000) (1,029,000) (866,000) (1,229,000) (1,398,000)   (2,099,000) (3,869,000)
Accounts payable       0       0 0 0 0 0   0 0
Accrued warranty       50,000       10,000 114,000 (300,000) 109,000 (324,000)   (928,000) (320,000)
Accrued expenses and other current liabilities       (1,196,000)       (515,000) (1,632,000) (1,386,000) 162,000 626,000   816,000 (602,000)
Deferred revenue and customer deposits       49,428,000       6,620,000 71,325,000 9,787,000 74,765,000 17,431,000   70,222,000 (43,571,000)
Other long-term liabilities       679,000       981,000 1,303,000 497,000 2,477,000 1,362,000   1,349,000 (5,602,000)
Net cash provided by (used in) operating activities       (5,675,000)       6,098,000 (11,590,000) (22,267,000) 2,302,000 (33,051,000)   (33,531,000) (24,790,000)
Cash flows from investing activities:                              
Purchase of property, plant and equipment       (3,403,000)       (4,635,000) (4,737,000) (11,550,000) (16,216,000) (20,283,000)   (30,546,000) (56,314,000)
Payments for acquisition of intangible assets       0         0   0 0   0  
Purchase of marketable securities               0   0   0   0 0
Proceeds from maturity of marketable securities       0       0 0 0 0 0   0 0
Net cash provided by (used in) investing activities       (3,403,000)       (4,635,000) (4,737,000) (11,550,000) (16,216,000) (20,283,000)   (30,546,000) (56,314,000)
Cash flows from financing activities:                              
Borrowings from issuance of debt                             0
Repayment of debt       0       0 0 0 0 0   0 0
Repayment of debt to related parties       0       0 0 0 0 0   0 0
Debt make-whole payment                 0   0        
Debt issuance costs                             0
Proceeds from financing obligations       10,961,000         20,333,000 36,799,000 20,333,000 57,897,000   70,265,000 84,314,000
Repayment of financing obligations       (1,883,000)       1,463,000 (4,006,000) 2,982,000 (6,419,000) (4,563,000)   (6,188,000) (3,210,000)
Proceeds from noncontrolling and redeemable noncontrolling interests                             0
Payments to noncontrolling and redeemable noncontrolling interests                 0   0        
Distributions to noncontrolling and redeemable noncontrolling interests       0       0 0 0 0 0   0 0
Proceeds from issuance of common stock       0       0 0 0 0 0   0 0
Proceeds from public offerings, net of underwriting discounts and commissions                       0   0  
Payments of initial public offering issuance costs               0   0   0   0 0
Net cash provided by (used in) financing activities       9,078,000       (1,463,000) 16,327,000 33,817,000 13,914,000 53,334,000   64,077,000 81,104,000
Net increase (decrease) in cash, cash equivalents, and restricted cash       0       0 0 0 0 0   0 0
Beginning of period $ 0 0 0 0 0 0 0 0 0 0 0 0 $ 0 0 0
End of period   $ 0 $ 0 0 $ 0 $ 0 $ 0 0 0 0 0 0   0 0
Supplemental disclosure of cash flow information:                              
Cash paid during the period for interest       5,838,000       4,613,000 11,835,000 9,233,000 17,878,000 14,505,000   20,084,000 15,680,000
Cash paid during the period for taxes       0       0 0 0 0 0   0 0
Valuation Adjustment | Restatement Adjustment                              
Cash flows from operating activities:                              
Revaluation of derivative contracts                           755,000  
Capitalized Stock-Based Compensation | Restatement Adjustment                              
Cash flows from operating activities:                              
Stock-based compensation       4,400,000       (602,000) 4,672,000 (1,026,000) 5,864,000 (10,068,000)   (10,256,000) (634,000)
Deferred cost of revenue       94,000       (348,000) (1,506,000) (250,000) 1,432,000 (2,969,000)   (2,216,000) 609,000
Capitalized Stock-Based Compensation, Managed Services Program | Restatement Adjustment                              
Cash flows from operating activities:                              
Stock-based compensation       (460,000)       793,000 (586,000) 733,000 (586,000) (709,000)   (1,546,000) (744,000)
Reclassification Of Lease Arrangements | Restatement Adjustment                              
Cash flows from operating activities:                              
Deferred cost of revenue       (37,192,000)       $ (3,193,000) (56,485,000) $ (28,112,000) (60,630,000) $ (31,373,000)   (71,884,000) 39,091,000
Timing Difference | Restatement Adjustment                              
Cash flows from operating activities:                              
Other long-term assets                           100,000 1,700,000
Reclassification Of Payments | Restatement Adjustment                              
Cash flows from operating activities:                              
Other long-term assets                           1,900,000 1,800,000
Commission Payments | Restatement Adjustment                              
Cash flows from operating activities:                              
Other long-term assets                           100,000 400,000
Grid Pricing Escalation | Restatement Adjustment                              
Cash flows from operating activities:                              
Revaluation of derivative contracts                           200,000  
Accrued warranty       $ 143,000         $ 312,000   $ 432,000     $ 300,000  
Accrued expenses and other current liabilities                             $ (261,000)
v3.20.1
Revenue Recognition - Cumulative Effect of Changes on Balance Sheet (Details) - USD ($)
$ / shares in Units, $ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                  
Cash and cash equivalents $ 202,823 [1] $ 226,499 $ 308,009 $ 320,414 $ 220,728 $ 220,728 [1] $ 395,516 $ 91,596 $ 88,227
Restricted cash, current 30,804 [1] 14,486 23,706 18,419 28,657 28,657 [1] 17,931 25,860 22,998
Short-term investments 0       104,350 104,350 4,494 15,703 20,138
Accounts receivable 37,828 [1] 26,353 40,038 85,647 89,779 88,784 [1] 45,261 40,442 61,996
Inventories 109,606 132,607 106,889 119,871 135,265 135,265 137,778 129,284 94,032
Deferred cost of revenue 58,470 41,042 80,307 52,911 43,809 43,809 45,183 35,654 43,415
Customer financing receivable 5,108 [1] 5,919 5,817 5,717 5,594 5,594 [1] 5,496 5,398 5,303
Prepaid expense and other current assets 28,068 [1] 28,642 26,483 30,073 36,887 36,747 [1] 36,499 24,820 28,944
Total current assets 472,707 475,548 591,249 633,052 665,069 663,934 688,158 368,757 365,053
Property, plant and equipment, net 607,059 [1] 627,385 641,259 711,631 716,751 716,751 [1] 698,123 697,344 702,228
Customer financing receivable, non-current 50,747 [1] 62,615 64,146 65,620 67,082 67,082 [1] 68,535 69,963 71,337
Restricted cash, non-current 143,761 [1] 116,890 39,351 31,101 31,100 31,100 [1] 30,779 32,416 32,367
Deferred cost of revenue, non-current 6,665 3,724 3,846 1,933 45 45 45 60 53
Other long-term assets 41,652 [1] 70,951 72,836 45,447 45,354 42,882 [1] 44,397 45,241 43,179
Total assets 1,322,591 1,357,113 1,412,687 1,488,784 1,525,401 1,521,794 1,530,037 1,213,781 1,214,217
Accounts payable 55,579 [1] 81,060 61,427 64,425 66,889 66,889 [1] 59,818 53,798 47,755
Accrued warranty 10,333 12,862 10,240 14,237 16,936 17,968 17,312 14,287 16,394
Accrued other current liabilities 70,284 [1] 79,616 105,393 64,073 66,838 66,838 [1] 63,986 49,932 53,654
Deferred managed services revenue 416 10,420 10,027 8,819   1,421 7,780 6,792 6,556
Financing obligations 10,993 77,551 118,738 75,069 8,128 8,128 72,738 66,054 71,486
Deferred revenue and customer deposits [1] 89,192       72,285 67,632      
Current portion of recourse debt 304,627 15,678 15,681 15,683 8,686 8,686 1,686 10,351 6,017
Current portion of non-recourse debt 8,273 [1] 7,983 7,654 19,486 18,962 18,962 [1] 18,499 18,025 17,583
Current portion of recourse debt from related parties 20,801         0      
Current portion of non-recourse debt from related parties 3,882 [1] 3,500 2,889 2,341 2,200 2,200 [1] 1,737 1,630 1,525
Total current liabilities 573,964 288,670 332,049 264,133 260,924 257,303 243,556 220,869 220,970
Derivative liabilities 17,551 [1] 20,284 18,175 15,722 14,143 14,143 [1] 13,658 192,416 168,071
Deferred revenue and customer deposits, net of current portion 125,529 [1] 122,276 110,750 103,751 105,290 87,308 [1] 89,204 88,630 89,501
Managed services liabilities 446,200         385,600      
Financing obligations, non-current 446,165 397,272 400,078 394,037 385,650 385,650 375,254 356,727 321,682
Long-term portion of recourse debt 75,962 359,959 362,424 357,876 360,339 360,339 358,363 524,934 517,483
Long-term portion of non-recourse debt 192,180 [1] 217,334 219,182 284,541 289,241 289,241 [1] 293,593 298,048 302,345
Long-term portion of recourse debt from related parties 0 27,734 27,734 27,734 27,734 27,734 32,168 72,087 70,202
Long-term portion of non-recourse debt from related parties 31,087 [1] 31,781 32,643 33,417 34,119 34,119 [1] 34,765 35,054 35,312
Other long-term liabilities 28,013 28,852 29,979 28,970 26,196 26,196 18,437 21,564 21,753
Total liabilities 1,490,451 1,494,162 1,533,014 1,510,181 1,503,636 1,482,033 1,458,998 1,812,698 1,753,873
Redeemable noncontrolling interest 443 557 505 58,802 57,261 57,261 56,446 54,940 58,176
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively. 12 12 11 11 11 11 11 1 1
Additional paid-in capital 2,686,759 2,647,874 2,604,034 2,552,011 2,481,352 2,481,352 2,388,116 166,805 158,605
Accumulated other comprehensive income 19 (147) (148) 5 131 131 272 217 117
Accumulated deficit (2,946,384) (2,880,551) (2,828,801) (2,746,890) (2,642,100) (2,624,104) (2,508,655) (2,428,154) (2,372,155)
Total stockholders’ deficit (259,594) (232,812) (224,904) (194,863) (160,606) (142,610) (120,256) (2,261,131) (2,213,432)
Noncontrolling interest 91,291 95,206 104,072 114,664 125,110 125,110 134,849 141,433 149,759
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest 1,322,591 1,357,113 1,412,687 1,488,784 $ 1,525,401 1,521,794 $ 1,530,037 $ 1,213,781 $ 1,214,217
Difference between Revenue Guidance in Effect before and after Topic 606                  
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                  
Cash and cash equivalents   0 0 0          
Restricted cash, current   0 0 0          
Accounts receivable   (4,600) (2,430) (2,418)          
Inventories   0 0 0          
Deferred cost of revenue   0 0 0          
Customer financing receivable   0 0 0          
Prepaid expense and other current assets   173 143 129          
Total current assets   (4,427) (2,287) (2,289)          
Property, plant and equipment, net   0 0 0          
Customer financing receivable, non-current   0 0 0          
Restricted cash, non-current   0 0 0          
Deferred cost of revenue, non-current   0 0 0          
Other long-term assets   3,232 2,743 2,575          
Total assets   (1,195) 456 286          
Accounts payable   0 0 0          
Accrued warranty   (1,274) (999) (1,280)          
Accrued other current liabilities   0 0 0          
Deferred managed services revenue   0 0 0          
Financing obligations   3,347 3,264 1,665          
Current portion of recourse debt   0 0 0          
Current portion of non-recourse debt   0 0 0          
Current portion of non-recourse debt from related parties   0 0 0          
Total current liabilities   2,073 2,265 385          
Derivative liabilities   0 0 0          
Deferred revenue and customer deposits, net of current portion   34,954 25,369 17,320          
Financing obligations, non-current   0 0 0          
Long-term portion of recourse debt   0 0 0          
Long-term portion of non-recourse debt   0 0 0          
Long-term portion of recourse debt from related parties   0 0 0          
Long-term portion of non-recourse debt from related parties   0 0 0          
Other long-term liabilities   (1) 0 0          
Total liabilities   37,026 27,634 17,705          
Redeemable noncontrolling interest   0 0 0          
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively.   0 0 0          
Additional paid-in capital   0 0 0          
Accumulated other comprehensive income   0 0 0          
Accumulated deficit   (38,221) (27,178) (17,419)          
Total stockholders’ deficit   (38,221) (27,178) (17,419)          
Noncontrolling interest   0 0 0          
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest   (1,195) 456 286          
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09                  
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                  
Cash and cash equivalents 0         0      
Restricted cash, current 0         0      
Short-term investments           0      
Accounts receivable (9,614)         995      
Inventories 0         0      
Deferred cost of revenue 0         0      
Customer financing receivable 0         0      
Prepaid expense and other current assets 208         140      
Total current assets (9,406)         1,135      
Property, plant and equipment, net 0         0      
Customer financing receivable, non-current 0         0      
Restricted cash, non-current 0         0      
Deferred cost of revenue, non-current 0         0      
Other long-term assets 3,803         2,472      
Total assets (5,603)         3,607      
Accounts payable 0         0      
Accrued warranty (1,619)         (1,032)      
Accrued other current liabilities 0         0      
Financing obligations 0         0      
Deferred revenue and customer deposits [1] (883)         4,653      
Current portion of recourse debt 0         0      
Current portion of non-recourse debt 0         0      
Current portion of recourse debt from related parties 0                
Current portion of non-recourse debt from related parties 0         0      
Total current liabilities (2,502)         3,621      
Derivative liabilities 0         0      
Deferred revenue and customer deposits, net of current portion 40,935         17,982      
Financing obligations, non-current 0         0      
Long-term portion of recourse debt 0         0      
Long-term portion of non-recourse debt 0         0      
Long-term portion of recourse debt from related parties           0      
Long-term portion of non-recourse debt from related parties 0         0      
Other long-term liabilities 0         0      
Total liabilities 38,433         21,603      
Redeemable noncontrolling interest 0         0      
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively. 0         0      
Additional paid-in capital 0         0      
Accumulated other comprehensive income 0         0      
Accumulated deficit (44,036)         (17,996)      
Total stockholders’ deficit (44,036)         (17,996)      
Noncontrolling interest 0         0      
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest (5,603)         3,607      
Calculated under Revenue Guidance in Effect before Topic 606                  
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                  
Cash and cash equivalents 202,823 226,499 308,009 320,414   220,728      
Restricted cash, current 30,804 14,486 23,706 18,419   28,657      
Short-term investments           104,350      
Accounts receivable 47,442 30,953 42,468 88,065   88,784      
Inventories 109,606 132,607 106,889 119,871   135,265      
Deferred cost of revenue 58,470 41,042 80,307 52,911   43,809      
Customer financing receivable 5,108 5,919 5,817 5,717   5,594      
Prepaid expense and other current assets 27,860 28,469 26,340 29,944   36,747      
Total current assets 482,113 479,975 593,536 635,341   663,934      
Property, plant and equipment, net 607,059 627,385 641,259 711,631   716,751      
Customer financing receivable, non-current 50,747 62,615 64,146 65,620   67,082      
Restricted cash, non-current 143,761 116,890 39,351 31,101   31,100      
Deferred cost of revenue, non-current 6,665 3,724 3,846 1,933   45      
Other long-term assets 37,849 67,719 70,093 42,872   42,882      
Total assets 1,328,194 1,358,308 1,412,231 1,488,498   1,521,794      
Accounts payable 55,579 81,060 61,427 64,425   66,889      
Accrued warranty 11,952 14,136 11,239 15,517   17,968      
Accrued other current liabilities 70,284 79,616 105,393 64,073   66,838      
Deferred managed services revenue   10,420 10,027 8,819          
Financing obligations 10,993 74,204 115,474 73,404   8,128      
Deferred revenue and customer deposits [1] 90,075         67,632      
Current portion of recourse debt 304,627 15,678 15,681 15,683   8,686      
Current portion of non-recourse debt 8,273 7,983 7,654 19,486   18,962      
Current portion of recourse debt from related parties 20,801                
Current portion of non-recourse debt from related parties 3,882 3,500 2,889 2,341   2,200      
Total current liabilities 576,466 286,597 329,784 263,748   257,303      
Derivative liabilities 17,551 20,284 18,175 15,722   14,143      
Deferred revenue and customer deposits, net of current portion 84,594 87,322 85,381 86,431   87,308      
Financing obligations, non-current 446,165 397,272 400,078 394,037   385,650      
Long-term portion of recourse debt 75,962 359,959 362,424 357,876   360,339      
Long-term portion of non-recourse debt 192,180 217,334 219,182 284,541   289,241      
Long-term portion of recourse debt from related parties   27,734 27,734 27,734   27,734      
Long-term portion of non-recourse debt from related parties 31,087 31,781 32,643 33,417   34,119      
Other long-term liabilities 28,013 28,853 29,979 28,970   26,196      
Total liabilities 1,452,018 1,457,136 1,505,380 1,492,476   1,482,033      
Redeemable noncontrolling interest   557 505 58,802   57,261      
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively. 12 12 11 11   11      
Additional paid-in capital 2,686,759 2,647,874 2,604,034 2,552,011   2,481,352      
Accumulated other comprehensive income 19 (147) (148) 5   131      
Accumulated deficit (2,902,348) (2,842,330) (2,801,623) (2,729,471)   (2,624,104)      
Total stockholders’ deficit (215,558) (194,591) (197,726) (177,444)   (142,610)      
Noncontrolling interest 91,291 95,206 104,072 114,664   125,110      
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest $ 1,328,194 $ 1,358,308 $ 1,412,231 $ 1,488,498   $ 1,521,794      
Common Class A and B                  
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                  
Common stock, par value (in dollars per share) $ 0.0001         $ 0.0001      
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Revenue Recognition - Cumulative Effect of Changes on Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue $ 213,543 $ 224,307 $ 200,326 $ 147,001 $ 157,145 $ 168,619 $ 138,302 $ 168,582 $ 347,327 $ 306,884 $ 571,634 $ 475,503 $ 785,177 $ 632,648 $ 365,623
Cost of revenue 188,595 181,582 171,976 145,437 150,224 141,209 111,318 124,147 317,413 235,465 498,995 376,674 687,590 526,898 381,934
Gross profit (loss) 24,948 42,725 28,350 1,564 6,921 27,410 26,984 44,435 29,914 71,419 72,639 98,829 97,587 105,750 (16,311)
Research and development 22,148 23,389 29,772 28,859 32,970 27,021 14,413 14,731 58,631 29,144 82,020 56,165 104,168 89,135 51,146
Sales and marketing 17,357 17,649 18,194 20,373 24,951 21,396 8,167 8,293 38,567 16,460 56,216 37,856 73,573 62,807 31,926
General and administrative 33,315 36,599 43,662 39,074 47,471 40,999 15,359 14,988 82,736 30,347 119,335 71,346 152,650 118,817 55,689
Total operating expenses 72,820 77,637 91,628 88,306 105,392 89,416 37,939 38,012 179,934 75,951 257,571 165,367 330,391 270,759 138,761
Loss from operations (47,872) (34,912) (63,278) (86,742) (98,471) (62,006) (10,955) 6,423 (150,020) (4,532) (184,932) (66,538) (232,804) (165,009) (155,072)
Interest income 862 1,214 1,700 1,885 1,996 1,467 444 415 3,585 859 4,799 2,326 5,661 4,322 759
Interest expense (21,635) (21,323) (22,722) (21,800) (21,757) (22,125) (27,147) (25,992) (44,522) (53,139) (65,845) (75,264) (87,480) (97,021) (112,039)
Interest expense to related parties (1,933) (1,605) (1,606) (1,612) (1,628) (1,966) (2,672) (2,627) (3,218) (5,299) (4,823) (7,265) (6,756) (8,893) (12,265)
Other income (expense), net 138 525 (222) 265 636 (705) (855) (75) 43 (930) 568 (1,635) 706 (999) (491)
Gain (loss) on revaluation of warrant liabilities and embedded derivatives (540) (540) (540) (540) 192 900 (19,197) (4,034) (1,080) (23,231) (1,620) (22,331) (2,160) (22,139) (15,284)
Loss before income taxes (70,980) (56,641) (86,668) (108,544) (119,032) (84,435) (60,382) (25,890) (195,212) (86,272) (251,853) (170,707) (322,833) (289,739) (294,392)
Income tax provision 31 136 258 208 1,079 (3) 128 333 466 461 602 458 633 1,537 636
Net loss (71,011) (56,777) (86,926) (108,752) (120,111) (84,432) (60,510) (26,223) (195,678) (86,733) (252,455) (171,165) (323,466) (291,276) (295,028)
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests (5,178) (5,027) (5,015) (3,832) (4,662) (3,930) (4,512) (4,632) (8,847) (9,144) (13,874) (13,074) (19,052) (17,736) (18,666)
Net loss available to Class A and Class B common stockholders (65,833) (51,750) (81,911) (104,920) (115,449) (80,502) (55,998) (21,591) (186,831) (77,589) (238,581) (158,091) (304,414) (273,540) (276,362)
Less: deemed dividend to noncontrolling interest (2,454) 0 0 0 0 0 0 0         (2,454) 0 0
Net loss available to Class A and Class B common stockholders $ (68,287) $ (51,750) $ (81,911) $ (104,920) $ (115,449) $ (80,502) $ (55,998) $ (21,591)         $ (306,868) $ (273,540) $ (276,362)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share) $ (0.58) $ (0.44) $ (0.72) $ (0.94) $ (1.06) $ (0.99) $ (5.31) $ (2.08)         $ (2.67) $ (5.14) $ (26.97)
Difference between Revenue Guidance in Effect before and after Topic 606                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue   $ (14,023) $ (11,417) $ (730)         (12,147)   (26,170)        
Cost of revenue   (2,459) (1,475) (1,215)         (2,690)   (5,149)        
Gross profit (loss)   (11,564) (9,942) 485         (9,457)   (21,021)        
Research and development   0 0 0         0   0        
Sales and marketing   (519) (182) (92)         (274)   (793)        
General and administrative   0 0 0         0   0        
Total operating expenses   (519) (182) (92)         (274)   (793)        
Loss from operations   (11,045) (9,760) 577         (9,183)   (20,228)        
Interest income   0 0 0         0   0        
Interest expense   0 0 0         0   0        
Interest expense to related parties   0 0 0         0   0        
Other income (expense), net   0 0 0         0   0        
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   0 0 0         0   0        
Loss before income taxes   (11,045) (9,760) 577         (9,183)   (20,228)        
Income tax provision   0 0 0         0   0        
Net loss   (11,045) (9,760) 577         (9,183)   (20,228)        
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests   0 0 0         0   0        
Net loss available to Class A and Class B common stockholders   (11,045) (9,760) 577         (9,183)   (20,228)        
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue                         $ (34,569)    
Cost of revenue                         (7,129)    
Gross profit (loss)                         (27,440)    
Research and development                         0    
Sales and marketing                         (1,400)    
General and administrative                         0    
Total operating expenses                         (1,400)    
Loss from operations                         (26,040)    
Interest income                         0    
Interest expense                         0    
Interest expense to related parties                         0    
Other income (expense), net                         0    
Gain (loss) on revaluation of warrant liabilities and embedded derivatives                         0    
Loss before income taxes                         (26,040)    
Income tax provision                         0    
Net loss                         (26,040)    
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests                         0    
Net loss available to Class A and Class B common stockholders                         (26,040)    
Less: deemed dividend to noncontrolling interest                         0    
Net loss available to Class A and Class B common stockholders                         $ (26,040)    
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share)                         $ (0.23)    
Calculated under Revenue Guidance in Effect before Topic 606                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue   238,330 211,743 147,731         359,474   597,804   $ 819,746    
Cost of revenue   184,041 173,451 146,652         320,103   504,144   694,719    
Gross profit (loss)   54,289 38,292 1,079         39,371   93,660   125,027    
Research and development   23,389 29,772 28,859         58,631   82,020   104,168    
Sales and marketing   18,168 18,376 20,465         38,841   57,009   74,973    
General and administrative   36,599 43,662 39,074         82,736   119,335   152,650    
Total operating expenses   78,156 91,810 88,398         180,208   258,364   331,791    
Loss from operations   (23,867) (53,518) (87,319)         (140,837)   (164,704)   (206,764)    
Interest income   1,214 1,700 1,885         3,585   4,799   5,661    
Interest expense   (21,323) (22,722) (21,800)         (44,522)   (65,845)   (87,480)    
Interest expense to related parties   (1,605) (1,606) (1,612)         (3,218)   (4,823)   (6,756)    
Other income (expense), net   525 (222) 265         43   568   706    
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   (540) (540) (540)         (1,080)   (1,620)   (2,160)    
Loss before income taxes   (45,596) (76,908) (109,121)         (186,029)   (231,625)   (296,793)    
Income tax provision   136 258 208         466   602   633    
Net loss   (45,732) (77,166) (109,329)         (186,495)   (232,227)   (297,426)    
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests   (5,027) (5,015) (3,832)         (8,847)   (13,874)   (19,052)    
Net loss available to Class A and Class B common stockholders   (40,705) (72,151) (105,497)         (177,648)   (218,353)   (278,374)    
Less: deemed dividend to noncontrolling interest                         (2,454)    
Net loss available to Class A and Class B common stockholders                         $ (280,828)    
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share)                         $ (2.44)    
Installation                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue $ 14,429 21,102 13,076 12,219 $ 11,066 $ 24,691 $ 19,643 $ 12,795 25,295 32,438 46,397 57,129 $ 60,826 $ 68,195 $ 57,937
Cost of revenue 16,901 26,141 17,685 15,760 20,651 35,506 29,951 9,198 33,445 39,149 59,586 74,655 76,487 95,306 54,970
Installation | Difference between Revenue Guidance in Effect before and after Topic 606                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue   2,552 1,691 1,156         2,847   5,399        
Cost of revenue   0 0 0         0   0        
Installation | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue                         6,110    
Cost of revenue                         0    
Installation | Calculated under Revenue Guidance in Effect before Topic 606                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue   18,550 11,385 11,063         22,448   40,998   54,716    
Cost of revenue   26,141 17,685 15,760         33,445   59,586   76,487    
Service                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue 25,628 23,665 23,026 23,467 21,778 21,056 20,299 20,134 46,493 40,433 70,158 61,489 95,786 83,267 74,892
Cost of revenue 17,127 36,427 18,763 27,921 31,818 24,470 19,702 24,699 46,684 44,401 83,111 68,871 100,238 100,689 85,128
Service | Difference between Revenue Guidance in Effect before and after Topic 606                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue   847 (47) 751         704   1,551        
Cost of revenue   (2,185) (1,756) (967)         (2,723)   (4,908)        
Service | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue                         3,842    
Cost of revenue                         (6,544)    
Service | Calculated under Revenue Guidance in Effect before Topic 606                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue   22,818 23,073 22,716         45,789   68,607   91,944    
Cost of revenue   38,612 20,519 28,888         49,407   88,019   106,782    
Electricity                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue 15,059 15,638 20,143 20,389 20,364 20,439 19,863 19,882 40,532 39,745 56,170 60,184 71,229 80,548 75,602
Cost of revenue 12,785 27,317 22,300 12,984 11,601 12,180 12,062 13,785 35,284 25,847 62,601 38,027 75,386 49,628 49,475
Electricity | Difference between Revenue Guidance in Effect before and after Topic 606                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue   0 0 0         0   0        
Cost of revenue   0 0 0         0   0        
Electricity | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue                         0    
Cost of revenue                         0    
Electricity | Calculated under Revenue Guidance in Effect before Topic 606                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue   15,638 20,143 20,389         40,532   56,170   71,229    
Cost of revenue   27,317 22,300 12,984         35,284   62,601   75,386    
Product                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue 158,427 163,902 144,081 90,926 103,937 102,433 78,497 115,771 235,007 194,268 398,909 296,701 557,336 400,638 157,192
Cost of revenue $ 141,782 91,697 113,228 88,772 $ 86,154 $ 69,053 $ 49,603 $ 76,465 202,000 $ 126,068 293,697 $ 195,121 435,479 $ 281,275 $ 192,361
Product | Difference between Revenue Guidance in Effect before and after Topic 606                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue   (17,422) (13,061) (2,637)         (15,698)   (33,120)        
Cost of revenue   (274) 281 (248)         33   (241)        
Product | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue                         (44,521)    
Cost of revenue                         (585)    
Product | Calculated under Revenue Guidance in Effect before Topic 606                              
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]                              
Revenue   181,324 157,142 93,563         250,705   432,029   601,857    
Cost of revenue   $ 91,971 $ 112,947 $ 89,020         $ 201,967   $ 293,938   $ 436,064    
v3.20.1
Revenue Recognition Contract Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Deferred revenue   $ (175,619) $ (149,612)
Customer deposits   (39,101) (27,963)
Deferred revenue and customer deposits $ (214,720) (214,720) (177,575)
Change in Contract with Customer, Liability [Abstract]      
Deferred revenue on January 1, 2019 177,575    
Additions (709,843)    
Revenue recognized (683,836)    
Deferred revenue on December 31, 2019 214,720    
Calculated under Revenue Guidance in Effect before Topic 606      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Deferred revenue     (141,458)
Customer deposits     (13,482)
Deferred revenue and customer deposits (154,940)   $ (154,940)
Change in Contract with Customer, Liability [Abstract]      
Deferred revenue on January 1, 2019 154,940    
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Deferred revenue   (8,154)  
Customer deposits   (14,481)  
Deferred revenue and customer deposits (22,635) $ (22,635)  
Change in Contract with Customer, Liability [Abstract]      
Deferred revenue on December 31, 2019 $ 22,635    
v3.20.1
Revenue Recognition Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Disaggregation of Revenue [Line Items]                              
Net loss $ (71,011) $ (56,777) $ (86,926) $ (108,752) $ (120,111) $ (84,432) $ (60,510) $ (26,223) $ (195,678) $ (86,733) $ (252,455) $ (171,165) $ (323,466) $ (291,276) $ (295,028)
Increase (decrease) in accounts receivable       (4,131)       28,235 (49,741) 6,681 (63,426) 11,500 (51,952) 55,023 (3,242)
Increase (decrease) in prepaid expense and other assets       (6,628)       (483) (10,227) (4,764) (8,071) 8,099 (8,643) 8,032 982
Increase (decrease) in other noncurrent assets       416       (848) 272 851 (1,294) 346 (3,618) 202 (756)
Increase (decrease) in contract with customer, liability       1,244       (15,727) 51,913 (22,030) 22,252 (14,772) 37,146 (21,774) 48,322
Increase (decrease) on accrued warranty liability       (2,697)       (77) (6,696) (2,183) (4,074) 840 $ (6,603) 1,498 (7,365)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 21 years                       21 years    
Revenue $ 213,543 224,307 200,326 147,001 157,145 168,619 138,302 168,582 347,327 306,884 571,634 475,503 $ 785,177 632,648 365,623
Proceeds from financing obligations       10,961         20,333 36,799 20,333 57,897 72,334 70,265 84,314
Product                              
Disaggregation of Revenue [Line Items]                              
Revenue 158,427 163,902 144,081 90,926 103,937 102,433 78,497 115,771 235,007 194,268 398,909 296,701 557,336 400,638 157,192
Installation                              
Disaggregation of Revenue [Line Items]                              
Revenue 14,429 21,102 13,076 12,219 11,066 24,691 19,643 12,795 25,295 32,438 46,397 57,129 60,826 68,195 57,937
Service                              
Disaggregation of Revenue [Line Items]                              
Revenue 25,628 23,665 23,026 23,467 21,778 21,056 20,299 20,134 46,493 40,433 70,158 61,489 95,786 83,267 74,892
Electricity                              
Disaggregation of Revenue [Line Items]                              
Revenue $ 15,059 15,638 20,143 20,389 $ 20,364 $ 20,439 $ 19,863 $ 19,882 40,532 $ 39,745 56,170 $ 60,184 $ 71,229 $ 80,548 $ 75,602
Sales Revenue, Net | Geographic Concentration Risk | United States                              
Disaggregation of Revenue [Line Items]                              
Concentration risk, percentage                         77.00%    
Sales Revenue, Net | Geographic Concentration Risk | Asia Pacific                              
Disaggregation of Revenue [Line Items]                              
Concentration risk, percentage                         23.00% 14.00%  
Difference between Revenue Guidance in Effect before and after Topic 606                              
Disaggregation of Revenue [Line Items]                              
Net loss   (11,045) (9,760) 577         (9,183)   (20,228)        
Increase (decrease) in accounts receivable       (3,413)         (3,424)   (5,594)        
Increase (decrease) in prepaid expense and other assets       (11)         2   33        
Increase (decrease) in other noncurrent assets       103         271   758        
Increase (decrease) in contract with customer, liability       (3,651)         5,999   15,667        
Increase (decrease) on accrued warranty liability       (247)         33   (242)        
Revenue   (14,023) (11,417) (730)         (12,147)   (26,170)        
Proceeds from financing obligations       0         0   0        
Difference between Revenue Guidance in Effect before and after Topic 606 | Product                              
Disaggregation of Revenue [Line Items]                              
Revenue   (17,422) (13,061) (2,637)         (15,698)   (33,120)        
Difference between Revenue Guidance in Effect before and after Topic 606 | Installation                              
Disaggregation of Revenue [Line Items]                              
Revenue   2,552 1,691 1,156         2,847   5,399        
Difference between Revenue Guidance in Effect before and after Topic 606 | Service                              
Disaggregation of Revenue [Line Items]                              
Revenue   847 (47) 751         704   1,551        
Difference between Revenue Guidance in Effect before and after Topic 606 | Electricity                              
Disaggregation of Revenue [Line Items]                              
Revenue   $ 0 $ 0 $ 0         $ 0   $ 0        
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09                              
Disaggregation of Revenue [Line Items]                              
Net loss                         $ (26,040)    
Increase (decrease) in accounts receivable                         (10,600)    
Increase (decrease) in prepaid expense and other assets                         (100)    
Increase (decrease) in other noncurrent assets                         1,300    
Increase (decrease) in contract with customer, liability                         17,400    
Increase (decrease) on accrued warranty liability                         (600)    
Revenue                         (34,569)    
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | Product                              
Disaggregation of Revenue [Line Items]                              
Revenue                         (44,521)    
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | Installation                              
Disaggregation of Revenue [Line Items]                              
Revenue                         6,110    
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | Service                              
Disaggregation of Revenue [Line Items]                              
Revenue                         3,842    
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | Electricity                              
Disaggregation of Revenue [Line Items]                              
Revenue                         $ 0    
v3.20.1
Revenue Recognition - Revenue by Source (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Disaggregation of Revenue [Line Items]                              
Revenue from contracts with customers                         $ 724,788    
Total revenue from contract with customers                           $ 575,123  
Total revenue $ 213,543 $ 224,307 $ 200,326 $ 147,001 $ 157,145 $ 168,619 $ 138,302 $ 168,582 $ 347,327 $ 306,884 $ 571,634 $ 475,503 785,177 632,648 $ 365,623
Product                              
Disaggregation of Revenue [Line Items]                              
Revenue from contracts with customers                         557,336    
Total revenue from contract with customers                           400,638  
Total revenue 158,427 163,902 144,081 90,926 103,937 102,433 78,497 115,771 235,007 194,268 398,909 296,701 557,336 400,638 157,192
Installation                              
Disaggregation of Revenue [Line Items]                              
Revenue from contracts with customers                         60,826    
Total revenue from contract with customers                           68,195  
Total revenue 14,429 21,102 13,076 12,219 11,066 24,691 19,643 12,795 25,295 32,438 46,397 57,129 60,826 68,195 57,937
Service                              
Disaggregation of Revenue [Line Items]                              
Revenue from contracts with customers                         95,786    
Total revenue from contract with customers                           83,267  
Total revenue 25,628 23,665 23,026 23,467 21,778 21,056 20,299 20,134 46,493 40,433 70,158 61,489 95,786 83,267 74,892
Electricity                              
Disaggregation of Revenue [Line Items]                              
Revenue from contracts with customers                         10,840    
Total revenue from contract with customers                           23,023  
Operating lease revenue                         60,389 57,525  
Total revenue $ 15,059 $ 15,638 $ 20,143 $ 20,389 $ 20,364 $ 20,439 $ 19,863 $ 19,882 $ 40,532 $ 39,745 $ 56,170 $ 60,184 $ 71,229 $ 80,548 $ 75,602
v3.20.1
Financial Instruments - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Debt Securities, Available-for-sale [Line Items]                      
Cash and cash equivalents $ 202,823 [1] $ 226,499 $ 308,009 $ 320,414 $ 220,728 $ 220,728 [1] $ 395,516 $ 91,596 $ 88,227    
Restricted cash 174,565         59,757          
Cash, cash equivalents and restricted cash 377,388 $ 357,875 $ 371,066 $ 369,934   280,485 $ 444,226 $ 149,872 $ 143,592 $ 180,612 $ 217,915
Cash                      
Debt Securities, Available-for-sale [Line Items]                      
Cash, cash equivalents and restricted cash 100,773         136,642          
Money market funds                      
Debt Securities, Available-for-sale [Line Items]                      
Cash, cash equivalents and restricted cash $ 276,615         $ 143,843          
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Financial Instruments - Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Variable Interest Entity [Line Items]                  
Restricted cash, current $ 30,804 [1] $ 14,486 $ 23,706 $ 18,419 $ 28,657 $ 28,657 [1] $ 17,931 $ 25,860 $ 22,998
Restricted cash, non-current 143,761 [1] $ 116,890 $ 39,351 $ 31,101 $ 31,100 31,100 [1] $ 30,779 $ 32,416 $ 32,367
Total restricted cash 174,565         59,757      
Consolidated Entity, Excluding VIEs                  
Variable Interest Entity [Line Items]                  
Restricted cash, current 28,494         25,740      
Restricted cash, non-current 10         3,246      
Variable Interest Entity, Primary Beneficiary                  
Variable Interest Entity [Line Items]                  
Restricted cash, current 2,244         2,917      
Restricted cash, non-current 15,045         27,854      
PPA Entities | Variable Interest Entity, Primary Beneficiary                  
Variable Interest Entity [Line Items]                  
Restricted cash, current 2,310         2,917      
Restricted cash, non-current 143,751         $ 27,854      
PPA II | Variable Interest Entity, Primary Beneficiary                  
Variable Interest Entity [Line Items]                  
Restricted cash, non-current 108,700                
PPA IIIb | Variable Interest Entity, Primary Beneficiary                  
Variable Interest Entity [Line Items]                  
Restricted cash, non-current $ 20,000                
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Financial Instruments - Short-Term Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Cash and Cash Equivalents [Abstract]            
Short-term investments $ 0 $ 104,350 $ 104,350 $ 4,494 $ 15,703 $ 20,138
v3.20.1
Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Assets    
Short-term investments   $ 104,350
Interest rate swap agreements $ 3 82
Total assets 276,618 248,275
Liabilities    
Accrued other liabilities 996 1,331
Total liabilities 23,381 18,705
Money market funds    
Assets    
Cash equivalents: 276,615 143,843
Natural gas fixed price forward contracts    
Liabilities    
Derivatives 6,968 9,729
Embedded EPP derivatives    
Liabilities    
Derivatives 6,176 4,015
Interest rate swap agreements    
Liabilities    
Derivatives 9,241 3,630
Level 1    
Assets    
Short-term investments   104,350
Interest rate swap agreements 0 0
Total assets 276,615 248,193
Liabilities    
Accrued other liabilities 996 1,331
Total liabilities 996 1,331
Level 1 | Money market funds    
Assets    
Cash equivalents: 276,615 143,843
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    
Short-term investments   0
Interest rate swap agreements 3 82
Total assets 3 82
Liabilities    
Accrued other liabilities 0 0
Total liabilities 9,241 3,630
Level 2 | Money market funds    
Assets    
Cash equivalents: 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 9,241 3,630
Level 3    
Assets    
Short-term investments   0
Interest rate swap agreements 0 0
Total assets 0 0
Liabilities    
Accrued other liabilities 0 0
Total liabilities 13,144 13,744
Level 3 | Money market funds    
Assets    
Cash equivalents: 0 0
Level 3 | Natural gas fixed price forward contracts    
Liabilities    
Derivatives 6,968 9,729
Level 3 | Embedded EPP derivatives    
Liabilities    
Derivatives 6,176 4,015
Level 3 | Interest rate swap agreements    
Liabilities    
Derivatives $ 0 $ 0
v3.20.1
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, 2019
USD ($)
MMBTU
Dec. 31, 2018
USD ($)
MMBTU
Derivatives, Fair Value [Line Items]    
Number of Contracts (MMBTU) | MMBTU 1,991 3,096
Derivative liability | $ $ 6,968 $ 9,729
v3.20.1
Fair Value - Additional Information (Details)
 12 Months Ended
Jun. 14, 2019
MW
Dec. 31, 2019
USD ($)
$ / shares
MW
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Sep. 30, 2016
USD ($)
Sep. 10, 2016
USD ($)
Jan. 29, 2016
USD ($)
Dec. 15, 2015
USD ($)
$ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Cash flow hedge gain to be reclassified within 12 months   $ 600,000            
Interest rate percentage   6.00%            
Embedded derivative liability   $ 6,200,000 $ 4,000,000 $ 4,200,000        
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   (800,000) 2,200,000 (1,000,000)        
Gain on the settlement of contracts   $ 3,600,000 3,400,000 $ 4,200,000        
Convertible promissory notes | Convertible Promissory Notes due December 2020, Recourse                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Debt face amount         $ 260,000,000 $ 75,000,000 $ 25,000,000 $ 160,000,000
Interest rate percentage   6.00%            
Convertible stock price (in dollars per share) | $ / shares   $ 20.61           $ 11.25
Embedded derivative liability           $ 178,000,000    
Preferred stock warrants | Level 3                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Stock warrants:   $ 0 $ 0          
PPA II                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Number of replacement megawatts | MW 9.8              
PPA IIIb                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Number of replacement megawatts | MW   5            
New Energy Server Systems | PPA II                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Number of replacement megawatts | MW 30              
New Energy Server Systems | PPA IIIb                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Number of replacement megawatts | MW   5            
v3.20.1
Fair Value - Change in Level 3 Financial Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance $ 13,744 $ 170,181
Settlement of natural gas fixed price forward contracts (3,605) (3,412)
Embedded derivative on notes   6,291
Changes in fair value 3,005 19,529
Conversion of preferred stock warrants liability and derivative liability to common shares   (178,845)
Balance 13,144 13,744
Natural gas fixed price forward contract    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance 9,729 15,368
Settlement of natural gas fixed price forward contracts (3,605) (3,412)
Embedded derivative on notes   0
Changes in fair value 844 (2,227)
Conversion of preferred stock warrants liability and derivative liability to common shares   0
Balance 6,968 9,729
Preferred stock warrants    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance 0 9,825
Settlement of natural gas fixed price forward contracts 0 0
Embedded derivative on notes   0
Changes in fair value 0 (8,943)
Conversion of preferred stock warrants liability and derivative liability to common shares   (882)
Balance 0 0
Embedded Derivative Liability    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance 0 140,771
Settlement of natural gas fixed price forward contracts 0 0
Embedded derivative on notes   6,288
Changes in fair value 0 30,904
Conversion of preferred stock warrants liability and derivative liability to common shares   (177,963)
Balance 0 0
Embedded EPP Derivative    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance 4,015 4,217
Settlement of natural gas fixed price forward contracts 0 0
Embedded derivative on notes   3
Changes in fair value 2,161 (205)
Conversion of preferred stock warrants liability and derivative liability to common shares   0
Balance $ 6,176 $ 4,015
v3.20.1
Fair Value - Estimated Fair Values and Carrying Values for Customer Receivables and Debt Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Jan. 18, 2018
Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Interest rate percentage 6.00%      
Notes | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 89,962 $ 95,555    
Notes | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument 97,512 99,260    
Customer financing receivables | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Customer financing receivables 55,855 72,676    
Customer financing receivables | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Customer financing receivables 44,002 51,541    
Term Loan due November 2020, Recourse | Term loan | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument 1,536 3,214    
Term Loan due November 2020, Recourse | Term loan | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 1,590 3,311    
Term Loan due November 2020, Recourse | LIBOR | Term loan        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
LIBOR margin (as a percentage) 4.00%      
Term Loan due November 2020, Recourse | LIBOR | Affiliated entity        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
LIBOR margin (as a percentage) 4.00%      
Convertible Promissory Notes due December 2019 and 2020, Recourse | Convertible promissory notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Interest rate percentage 5.00%      
Convertible Promissory Notes due December 2019 and 2020, Recourse | Convertible promissory notes | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 36,482 34,706    
Convertible Promissory Notes due December 2019 and 2020, Recourse | Convertible promissory notes | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 32,070 31,546    
Convertible Promissory Notes due December 2019 and 2020, Recourse | Affiliated entity | Convertible promissory notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Interest rate percentage 8.00%   8.00% 8.00%
Convertible Promissory Notes One due December 2020 | Convertible promissory notes | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 273,410 263,284    
Convertible Promissory Notes One due December 2020 | Convertible promissory notes | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 302,047 353,368    
Notes due July 2024, Recourse | Notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Interest rate percentage 10.00%      
Senior Secured Notes due March 2025, Non-Recourse | Senior secured notes | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 0 78,566    
Senior Secured Notes due March 2025, Non-Recourse | Senior secured notes | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 0 80,838    
Term Loan due September 2028, Non-Recourse | Term loan        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Interest rate percentage 7.50%      
Term Loan due September 2028, Non-Recourse | Term loan | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 34,969 36,319    
Term Loan due September 2028, Non-Recourse | Term loan | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument 41,108 39,892    
Term Loan due October 2020, Non-Recourse | Term loan | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument 0 23,916    
Term Loan due October 2020, Non-Recourse | Term loan | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 0 25,441    
Term Loan due October 2020, Non-Recourse | LIBOR | Term loan        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
LIBOR margin (as a percentage) 5.25%      
Term Loan due October 2020, Non-Recourse | LIBOR | Affiliated entity        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
LIBOR margin (as a percentage) 5.25%      
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%      
Senior Secured Notes due March 2030, Non-Recourse | Senior secured notes | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 80,016 82,337    
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 87,618 85,917    
Term Loan due December 2021, Non-Recourse | Term loan | Net Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument 120,436 123,384    
Term Loan due December 2021, Non-Recourse | Term loan | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt Instrument $ 120,510 $ 123,040    
Term Loan due December 2021, Non-Recourse | LIBOR | Term loan        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
LIBOR margin (as a percentage) 2.50%      
Term Loan due December 2021, Non-Recourse | LIBOR | Affiliated entity        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
LIBOR margin (as a percentage) 2.50%      
v3.20.1
Balance Sheet Components - Inventories, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]                  
Raw materials $ 67,829         $ 50,856      
Work-in-progress 21,207         18,676      
Finished goods 20,570         65,733      
Inventory, net $ 109,606 $ 132,607 $ 106,889 $ 119,871 $ 135,265 $ 135,265 $ 137,778 $ 129,284 $ 94,032
v3.20.1
Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]                  
Government incentives receivable $ 893         $ 1,001      
Prepaid HW & SW maintenance 3,763         1,464      
Receivables from employees 6,130         5,922      
Other prepaid expense and other current assets 17,282         28,360      
Total $ 28,068 [1] $ 28,642 $ 26,483 $ 30,073 $ 36,887 $ 36,747 [1] $ 36,499 $ 24,820 $ 28,944
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Property, Plant and Equipment [Line Items]                  
Property, plant and equipment, gross $ 869,681         $ 977,977      
Less: Accumulated depreciation (262,622)         (261,226)      
Property, plant and equipment, net 607,059 [1] $ 627,385 $ 641,259 $ 711,631 $ 716,751 716,751 [1] $ 698,123 $ 697,344 $ 702,228
Energy Servers                  
Property, Plant and Equipment [Line Items]                  
Property, plant and equipment, gross 650,600         757,574      
Computers, software and hardware                  
Property, Plant and Equipment [Line Items]                  
Property, plant and equipment, gross 20,275         16,536      
Machinery and equipment                  
Property, Plant and Equipment [Line Items]                  
Property, plant and equipment, gross 101,650         99,209      
Furniture and fixtures                  
Property, Plant and Equipment [Line Items]                  
Property, plant and equipment, gross 8,339         4,337      
Leasehold improvements                  
Property, Plant and Equipment [Line Items]                  
Property, plant and equipment, gross 35,694         18,629      
Building                  
Property, Plant and Equipment [Line Items]                  
Property, plant and equipment, gross 40,512         40,512      
Construction in progress                  
Property, Plant and Equipment [Line Items]                  
Property, plant and equipment, gross $ 12,611         $ 41,180      
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Balance Sheet Components - Property Plant and Equipment, Net (Additional Information) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jun. 14, 2019
MW
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Mar. 31, 2018
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Dec. 31, 2019
USD ($)
MW
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Property Subject to or Available for Operating Lease [Line Items]                                
Increase (decrease) in construction In progress                           $ (28,600)    
Depreciation         $ 14,225       $ 13,304 $ 37,034 $ 26,466 $ 64,948 $ 39,757 78,584 $ 53,887 $ 54,376
Cost of revenue   $ 188,595 $ 181,582 $ 171,976 145,437 $ 150,224 $ 141,209 $ 111,318 124,147 317,413 235,465 498,995 376,674 687,590 526,898 381,934
Equity-method investments   5,733       6,046               5,733 6,046  
Debt make-whole payment                   (5,934)   (5,934)   (5,934) 0 0
Leasehold improvements                                
Property Subject to or Available for Operating Lease [Line Items]                                
Increase (decrease) in construction In progress                           (17,600)    
Energy Servers                                
Property Subject to or Available for Operating Lease [Line Items]                                
Increase (decrease) in construction In progress                           (11,000)    
Property, Plant and Equipment                                
Property Subject to or Available for Operating Lease [Line Items]                                
Depreciation                           $ 78,600 53,100 54,400
PPA II                                
Property Subject to or Available for Operating Lease [Line Items]                                
Number of replacement megawatts | MW 9.8                              
PPA IIIb                                
Property Subject to or Available for Operating Lease [Line Items]                                
Number of replacement megawatts | MW                           5    
Variable Interest Entity, Primary Beneficiary | Property subject to operating lease                                
Property Subject to or Available for Operating Lease [Line Items]                                
Property, plant and equipment   371,400       397,500               $ 371,400 397,500  
Accumulated depreciation   95,500       77,400               95,500 77,400  
Variable Interest Entity, Primary Beneficiary | Property, Plant and Equipment                                
Property Subject to or Available for Operating Lease [Line Items]                                
Depreciation                           27,100 25,500 25,500
Variable Interest Entity, Primary Beneficiary | PPA II                                
Property Subject to or Available for Operating Lease [Line Items]                                
Cost of revenue                           153,500    
Debt make-whole payment                           (5,900)    
Variable Interest Entity, Primary Beneficiary | PPA IIIb                                
Property Subject to or Available for Operating Lease [Line Items]                                
Depreciation                           1,700    
Debt make-whole payment                           $ (18,000)    
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    
New Energy Server Systems | PPA IIIb                                
Property Subject to or Available for Operating Lease [Line Items]                                
Number of replacement megawatts | MW                           5    
Write Off Of Energy Servers                                
Property Subject to or Available for Operating Lease [Line Items]                                
Energy server repurchased | MW                           19    
Write Off Of Energy Servers | PPA II                                
Property Subject to or Available for Operating Lease [Line Items]                                
Cost of revenue                           $ 52,500    
Write Off Of Energy Servers | Variable Interest Entity, Primary Beneficiary | PPA II                                
Property Subject to or Available for Operating Lease [Line Items]                                
Cost of revenue                           $ 52,500    
Write Off Of Energy Servers | Variable Interest Entity, Primary Beneficiary | PPA IIIb                                
Property Subject to or Available for Operating Lease [Line Items]                                
Energy server repurchased | MW                           5    
Electricity                                
Property Subject to or Available for Operating Lease [Line Items]                                
Cost of revenue   $ 12,785 $ 27,317 $ 22,300 $ 12,984 $ 11,601 $ 12,180 $ 12,062 $ 13,785 $ 35,284 $ 25,847 $ 62,601 $ 38,027 $ 75,386 $ 49,628 $ 49,475
Electricity | PPA II                                
Property Subject to or Available for Operating Lease [Line Items]                                
Cost of revenue                           78,400    
Sale Of Energy Servers | Variable Interest Entity, Primary Beneficiary | PPA II                                
Property Subject to or Available for Operating Lease [Line Items]                                
Depreciation                           $ 22,600    
v3.20.1
Balance Sheet Components - Customer Financing Leases Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]                  
Total minimum lease payments to be received $ 76,886         $ 100,816      
Less: Amounts representing estimated executing costs (19,931)         (25,180)      
Net present value of minimum lease payments to be received 56,955         75,636      
Estimated residual value of leased assets 890         1,051      
Less: Unearned income (1,990)         (4,011)      
Net investment in sales-type financing leases 55,855         72,676      
Less: Current portion (5,108) [1] $ (5,919) $ (5,817) $ (5,717) $ (5,594) (5,594) [1] $ (5,496) $ (5,398) $ (5,303)
Non-current portion of investment in sales-type financing leases $ 50,747 [1] $ 62,615 $ 64,146 $ 65,620 $ 67,082 $ 67,082 [1] $ 68,535 $ 69,963 $ 71,337
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Balance Sheet Components - 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
v3.20.1
Balance Sheet Components - Other Long-Term Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]                  
Prepaid and other long-term assets $ 29,153         $ 34,093      
Deferred commissions 5,007         1,083      
Equity-method investments 5,733         6,046      
Long-term deposits 1,759         1,660      
Other long-term assets $ 41,652 [1] $ 70,951 $ 72,836 $ 45,447 $ 45,354 $ 42,882 [1] $ 44,397 $ 45,241 $ 43,179
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Balance Sheet Components - Accrued Warranty (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Product warranty $ 2,345 $ 3,378
Product performance 7,536 6,290
Maintenance services contracts 453 8,300
Accrued Warranty $ 10,334 $ 17,968
v3.20.1
Balance Sheet Components - Standard Product Warranty Liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jan. 01, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]        
Accrued warranty balance $ 9,668 $ 7,321 $ 8,082  
Accrued warranty, net (As Revised) 1,849 9,301 5,979  
Warranty expenditures during period (As Revised) (2,668) (6,954) (6,740)  
Accrued warranty balance $ 9,881 $ 9,668 $ 7,321  
Accounting Standards Update 2014-09        
Movement in Standard Product Warranty Accrual [Roll Forward]        
Cumulative effect upon adoption of ASC 606       $ 1,032
v3.20.1
Balance Sheet Components - Accrued Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]                  
Compensation and benefits $ 17,173         $ 16,742      
Current portion of derivative liabilities 4,834         3,232      
Sales related liabilities 416 $ 10,420 $ 10,027 $ 8,819   1,421 $ 7,780 $ 6,792 $ 6,556
Accrued installation 10,348         6,859      
Sales tax liabilities 3,849         1,798      
Interest payable 3,875         4,675      
Other 29,789         32,111      
Accrued other current liabilities $ 70,284 [1] $ 79,616 $ 105,393 $ 64,073 $ 66,838 $ 66,838 [1] $ 63,986 $ 49,932 $ 53,654
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Balance Sheet Components - Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]                  
Delaware grant $ 10,469         $ 10,469      
Other 17,544         15,727      
Other long-term liabilities $ 28,013 $ 28,852 $ 29,979 $ 28,970 $ 26,196 $ 26,196 $ 18,437 $ 21,564 $ 21,753
v3.20.1
Balance Sheet Components - Other Long-Term Liabilities (Additional Information) (Details) - USD ($)
$ in Thousands
 76 Months Ended 94 Months Ended
Jun. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Mar. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Grants receivable       $ 16,500
Proceeds from government grants $ 12,000 $ 12,000    
Grant agreement, recapture provision repayments   1,500    
Delaware grant   $ 10,469 $ 10,469  
v3.20.1
Balance Sheet Components - Deferred Managed Services (Details) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Managed services liabilities $ 446.2 $ 385.6
v3.20.1
Outstanding Loans and Security Agreements - Schedule of Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2012
Debt Instrument [Line Items]      
Unpaid principal balance $ 658,083 $ 786,495  
Current portion of debt 337,583 29,848  
Long-term portion of debt 299,229 711,433  
Total 636,812 741,281  
Unused Borrowing Capacity $ 1,220 1,220  
Interest rate percentage 6.00%    
Letter of Credit due December 2021, Non-Recourse      
Debt Instrument [Line Items]      
Unpaid principal balance $ 0 0  
Current portion of debt 0 0  
Long-term portion of debt 0 0  
Total 0 0  
Recourse debt      
Debt Instrument [Line Items]      
Unpaid principal balance 416,974 432,623  
Current portion of debt 325,428 8,686  
Long-term portion of debt 75,962 388,073  
Total 401,390 396,759  
Senior secured notes | Senior Secured Notes due March 2025, Non-Recourse      
Debt Instrument [Line Items]      
Unpaid principal balance   79,698  
Current portion of debt   11,994  
Long-term portion of debt   66,572  
Total   78,566  
Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse      
Debt Instrument [Line Items]      
Unpaid principal balance 80,988 83,457  
Current portion of debt 3,151 2,469  
Long-term portion of debt 76,865 79,868  
Total $ 80,016 82,337  
Interest rate percentage 6.07%    
Term loan | Term Loan due November 2020, Recourse      
Debt Instrument [Line Items]      
Unpaid principal balance $ 1,571 3,286  
Current portion of debt 1,536 1,686  
Long-term portion of debt 0 1,528  
Total 1,536 3,214  
Term loan | Term Loan due September 2028, Non-Recourse      
Debt Instrument [Line Items]      
Unpaid principal balance 38,337 40,538  
Current portion of debt 3,882 2,200  
Long-term portion of debt 31,087 34,119  
Total $ 34,969 36,319  
Interest rate percentage 7.50%    
Term loan | Senior Secured Notes due October 2020, Non-Recourse      
Debt Instrument [Line Items]      
Unpaid principal balance   24,723  
Current portion of debt   827  
Long-term portion of debt   23,089  
Total   23,916  
Term loan | Term Loan due December 2021, Non-Recourse      
Debt Instrument [Line Items]      
Unpaid principal balance $ 121,784 125,456  
Current portion of debt 5,122 3,672  
Long-term portion of debt 115,315 119,712  
Total $ 120,437 123,384  
Convertible promissory notes | Convertible Promissory Notes Interest Rate 8% Due December 2019      
Debt Instrument [Line Items]      
Unpaid principal balance   33,104  
Current portion of debt   0  
Long-term portion of debt   34,706  
Total   34,706  
Interest rate percentage 8.00%    
Convertible promissory notes | Convertible Promissory Notes Interest Rate 5% Due December 2020, Recourse      
Debt Instrument [Line Items]      
Unpaid principal balance $ 33,104    
Current portion of debt 36,482    
Long-term portion of debt 0    
Total $ 36,482    
Interest rate percentage 5.00%    
Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse      
Debt Instrument [Line Items]      
Unpaid principal balance $ 289,299 296,233  
Current portion of debt 273,410 0  
Long-term portion of debt 0 263,284  
Total $ 273,410 263,284  
Interest rate percentage 6.00%    
Notes | Notes due July 2024, Recourse      
Debt Instrument [Line Items]      
Unpaid principal balance $ 93,000 100,000  
Current portion of debt 14,000 7,000  
Long-term portion of debt 75,962 88,555  
Total $ 89,962 95,555  
Interest rate percentage 10.00%    
Non-recourse debt      
Debt Instrument [Line Items]      
Unpaid principal balance $ 241,109 353,872  
Current portion of debt 12,155 21,162  
Long-term portion of debt 223,267 323,360  
Total 235,422 344,522  
Unused Borrowing Capacity 1,220 1,220  
Letters of Credit | Letter of Credit due December 2021, Non-Recourse      
Debt Instrument [Line Items]      
Unused Borrowing Capacity $ 1,220 $ 1,220  
Interest rate percentage 2.25% 2.25%  
Variable Interest Entity, Primary Beneficiary      
Debt Instrument [Line Items]      
Current portion of debt $ 12,155 $ 21,162  
Long-term portion of debt $ 223,267 $ 323,360  
PPA IIIa | Term loan | Term Loan due September 2028, Non-Recourse      
Debt Instrument [Line Items]      
Interest rate percentage     7.50%
LIBOR | Term loan | Term Loan due November 2020, Recourse      
Debt Instrument [Line Items]      
Interest rate percentage 4.00%    
LIBOR | Term loan | Senior Secured Notes due October 2020, Non-Recourse      
Debt Instrument [Line Items]      
Interest rate percentage 5.25%    
LIBOR | Term loan | Term Loan due December 2021, Non-Recourse      
Debt Instrument [Line Items]      
Interest rate percentage 2.50%    
v3.20.1
Outstanding Loans and Security Agreements - Recourse Debt Facilities (Additional Information) (Details)
 1 Months Ended 12 Months Ended 19 Months Ended
Nov. 30, 2019
shares
Jul. 31, 2018
USD ($)
shares
May 31, 2013
USD ($)
Dec. 31, 2019
USD ($)
day
$ / shares
Jun. 30, 2016
USD ($)
Dec. 31, 2018
USD ($)
Jan. 18, 2018
Jul. 01, 2017
USD ($)
Jun. 30, 2017
USD ($)
Dec. 31, 2016
USD ($)
Sep. 30, 2016
USD ($)
Sep. 10, 2016
USD ($)
Jan. 29, 2016
USD ($)
Dec. 15, 2015
USD ($)
$ / shares
Dec. 31, 2014
Debt Instrument [Line Items]                              
Long-term debt carrying value       $ 636,812,000   $ 741,281,000                  
Interest rate percentage       6.00%                      
Unpaid principal balance       $ 658,083,000   786,495,000                  
Long-term portion of debt       299,229,000   711,433,000                  
Indebtedness in excess of       300,000                      
Current portion of debt       337,583,000   29,848,000                  
Credit facility | Term Loan due November 2020, Recourse                              
Debt Instrument [Line Items]                              
Debt face amount     $ 5,000,000.0             $ 5,000,000.0          
Term loan | Term Loan due December 2021, Non-Recourse                              
Debt Instrument [Line Items]                              
Long-term debt carrying value       120,437,000   123,384,000                  
Unpaid principal balance       121,784,000   125,456,000                  
Long-term portion of debt       115,315,000   119,712,000                  
Current portion of debt       $ 5,122,000   $ 3,672,000                  
Term loan | Term Loan due November 2020, Recourse                              
Debt Instrument [Line Items]                              
Debt face amount     $ 12,000,000                        
Debt term     90 months                        
Weighted average interest rate (as a percentage)       6.30%   5.90%                  
Long-term debt carrying value       $ 1,536,000   $ 3,214,000                  
Unpaid principal balance       1,571,000   3,286,000                  
Long-term portion of debt       0   1,528,000                  
Indebtedness in excess of       100,000                      
Current portion of debt       $ 1,536,000   1,686,000                  
Convertible promissory notes | Convertible Promissory Notes due December 2019 and 2020, Recourse                              
Debt Instrument [Line Items]                              
Interest rate percentage       5.00%                      
Unpaid principal balance   $ 221,600,000                          
Convertible promissory notes | Convertible Promissory Notes Interest Rate 5% Due December 2020, Recourse                              
Debt Instrument [Line Items]                              
Long-term debt carrying value       $ 36,482,000                      
Interest rate percentage       5.00%                      
Unpaid principal balance       $ 33,104,000                      
Long-term portion of debt       0                      
Current portion of debt       $ 36,482,000                      
Convertible promissory notes | Convertible Promissory Notes Interest Rate 8% Due December 2019                              
Debt Instrument [Line Items]                              
Debt term         3 years                    
Long-term debt carrying value           34,706,000                  
Interest rate percentage       8.00%                      
Unpaid principal balance           33,104,000                  
Long-term portion of debt           34,706,000                  
Current portion of debt           0                  
Convertible promissory notes | Convertible Promissory Notes due December 2020, Recourse                              
Debt Instrument [Line Items]                              
Debt face amount                     $ 260,000,000 $ 75,000,000 $ 25,000,000 $ 160,000,000  
Interest rate percentage       6.00%                      
Convertible stock price (in dollars per share) | $ / shares       $ 20.61                   $ 11.25  
Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse                              
Debt Instrument [Line Items]                              
Debt face amount                       $ 260,000,000      
Long-term debt carrying value       $ 273,410,000   263,284,000                  
Interest rate percentage       6.00%                      
Convertible stock price (in dollars per share) | $ / shares       $ 11.25                      
Unpaid principal balance       $ 289,299,000   296,233,000                  
Debt conversion, shares issued (in shares) | shares 616,302                            
Long-term portion of debt       0   263,284,000                  
Current portion of debt       273,410,000   0                  
Notes | Notes due July 2024, Recourse                              
Debt Instrument [Line Items]                              
Debt face amount                 $ 100,000,000            
Long-term debt carrying value       $ 89,962,000   95,555,000                  
Interest rate percentage       10.00%                      
Unpaid principal balance       $ 93,000,000   100,000,000                  
Long-term portion of debt       75,962,000   88,555,000                  
Current portion of debt       14,000,000   7,000,000                  
Affiliated entity                              
Debt Instrument [Line Items]                              
Long-term debt carrying value       55,771,000   64,053,000                  
Unpaid principal balance       59,138,000   68,272,000                  
Long-term portion of debt       31,088,000   61,853,000                  
Current portion of debt       $ 24,683,000   2,200,000                  
Affiliated entity | Convertible promissory notes | Convertible Promissory Notes due December 2019 and 2020, Recourse                              
Debt Instrument [Line Items]                              
Debt face amount         $ 193,200,000.0                    
Interest rate percentage       8.00%     8.00%               8.00%
Convertible stock price (in dollars per share) | $ / shares       $ 38.64                      
Affiliated entity | Convertible promissory notes | Convertible Promissory Notes due December 2020, Recourse                              
Debt Instrument [Line Items]                              
Interest rate percentage               6.00%     5.00%        
Percentage of debt outstanding to maintain as collateral               200.00%              
Holders of debt, percentage subject to cross-acceleration provision               25.00%              
Indebtedness in excess of               $ 15,000,000.0              
Affiliated entity | Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse                              
Debt Instrument [Line Items]                              
Long-term debt carrying value       $ 20,801,000   27,734,000                  
Unpaid principal balance       20,801,000   27,734,000                  
Long-term portion of debt       0   27,734,000                  
Current portion of debt       $ 20,801,000   $ 0                  
Class B common stock                              
Debt Instrument [Line Items]                              
Debt conversion, shares issued (in shares) | shares   5,734,440                          
On or after July 27, 2020 | Affiliated entity | Convertible promissory notes | Convertible Promissory Notes due December 2020, Recourse                              
Debt Instrument [Line Items]                              
Last reported sale price of common stock (at least) (in dollars per share) | $ / shares       $ 22.50                      
Trading days (at least) | day       20                      
Period of consecutive trading days | day       30                      
Trading days immediately preceding redemption date | day       3                      
LIBOR | Term loan | Term Loan due December 2021, Non-Recourse                              
Debt Instrument [Line Items]                              
LIBOR margin (as a percentage)       2.50%                      
LIBOR | Term loan | Term Loan due November 2020, Recourse                              
Debt Instrument [Line Items]                              
LIBOR margin (as a percentage)       4.00%                      
LIBOR | Affiliated entity | Term Loan due December 2021, Non-Recourse                              
Debt Instrument [Line Items]                              
LIBOR margin (as a percentage)       2.50%                      
LIBOR | Affiliated entity | Term Loan due November 2020, Recourse                              
Debt Instrument [Line Items]                              
LIBOR margin (as a percentage)       4.00%                      
v3.20.1
Outstanding Loans and Security Agreements - Non-recourse Debt Facilities (Additional Information) (Details)
 1 Months Ended 12 Months Ended
Jun. 30, 2018
Sep. 30, 2013
USD ($)
Mar. 31, 2013
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2017
USD ($)
Feb. 28, 2017
USD ($)
Jun. 30, 2015
USD ($)
lender
Jul. 31, 2014
USD ($)
Dec. 31, 2012
USD ($)
Debt Instrument [Line Items]                        
Interest rate percentage       6.00%                
Unused borrowing capacity       $ 1,220,000 $ 1,220,000              
Notes | Notes due July 2024, Recourse                        
Debt Instrument [Line Items]                        
Interest rate percentage       10.00%                
Debt face amount               $ 100,000,000        
Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse                        
Debt Instrument [Line Items]                        
Interest rate percentage       6.07%                
Term loan | Term Loan due September 2028, Non-Recourse                        
Debt Instrument [Line Items]                        
Interest rate percentage       7.50%                
Term loan | Term Loan due October 2020, Non-Recourse | LIBOR                        
Debt Instrument [Line Items]                        
LIBOR margin (as a percentage)       5.25%                
Term loan | Term Loan due December 2021, Non-Recourse | LIBOR                        
Debt Instrument [Line Items]                        
LIBOR margin (as a percentage)       2.50%                
PPA II                        
Debt Instrument [Line Items]                        
Debt repayment—principal       $ 144,813,000 65,114,000 $ 53,726,000            
PPA II | Senior secured notes | Senior Secured Notes due March 2025, Non-Recourse                        
Debt Instrument [Line Items]                        
Interest rate percentage     5.22% 5.22%                
Total amount of loan proceeds     $ 144,800,000                  
Debt repayment—principal     28,800,000                  
Debt proceeds used for debt service reserves and issuance costs     21,700,000                  
Debt used to fund remaining system purchases     $ 94,300,000                  
Debt minimum debt service reserves required         11,200,000              
Debt face amount             $ 77,600,000          
PPA IIIa                        
Debt Instrument [Line Items]                        
Debt repayment—principal       $ 6,631,000 4,431,000 3,041,000            
PPA IIIa | Term loan | Term Loan due September 2028, Non-Recourse                        
Debt Instrument [Line Items]                        
Interest rate percentage                       7.50%
Debt minimum debt service reserves required       3,800,000 3,700,000              
Debt face amount                       $ 46,800,000
PPA IIIb                        
Debt Instrument [Line Items]                        
Debt repayment—principal       28,676,000 3,953,000 3,077,000            
PPA IIIb | Term loan | Term Loan due October 2020, Non-Recourse                        
Debt Instrument [Line Items]                        
Debt minimum debt service reserves required       1,800,000 1,700,000              
Debt face amount   $ 32,500,000                    
PPA IIIb | Term loan | Term Loan due October 2020, Non-Recourse | LIBOR                        
Debt Instrument [Line Items]                        
LIBOR margin (as a percentage)   5.20%                    
PPA IV                        
Debt Instrument [Line Items]                        
Debt repayment—principal       $ 18,012,000 15,543,000 13,697,000            
PPA IV | Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse                        
Debt Instrument [Line Items]                        
Interest rate percentage       6.07%             6.07%  
Debt minimum debt service reserves required       $ 8,000,000 7,500,000              
Debt face amount                     $ 99,000,000  
PPA V                        
Debt Instrument [Line Items]                        
Debt repayment—principal       9,453,000 5,780,000 $ 2,834,000            
PPA V | Term loan | Term Loan due December 2021, Non-Recourse                        
Debt Instrument [Line Items]                        
Debt face amount                   $ 131,200,000    
Number of lenders | lender                   5    
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%                      
Letters of Credit | PPA V                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity                 $ 6,200,000 $ 6,400,000    
Amount outstanding       5,000,000 5,000,000              
Unused borrowing capacity       $ 1,200,000 $ 1,200,000              
v3.20.1
Outstanding Loans and Security Agreements - Schedule of Repayments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Long-term Debt, Fiscal Year Maturity [Abstract]      
2020 $ 350,129    
2021 139,370    
2022 26,046    
2023 29,450    
2024 35,941    
Thereafter 77,147    
Total 658,083 $ 786,495  
Interest expense $ 94,200 $ 105,900 $ 124,300
v3.20.1
Derivative Financial Instruments - Fair Value Derivatives (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Derivative [Line Items]    
Interest rate swap agreements $ 3 $ 82
Derivatives designated as hedging instruments | Interest rate swap agreements    
Derivative [Line Items]    
Interest rate swap agreements 3 82
Derivative liability 9,241 3,630
Derivatives designated as hedging instruments | Prepaid expenses and other current assets | Interest rate swap agreements    
Derivative [Line Items]    
Interest rate swap agreements 3 42
Derivatives designated as hedging instruments | Other long-term assets | Interest rate swap agreements    
Derivative [Line Items]    
Interest rate swap agreements 0 40
Derivatives designated as hedging instruments | Accrued other current liabilities | Interest rate swap agreements    
Derivative [Line Items]    
Derivative liability 782 4
Derivatives designated as hedging instruments | Derivative liabilities | Interest rate swap agreements    
Derivative [Line Items]    
Derivative liability $ 8,459 $ 3,626
v3.20.1
Derivative Financial Instruments - Interest Rate Swaps (Additional Information) (Details)
 12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Jul. 31, 2015
agreement
Interest rate swap        
Credit Derivatives [Line Items]        
Gain (loss) on derivative $ 225,000 $ 206,000    
Cash flow hedging | Interest rate swap | PPA Company IIIb        
Credit Derivatives [Line Items]        
Notional amount 0 24,700,000 $ 25,600,000  
Gain (loss) on derivative (82,000) (68,000) (64,000)  
Settlement amount 200,000      
Cash flow hedging | Interest rate swap | PPA Company V        
Credit Derivatives [Line Items]        
Notional amount 184,200,000 186,600,000 188,500,000  
Gain (loss) on derivative $ 200,000 $ 100,000 $ 100,000  
Number of swap agreements entered into | agreement       9
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 September 30, 2031 | 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
v3.20.1
Derivative Financial Instruments - Changes in Fair Value of Derivative Contracts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax:      
Other comprehensive income (loss) $ 281 $ (293) $ (380)
Derivative contracts      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax:      
Beginning balance 3,548 5,852  
Loss recognized in other comprehensive loss 6,131 (1,729)  
Amounts reclassified from other comprehensive loss to earnings (216) (369)  
Other comprehensive income (loss) 5,915 (2,098)  
Ending balance 9,238 3,548 $ 5,852
Interest rate swap agreements      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax:      
Gain recognized in earnings $ (225) $ (206)  
v3.20.1
Derivative Financial Instruments - Natural Gas Derivatives (Additional Information) (Details) - Not designated as hedging instrument - Natural gas forward contract - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on derivative $ (0.8) $ 2.2 $ (1.0)
Gain on the settlement of contracts $ 3.6 $ 3.4 $ 4.2
v3.20.1
Derivative Financial Instruments - Embedded Derivatives (Additional Information) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Sep. 30, 2016
Sep. 10, 2016
Jan. 29, 2016
Dec. 15, 2015
Debt Instrument [Line Items]              
Interest rate percentage 6.00%            
Gain (loss) on embedded derivative $ (2,200,000) $ 200,000 $ (300,000)        
Embedded derivative liability $ 6,200,000 4,000,000 4,200,000        
6% Convertible Promissory Notes | Convertible promissory notes              
Debt Instrument [Line Items]              
Interest rate percentage 6.00%            
Debt face amount       $ 260,000,000 $ 75,000,000 $ 25,000,000 $ 160,000,000
Convertible stock price (in dollars per share) $ 20.61           $ 11.25
Convertible debt, stock price trigger 75.00%            
Gain (loss) on embedded derivative   $ (31,500,000) $ (18,200,000)        
Embedded derivative liability         $ 178,000,000    
v3.20.1
Common Stock Warrants - Common Stock Warrants (Additional Information) (Details) - Class B common stock - $ / shares
Dec. 31, 2019
Dec. 31, 2018
Preferred stock warrants    
Class of Warrant or Right [Line Items]    
Warrants outstanding (in shares) 481,181 481,181
Warrant exercise price (in dollars per share) $ 27.78 $ 27.78
Common stock warrants    
Class of Warrant or Right [Line Items]    
Warrants outstanding (in shares) 12,940 312,939
Warrant exercise price (in dollars per share) $ 38.64 $ 38.64
v3.20.1
Income Taxes - Domestic and Foreign Components of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]      
United States $ (324,467) $ (291,574) $ (297,473)
Foreign 1,634 1,835 3,081
Total $ (322,833) $ (289,739) $ (294,392)
v3.20.1
Income Taxes - Provisions/ Benefit (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]                              
Federal                         $ 0 $ 0 $ 0
State                         26 191 25
Foreign                         595 1,407 621
Total current                         621 1,598 646
Federal                         0 0 0
State                         0 0 0
Foreign                         12 (61) (10)
Total deferred                         12 (61) (10)
Provision for income taxes $ 31 $ 136 $ 258 $ 208 $ 1,079 $ (3) $ 128 $ 333 $ 466 $ 461 $ 602 $ 458 $ 633 $ 1,537 $ 636
v3.20.1
Income Taxes - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Loss Carryforwards [Line Items]                              
Income tax provision $ 31,000 $ 136,000 $ 258,000 $ 208,000 $ 1,079,000 $ (3,000) $ 128,000 $ 333,000 $ 466,000 $ 461,000 $ 602,000 $ 458,000 $ 633,000 $ 1,537,000 $ 636,000
Net loss before income taxes (70,980,000) $ (56,641,000) $ (86,668,000) $ (108,544,000) (119,032,000) $ (84,435,000) $ (60,382,000) $ (25,890,000) $ (195,212,000) $ (86,272,000) $ (251,853,000) $ (170,707,000) $ (322,833,000) $ (289,739,000) $ (294,392,000)
Effective income tax rate                         (0.20%) (0.50%) (0.20%)
Valuation allowance 633,591,000       571,277,000               $ 633,591,000 $ 571,277,000  
Increase (decrease) in valuation allowance                         62,300,000 24,000,000  
Uncertain tax positions increase                         4,200,000    
Unrecognized tax benefits that would result in adjustments to the valuation allowance 31,500,000                       31,500,000    
Interest and penalties accrued 0       $ 0               0 $ 0  
Domestic Tax Authority                              
Operating Loss Carryforwards [Line Items]                              
Operating loss carryforwards 1,800,000,000                       1,800,000,000    
Operating loss carryforwards, subject to expiration 1,700,000,000                       1,700,000,000    
Operating loss carryforwards, not subject to expiration 100,000,000                       100,000,000    
State and Local Jurisdiction                              
Operating Loss Carryforwards [Line Items]                              
Operating loss carryforwards 1,600,000,000                       1,600,000,000    
Research Tax Credit Carryforward | Domestic Tax Authority                              
Operating Loss Carryforwards [Line Items]                              
Tax credit carryforwards 20,500,000                       20,500,000    
Research Tax Credit Carryforward | State and Local Jurisdiction                              
Operating Loss Carryforwards [Line Items]                              
Tax credit carryforwards 14,000,000                       14,000,000    
Investment Tax Credit Carryforward | Domestic Tax Authority                              
Operating Loss Carryforwards [Line Items]                              
Tax credit carryforwards $ 6,600,000                       $ 6,600,000    
v3.20.1
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]                              
Tax at federal statutory rate                         $ (67,795) $ (60,845) $ (100,093)
State taxes, net of federal effect                         26 191 25
Impact on noncontrolling interest                         4,001 3,725 6,347
Non-U.S. tax effect                         264 960 (437)
Nondeductible expenses                         144 6,796 5,698
Stock-based compensation                         6,484 3,892 4,854
U.S. tax reform impact                         0 0 239,117
U.S. tax on foreign earnings (GILTI)                         221 127 0
Change in valuation allowance                         57,288 46,691 (154,875)
Provision for income taxes $ 31 $ 136 $ 258 $ 208 $ 1,079 $ (3) $ 128 $ 333 $ 466 $ 461 $ 602 $ 458 $ 633 $ 1,537 $ 636
v3.20.1
Income Taxes - Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]    
Tax credits and NOLs $ 494,084 $ 468,402
Leased liabilities 122,145 108,113
Depreciation and amortization 8,523 9,631
Deferred revenue 6,688 457
Accruals and reserves 5,874 4,462
Stock-based compensation 61,808 62,793
Other items - DTA 24,443 17,863
Gross deferred tax assets 723,565 671,721
Valuation allowance (633,591) (571,277)
Net deferred tax assets 89,974 100,444
Investment in PPA entities (13,494) (21,587)
Debt issuance cost (4,055) (8,586)
Leased assets (65,978) (62,681)
Other items - DTL (5,803) (6,817)
Gross deferred tax liabilities (89,330) (99,671)
Deferred tax assets, net $ 644 $ 773
v3.20.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Unrecognized tax benefits beginning balance $ 30,311 $ 28,331
Gross decrease for tax positions of prior year (93) (468)
Gross increase for tax positions of prior year 615 353
Gross increase for tax positions of current year 3,647 2,095
Unrecognized tax benefits end balance $ 34,480 $ 30,311
v3.20.1
Net Loss per Share Attributable to Common Stockholders - (Additional Information) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2018
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Subsidiary, Sale of Stock [Line Items]                        
Payments of a deemed dividend to the investor   $ (2,454) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (2,454) $ 0 $ 0
IPO                        
Subsidiary, Sale of Stock [Line Items]                        
Shares sold in offering (in shares) 20,700,000                      
v3.20.1
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
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Numerator:                              
Net loss attributable to Class A and Class B common stockholders $ (65,833) $ (51,750) $ (81,911) $ (104,920) $ (115,449) $ (80,502) $ (55,998) $ (21,591) $ (186,831) $ (77,589) $ (238,581) $ (158,091) $ (304,414) $ (273,540) $ (276,362)
Less: deemed dividend to noncontrolling interest (2,454) 0 0 0 0 0 0 0         (2,454) 0 0
Net loss available to Class A and Class B common stockholders $ (68,287) $ (51,750) $ (81,911) $ (104,920) $ (115,449) $ (80,502) $ (55,998) $ (21,591)         $ (306,868) $ (273,540) $ (276,362)
Denominator:                              
Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in shares) 118,588 116,330 113,624 111,842 109,416 81,321 10,536 10,404         115,118 53,268 10,248
Net loss per share attributable to Class A and Class B common stockholders:                              
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) $ (0.58) $ (0.44) $ (0.72) $ (0.94) $ (1.06) $ (0.99) $ (5.31) $ (2.08)         $ (2.67) $ (5.14) $ (26.97)
v3.20.1
Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 31,844 32,192 88,798
Convertible and non-convertible redeemable preferred stock and convertible notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 27,213 27,230 85,476
Stock options to purchase common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 4,631 4,962 2,950
Convertible redeemable preferred stock warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 0 0 60
Convertible redeemable common stock warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 0 0 312
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Stock Plan (Additional Information) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average exercise price, outstanding options (in dollars per share) $ 20.76 $ 25.93 $ 26.42
2002 Stock Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
Weighted average exercise price, outstanding options (in dollars per share) $ 23.21    
2002 Stock Plan | Class B common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation vesting period 4 years    
Number of outstanding options (in shares) 1,856,154    
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Equity Incentive Plan (Additional Information) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average exercise price, outstanding options (in dollars per share) $ 20.76 $ 25.93 $ 26.42
2012 Equity Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
Weighted average exercise price, outstanding options (in dollars per share) $ 27.12    
2012 Equity Incentive Plan | Class B common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of outstanding options (in shares) 9,982,756    
Stock-based compensation vesting period 4 years    
2018 Equity Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
Weighted average exercise price, outstanding options (in dollars per share) $ 9.42    
2018 Equity Incentive Plan | Class A common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of outstanding options (in shares) 5,998,406    
Shares reserved for future issuance (in shares)   20,278,268  
Number of common stock reserved for issuance (in shares)   26,666,667  
Stock option | 2018 Equity Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for grant (in shares) 17,233,144    
RSUs | 2012 Equity Incentive Plan | Class B common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares reserved for future issuance (in shares) 6,656,094    
RSUs | 2018 Equity Incentive Plan | Class A common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of outstanding options (in shares) 3,456,172    
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Weighted-Average Assumptions (Details)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate (maximum) 2.64% 3.06% 2.08%
Risk-free interest rate (minimum) 1.70% 2.50% 1.95%
Expected dividend yield 0.00% 0.00% 0.00%
Expected volatility (minimum) 45.70% 52.40% 55.60%
Expected volatility (maximum) 50.20% 56.10% 61.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 years 4 months 24 days 6 years 1 month 39 days 6 years 29 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 years 8 months 1 day 6 years 8 months 9 days 6 years 7 months 13 days
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense $ 196,291 $ 168,482 $ 29,101
Stock based compensation costs, amount capitalized 7,300 13,600 1,800
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense 45,429 29,680 6,355
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense 40,949 39,029 5,560
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense 32,478 32,284 4,685
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense $ 77,435 $ 67,489 $ 12,501
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Stock Option and Restricted Stock Activity (Details) - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Outstanding Options/RSUs, Number of Shares      
Outstanding (in shares) 14,558,420 11,604,403  
Granted (in shares) 4,956,064 4,202,284  
Exercised (in shares) (358,564) (398,704)  
Cancelled (in shares) (1,318,604) (849,563)  
Outstanding (in shares) 17,837,316 14,558,420 11,604,403
Outstanding Options Weighted Average Exercise Price      
Outstanding (in dollars per share) $ 25.93 $ 26.42  
Granted (in dollars per share) 5.60 19.79  
Exercised (in dollars per share) 4.26 3.98  
Cancelled (in dollars per share) 25.33 12.51  
Outstanding (in dollars per share) $ 20.76 $ 25.93 $ 26.42
Outstanding, remaining contractual life 6 years 11 months 9 days 6 years 9 months 11 days 6 years 4 days
Outstanding, aggregate intrinsic value $ 14,964,000 $ 3,084,000 $ 52,682,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Vested and expected to vest (in shares) 17,159,824    
Exercisable (in shares) 9,161,918    
Vested and expected to vest, weighted average exercise price (in dollars per share) $ 21.17    
Exercisable, weighted average exercise price (in dollars per share) $ 28.82    
Vested and expected to vest, remaining contractual life 6 years 10 months 6 days    
Exercisable, remaining contractual life 4 years 10 months 21 days    
Vested and expected to vest, aggregate intrinsic value $ 13,471,000    
Exercisable, aggregate intrinsic value $ 500,000    
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Stock-bases Compensation and Stock Options (Additional Information) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Payment Arrangement, Disclosure [Abstract]      
Capitalized stock-based compensation costs $ 0 $ 0  
Stock options exercised 2,600,000 $ 9,200,000 $ 3,400,000
Exercisable, aggregate intrinsic value $ 500,000    
Granted (in dollars per share) $ 5.60 $ 19.79  
Unrecognized compensation cost related to unvested stock options $ 41,900,000 $ 70,400,000  
Expense expected to be recognized over remaining weighted-average period 2 years 9 months 2 years 9 months 18 days  
Excess tax benefits $ 0 $ 0  
Cash received from Stock options exercised 1,500,000 1,600,000  
Employee Stock Option      
Share-based Payment Arrangement, Disclosure [Abstract]      
Allocated share-based compensation expense 36,200,000 33,300,000 29,200,000
Restricted Stock      
Share-based Payment Arrangement, Disclosure [Abstract]      
Allocated share-based compensation expense $ 141,300,000 $ 142,400,000 $ 1,300,000
Cost not yet recognized, period for recognition 1 year 1 month 6 days 9 months 18 days  
Class A common stock      
Share-based Payment Arrangement, Disclosure [Abstract]      
Granted options (in shares) 4,956,064    
Common Class A and B      
Share-based Payment Arrangement, Disclosure [Abstract]      
Granted options (in shares)   4,202,284  
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Unvested Restricted Stock Unit Activity (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Unvested Restricted Stock Unit Activity      
Unvested balance (in shares) 16,784,800 3,140,578  
Granted (in shares) 3,219,959 13,873,506  
Vested (in shares) (8,921,807) (17,793)  
Forfeited (in shares) (970,686) (211,491)  
Unvested balance (in shares) 10,112,266 16,784,800 3,140,578
Weighted Average Grant Date Fair Value      
Unvested balance (in dollars per share) $ 18.74 $ 30.95  
Granted (in dollars per share) 11.81 16.02 $ 30.96
Vested (in dollars per share) 18.03 19.67  
Forfeited (in dollars per share) 17.34 21.22  
Unvested balance (in dollars per share) $ 17.29 $ 18.74 $ 30.95
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Restricted Stock Units (Additional Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Interest rate percentage 6.00%    
Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Allocated share-based compensation expense $ 141.3 $ 142.4 $ 1.3
Unrecognized stock-based compensation cost $ 52.0 $ 163.8  
Cost not yet recognized, period for recognition 1 year 1 month 6 days 9 months 18 days  
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Number of Shares Available for Grant (Details) - shares
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Options/ RSUs Available for Grant    
Beginning balance (in shares) 17,457,847 1,037,616
Added to plan (in shares) 7,585,422 40,924,861
Granted (in shares) (8,176,023) (18,075,790)
Cancelled (in shares) 2,289,290 1,061,054
Expired (in shares) (1,923,392) (7,489,894)
Ending Balance (in shares) 17,233,144 17,457,847
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Employee Stock Purchase Plan (Details)
 12 Months Ended
Jul. 25, 2018
shares
Dec. 31, 2019
USD ($)
shares
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Apr. 30, 2018
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation expense | $   $ 196,291,000 $ 168,482,000 $ 29,101,000  
Employee Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of share maximum per employee   2,500      
Purchase period   6 months      
Dollar maximum per employee | $   $ 25,000      
2018 ESPP          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of common stock reserved for issuance (in shares)   3,030,407      
Employee stock purchase plan, compensation expense | $   $ 10,278,000 $ 4,584,000    
Shares issued in period   1,718,433      
2018 ESPP | Employee Stock | Class A common stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares reserved for future issuance (in shares) 3,333,333        
Number of common stock reserved for issuance (in shares)         33,333,333
Purchase price of common stock, percentage of fair market value   85.00%      
Number of share reserved for issuance increase, term 9 years        
Percentage of total outstanding shares for ESPP 0.01        
Number of additional shares authorized   1,415,507      
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Fair Value of Shares Purchased Under the 2018 ESPP (Details)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate (minimum) 1.70% 2.50% 1.95%
Risk-free interest rate (maximum) 2.64% 3.06% 2.08%
Expected dividend yield 0.00% 0.00% 0.00%
Expected volatility (minimum) 45.70% 52.40% 55.60%
Expected volatility (maximum) 50.20% 56.10% 61.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 years 4 months 24 days 6 years 1 month 39 days 6 years 29 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 years 8 months 1 day 6 years 8 months 9 days 6 years 7 months 13 days
2018 ESPP | Employee Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate (minimum) 2.55% 2.67%  
Risk-free interest rate (maximum) 1.48% 2.20%  
Expected volatility (minimum) 54.00% 52.70%  
Expected volatility (maximum) 45.90% 47.00%  
2018 ESPP | Employee Stock | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 2 years 2 years 18 days  
2018 ESPP | Employee Stock | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 months 6 months 22 days  
v3.20.1
Stock-Based Compensation and Employee Benefit Plans - Employee Benefit Plan (Details)
 12 Months Ended
Dec. 31, 2019
Compensation Related Costs [Abstract]  
Defined benefit plan, maximum percentage of eligible compensation deferred 60.00%
v3.20.1
Power Purchase Agreement Programs - Additional Information (Details)
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 23, 2019
USD ($)
Jun. 14, 2019
USD ($)
MW
Mar. 31, 2013
USD ($)
Mar. 31, 2020
MW
Dec. 31, 2019
USD ($)
variable_interest_entity
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Mar. 31, 2018
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Dec. 31, 2019
USD ($)
variable_interest_entity
MW
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Jan. 01, 2019
USD ($)
Sep. 30, 2013
USD ($)
Variable Interest Entity [Line Items]                                          
Standard warranty period                                 1 year        
Number of variable interest entities | variable_interest_entity         6                       6        
Redeemable noncontrolling interest         $ 443,000 $ 557,000 $ 505,000 $ 58,802,000 $ 57,261,000 $ 56,446,000 $ 54,940,000 $ 58,176,000 $ 505,000 $ 54,940,000 $ 557,000 $ 56,446,000 $ 443,000 $ 57,261,000   $ 57,261,000  
Number of megawatts available for repurchase | MW   27.5                                      
Purchase agreement, possible indemnification amount $ 45,000,000 $ 97,200,000                                      
Purchase agreement, possible indemnification amount, maximum $ 0 0                                      
Possible indemnification, tax expense (benefit) amount   $ 7,500,000                                      
Cash, cash equivalents, restricted cash and restricted cash equivalents, increase (decrease)               89,449,000       (37,020,000) 90,581,000 (30,740,000) 77,390,000 263,614,000 96,903,000 99,873,000 $ (37,303,000)    
Borrowings from issuance of debt                                 0 0 100,000,000    
Revenue         (213,543,000) (224,307,000) (200,326,000) (147,001,000) (157,145,000) (168,619,000) (138,302,000) (168,582,000) (347,327,000) (306,884,000) (571,634,000) (475,503,000) (785,177,000) (632,648,000) (365,623,000)    
Cost of revenue         188,595,000 181,582,000 171,976,000 145,437,000 150,224,000 141,209,000 111,318,000 124,147,000 317,413,000 235,465,000 498,995,000 376,674,000 687,590,000 526,898,000 381,934,000    
Depreciation and amortization               14,225,000       13,304,000 37,034,000 26,466,000 64,948,000 39,757,000 78,584,000 53,887,000 54,376,000    
Payments of a deemed dividend to the investor         $ 2,454,000 0 0 0 0 0 0 0         2,454,000 0 0    
Debt make-whole payment                         (5,934,000)   (5,934,000)   (5,934,000) 0 0    
Distribution of redeemable noncontrolling interest                         18,690,000   43,713,000   56,459,000 0 0    
Accrued distributions to equity investors                                 373,000 576,000 576,000    
Payments to noncontrolling interests               3,189,000       3,832,000 7,753,000 11,582,000 9,363,000 14,192,000 12,537,000 15,250,000 23,659,000    
Total revenue from related parties                                 228,100,000 32,381,000 2,176,000    
Net cash provided by (used in) financing activities               7,588,000       (10,532,000) (92,946,000) 11,989,000 (127,427,000) 315,173,000 $ (120,314,000) 317,196,000 142,910,000    
Minimum                                          
Variable Interest Entity [Line Items]                                          
Term of power purchase agreements (years)         10 years                       10 years        
Maximum                                          
Variable Interest Entity [Line Items]                                          
Term of power purchase agreements (years)         21 years                       21 years        
PPA II                                          
Variable Interest Entity [Line Items]                                          
Number of megawatts available for repurchase | MW   11                                      
Number of replacement megawatts | MW   9.8                                      
PPA IIIb                                          
Variable Interest Entity [Line Items]                                          
Number of replacement megawatts | MW                                 5        
Cash, cash equivalents, restricted cash and restricted cash equivalents, increase (decrease)                                 $ 25,200,000        
Borrowings from issuance of debt                                 52,000,000        
Increase (decrease) in other assets                                 (14,600,000)        
Variable Interest Entity, Primary Beneficiary | PPA II                                          
Variable Interest Entity [Line Items]                                          
Property, plant and equipment, gross, period increase (decrease)                                 (75,100,000)        
Increase (decrease) in restricted cash                                 108,700,000        
Cash, cash equivalents, restricted cash and restricted cash equivalents, increase (decrease)                                 113,900,000        
Cost of revenue                                 153,500,000        
Repayments of debt and interest                                 83,500,000        
Debt make-whole payment                                 (5,900,000)        
Distribution of redeemable noncontrolling interest                                 56,500,000        
Accrued distributions to equity investors                                 56,500,000        
Payments to noncontrolling interests                                 56,500,000        
Write off of deferred debt issuance cost                                 1,200,000        
Total revenue from related parties                                 253,900,000        
Debt repayment—principal                                 76,800,000        
Net cash provided by (used in) financing activities                                 139,200,000        
Variable Interest Entity, Primary Beneficiary | PPA IIIb                                          
Variable Interest Entity [Line Items]                                          
Property, plant and equipment, gross, period increase (decrease)                                 14,700,000        
Depreciation and amortization                                 1,700,000        
Repayments of debt and interest                                 24,400,000        
Payments of a deemed dividend to the investor                                 2,400,000        
Debt make-whole payment                                 $ (18,000,000)        
Number of megawatts financed | MW                                 39.9        
Cash and cash equivalents, period increase (decrease)                                 $ 20,000,000        
Debt repayment—principal                                 23,900,000        
Increase (decrease) in liabilities                                 28,000,000        
Increase (decrease) lease liability                                 51,900,000        
Net cash provided by (used in) financing activities                                 $ 26,300,000        
New Energy Server Systems | PPA II                                          
Variable Interest Entity [Line Items]                                          
Energy server repurchased | MW                                 27.5        
Number of megawatts available for purchase | MW                                 18        
Number of replacement megawatts | MW   30                                      
New Energy Server Systems | PPA IIIb                                          
Variable Interest Entity [Line Items]                                          
Number of replacement megawatts | MW                                 5        
Write Off Of Energy Servers                                          
Variable Interest Entity [Line Items]                                          
Energy server repurchased | MW                                 19        
Write Off Of Energy Servers | PPA II                                          
Variable Interest Entity [Line Items]                                          
Cost of revenue                                 $ 52,500,000        
Write Off Of Energy Servers | Variable Interest Entity, Primary Beneficiary | PPA II                                          
Variable Interest Entity [Line Items]                                          
Cost of revenue                                 $ 52,500,000        
Write Off Of Energy Servers | Variable Interest Entity, Primary Beneficiary | PPA IIIb                                          
Variable Interest Entity [Line Items]                                          
Energy server repurchased | MW                                 5        
Selling, general and administrative expense                                 $ 1,800,000        
Number of megawatts | MW                                 3.4        
Write Off Of The Customer Financing Lease Receivable | Variable Interest Entity, Primary Beneficiary | PPA IIIb                                          
Variable Interest Entity [Line Items]                                          
Revenue                                 $ 11,300,000        
Cost of revenue                                 $ 19,700,000        
Number of megawatts | MW                                 1.6        
Sale Of Energy Servers | Variable Interest Entity, Primary Beneficiary | PPA II                                          
Variable Interest Entity [Line Items]                                          
Depreciation and amortization                                 $ 22,600,000        
Electricity                                          
Variable Interest Entity [Line Items]                                          
Revenue         $ (15,059,000) (15,638,000) (20,143,000) (20,389,000) (20,364,000) (20,439,000) (19,863,000) (19,882,000) (40,532,000) (39,745,000) (56,170,000) (60,184,000) (71,229,000) (80,548,000) (75,602,000)    
Cost of revenue         12,785,000 $ 27,317,000 22,300,000 $ 12,984,000 $ 11,601,000 $ 12,180,000 $ 12,062,000 $ 13,785,000 35,284,000 $ 25,847,000 $ 62,601,000 $ 38,027,000 75,386,000 49,628,000 49,475,000    
Electricity | PPA II                                          
Variable Interest Entity [Line Items]                                          
Cost of revenue                                 78,400,000        
PPA IIIb                                          
Variable Interest Entity [Line Items]                                          
Accrued distributions to equity investors                                 4,462,000 1,807,000 1,404,000    
Debt repayment—principal                                 28,676,000 3,953,000 3,077,000    
PPA II                                          
Variable Interest Entity [Line Items]                                          
Accrued distributions to equity investors                                 176,364,000 116,942,000 111,296,000    
Debt repayment—principal                                 144,813,000 $ 65,114,000 $ 53,726,000    
Senior secured notes | Senior Secured Notes due March 2025, Non-Recourse | PPA II                                          
Variable Interest Entity [Line Items]                                          
Debt face amount             $ 77,600,000           $ 77,600,000                
Debt repayment—principal     $ 28,800,000                                    
Term loan | Senior Secured Notes due October 2020, Non-Recourse | PPA IIIb                                          
Variable Interest Entity [Line Items]                                          
Debt face amount                                         $ 32,500,000
Term loan | Senior Secured Notes due October 2020, Non-Recourse | PPA IIIb | Variable Interest Entity, Primary Beneficiary | PPA IIIb                                          
Variable Interest Entity [Line Items]                                          
Debt make-whole payment                                 (200,000)        
Debt face amount         $ 24,200,000                       24,200,000        
Subsequent Event | Variable Interest Entity, Primary Beneficiary | PPA IIIb                                          
Variable Interest Entity [Line Items]                                          
Energy server repurchased | MW       0.4                                  
Equity method investee | Diamond State Generation Partners, LLC                                          
Variable Interest Entity [Line Items]                                          
Total revenue from related parties                                 $ 223,900,000        
v3.20.1
Power Purchase Agreement Programs - Schedule of VIEs (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
USD ($)
MWh
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Variable Interest Entity [Line Items]      
Distributions to Equity Investor $ (373) $ (576) $ (576)
PPA II      
Variable Interest Entity [Line Items]      
Maximum size of installation (in megawatts) | MWh 30    
Term of power purchase agreements (in years) 21 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%    
Installed size (in megawatts) | MWh 0    
Company cash contributions $ 22,442    
Company non-cash contributions 0    
Equity Investor cash contributions 139,993    
Distributions to Equity Investor (176,364) (116,942) (111,296)
Debt financing 144,813    
Debt repayment—principal $ 144,813 65,114 53,726
PPA IIIa      
Variable Interest Entity [Line Items]      
Maximum size of installation (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%    
Installed size (in megawatts) | MWh 10    
Company cash contributions $ 32,223    
Company non-cash contributions 8,655    
Equity Investor cash contributions 36,967    
Distributions to Equity Investor (4,803) (4,063) (3,324)
Debt financing 44,968    
Debt repayment—principal $ 6,631 4,431 3,041
PPA IIIb      
Variable Interest Entity [Line Items]      
Maximum size of installation (in megawatts) | MWh 6    
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%    
Installed size (in megawatts) | MWh 0    
Company cash contributions $ 22,658    
Company non-cash contributions 2,082    
Equity Investor cash contributions 20,152    
Distributions to Equity Investor (4,462) (1,807) (1,404)
Debt financing 28,676    
Debt repayment—principal $ 28,676 3,953 3,077
PPA IV      
Variable Interest Entity [Line Items]      
Maximum size of installation (in megawatts) | MWh 21    
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%    
Installed size (in megawatts) | MWh 19    
Company cash contributions $ 11,669    
Company non-cash contributions 0    
Equity Investor cash contributions 84,782    
Distributions to Equity Investor (6,692) (4,568) (2,565)
Debt financing 99,000    
Debt repayment—principal $ 18,012 15,543 13,697
PPA V      
Variable Interest Entity [Line Items]      
Maximum size of installation (in megawatts) | MWh 40    
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%    
Installed size (in megawatts) | MWh 37    
Company cash contributions $ 27,932    
Company non-cash contributions 0    
Equity Investor cash contributions 227,344    
Distributions to Equity Investor (70,591) (66,745) (60,286)
Debt financing 131,237    
Debt repayment—principal $ 9,453 $ 5,780 $ 2,834
v3.20.1
Power Purchase Agreement Programs - Schedule of PPA Entities' Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Current assets:                  
Cash and cash equivalents $ 202,823 [1] $ 226,499 $ 308,009 $ 320,414 $ 220,728 $ 220,728 [1] $ 395,516 $ 91,596 $ 88,227
Restricted cash, current 30,804 [1] 14,486 23,706 18,419 28,657 28,657 [1] 17,931 25,860 22,998
Accounts receivable 37,828 [1] 26,353 40,038 85,647 89,779 88,784 [1] 45,261 40,442 61,996
Customer financing receivable 5,108 [1] 5,919 5,817 5,717 5,594 5,594 [1] 5,496 5,398 5,303
Total current assets 472,707 475,548 591,249 633,052 665,069 663,934 688,158 368,757 365,053
Property, plant and equipment, net 607,059 [1] 627,385 641,259 711,631 716,751 716,751 [1] 698,123 697,344 702,228
Non-current portion of investment in sales-type financing leases 50,747 [1] 62,615 64,146 65,620 67,082 67,082 [1] 68,535 69,963 71,337
Restricted cash, non-current 143,761 [1] 116,890 39,351 31,101 31,100 31,100 [1] 30,779 32,416 32,367
Other long-term assets 41,652 [1] 70,951 72,836 45,447 45,354 42,882 [1] 44,397 45,241 43,179
Total assets 1,322,591 1,357,113 1,412,687 1,488,784 1,525,401 1,521,794 1,530,037 1,213,781 1,214,217
Current liabilities:                  
Accounts payable 55,579 [1] 81,060 61,427 64,425 66,889 66,889 [1] 59,818 53,798 47,755
Accrued other current liabilities 70,284 [1] 79,616 105,393 64,073 66,838 66,838 [1] 63,986 49,932 53,654
Deferred revenue and customer deposits [1] 89,192       72,285 67,632      
Current portion of debt 337,583         29,848      
Total current liabilities 573,964 288,670 332,049 264,133 260,924 257,303 243,556 220,869 220,970
Derivative liabilities 17,551 [1] 20,284 18,175 15,722 14,143 14,143 [1] 13,658 192,416 168,071
Deferred revenue and customer deposits 125,529 [1] 122,276 110,750 103,751 105,290 87,308 [1] 89,204 88,630 89,501
Long-term portion of debt 299,229         711,433      
Other long-term liabilities 28,013 28,852 29,979 28,970 26,196 26,196 18,437 21,564 21,753
Total liabilities 1,490,451 $ 1,494,162 $ 1,533,014 $ 1,510,181 $ 1,503,636 1,482,033 $ 1,458,998 $ 1,812,698 $ 1,753,873
Variable Interest Entity, Primary Beneficiary                  
Current assets:                  
Cash and cash equivalents 1,894         5,295      
Restricted cash, current 2,244         2,917      
Accounts receivable 4,194         7,516      
Customer financing receivable 5,108         5,594      
Prepaid expenses and other current assets 3,587         4,909      
Total current assets 17,027         26,231      
Property, plant and equipment, net 275,481         399,060      
Non-current portion of investment in sales-type financing leases 50,747         67,082      
Restricted cash, non-current 15,045         27,854      
Other long-term assets 607         2,692      
Total assets 358,907         522,919      
Current liabilities:                  
Accounts payable 0         724      
Accrued other current liabilities 1,391         1,442      
Deferred revenue and customer deposits 662         786      
Current portion of debt 12,155         21,162      
Total current liabilities 14,208         24,114      
Derivative liabilities 8,459         3,626      
Deferred revenue and customer deposits 6,735         8,696      
Long-term portion of debt 223,267         323,360      
Other long-term liabilities 2,355         1,798      
Total liabilities $ 255,024         $ 361,594      
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Power Purchase Agreement Programs - Schedule of Consolidated Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Variable Interest Entity [Line Items]                  
Current assets $ 472,707 $ 475,548 $ 591,249 $ 633,052 $ 665,069 $ 663,934 $ 688,158 $ 368,757 $ 365,053
Long-term assets 849,884         857,860      
Total assets 1,322,591 1,357,113 1,412,687 1,488,784 1,525,401 1,521,794 1,530,037 1,213,781 1,214,217
Current liabilities 236,381         227,455      
Current portion of debt 337,583         29,848      
Long-term liabilities 617,258         513,297      
Long-term portion of debt 299,229         711,433      
Total liabilities 1,490,451 $ 1,494,162 $ 1,533,014 $ 1,510,181 $ 1,503,636 1,482,033 $ 1,458,998 $ 1,812,698 $ 1,753,873
Variable Interest Entity, Primary Beneficiary                  
Variable Interest Entity [Line Items]                  
Current assets 17,027         26,231      
Long-term assets 341,880         496,688      
Total assets 358,907         522,919      
Current liabilities 2,053         2,952      
Current portion of debt 12,155         21,162      
Long-term liabilities 17,549         14,120      
Long-term portion of debt 223,267         323,360      
Total liabilities 255,024         361,594      
Bloom Energy                  
Variable Interest Entity [Line Items]                  
Current assets 455,680         637,703      
Long-term assets 508,004         361,172      
Total assets 963,684         998,875      
Current liabilities 234,328         224,503      
Current portion of debt 325,428         8,686      
Long-term liabilities 599,709         499,177      
Long-term portion of debt 75,962         388,073      
Total liabilities $ 1,235,427         $ 1,120,439      
v3.20.1
Commitments and Contingencies - Additional Information (Details)
 12 Months Ended 76 Months Ended 94 Months Ended
Dec. 31, 2019
USD ($)
ft²
employee
Dec. 31, 2018
USD ($)
employee
Dec. 31, 2017
USD ($)
Jun. 30, 2018
USD ($)
Dec. 31, 2019
USD ($)
ft²
employee
Jan. 31, 2019
ft²
Feb. 28, 2017
USD ($)
Jun. 30, 2015
USD ($)
Mar. 31, 2012
USD ($)
employee
Operating Leased Assets [Line Items]                  
Managed services liabilities $ 446,200,000 $ 385,600,000     $ 446,200,000        
Operating leases, rent expense 7,800,000 6,300,000 $ 5,200,000            
Grants receivable                 $ 16,500,000
Number of employees to be hired per incentive grant agreement | employee                 900
Minimum cumulative employee compensation, recapture period one                 $ 108,000,000
Minimum cumulative employee compensation, recapture period three                 324,000,000
Cumulative compensation expense incurred 120,100,000 92,000,000     120,100,000        
Proceeds from government grants       $ 12,000,000 12,000,000        
Grant agreement, maximum possible repayment amount, recapture period two                 3,100,000
Grant agreement, maximum possible repayment amount, recapture period three                 $ 2,500,000
Grant agreement, recapture provision repayments 1,500,000       1,500,000        
Delaware grant obligation $ 10,469,000 $ 10,469,000     $ 10,469,000        
Self-Generation Incentive Program, percentage of incentive issued in the first year 50.00%                
Self-Generation Incentive Program, subsequent payment period 5 years                
United States, India, South Korea, China and Taiwan                  
Operating Leased Assets [Line Items]                  
Area of real estate property | ft² 281,265       281,265        
San Jose, California                  
Operating Leased Assets [Line Items]                  
Area of real estate property | ft²           181,000      
Delaware                  
Operating Leased Assets [Line Items]                  
Number of full time employees | employee 323 335     323        
PPA V                  
Operating Leased Assets [Line Items]                  
PPA expenses $ 3,500,000 $ 900,000 $ 3,700,000            
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 $ 6,400,000  
Amount outstanding 5,000,000 $ 5,000,000     $ 5,000,000        
PPA II | Variable Interest Entity, Primary Beneficiary                  
Operating Leased Assets [Line Items]                  
Increase (decrease) in restricted cash 108,700,000                
PPA IIIb | Variable Interest Entity, Primary Beneficiary                  
Operating Leased Assets [Line Items]                  
Cash and cash equivalents, period increase (decrease) $ 20,000,000                
v3.20.1
Commitments and Contingencies - Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]  
2020 $ 7,250
2021 5,495
2022 4,168
2023 4,230
2024 4,357
Thereafter 17,913
Total lease payments 43,413
Capital Leases, Future Minimum Payments, Net Minimum Payments, Fiscal Year Maturity [Abstract]  
2020 37,840
2021 38,726
2022 39,680
2023 40,582
2024 38,442
Thereafter 117,592
Total lease payments 312,862
Less: imputed interest (184,184)
Total lease obligations 128,678
Less: current obligations (10,993)
Long-term lease obligations 117,685
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract]  
2020 (37,840)
2021 (38,726)
2022 (39,680)
2023 (40,582)
2024 (38,442)
Thereafter (117,592)
Total sublease payments $ (312,862)
v3.20.1
Segment Information (Details)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Asia Pacific | Sales Revenue, Net | Geographic Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk, percentage 23.00% 14.00%
v3.20.1
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Related Party Transactions [Abstract]                              
Total revenue from related parties                         $ 228,100 $ 32,381 $ 2,176
Interest expense on debt to related parties $ 1,933 $ 1,605 $ 1,606 $ 1,612 $ 1,628 $ 1,966 $ 2,672 $ 2,627 $ 3,218 $ 5,299 $ 4,823 $ 7,265 6,756 8,893 12,265
Consulting expenses paid to related parties (included in general and administrative expense)                         $ 0 $ 125 $ 206
v3.20.1
Related Party Transactions - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Nov. 30, 2019
Mar. 31, 2019
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2012
Related Party Transaction [Line Items]                      
Interest rate percentage               6.00%      
Long-term debt               $ 636,812 $ 741,281    
Total revenue from related parties               228,100 32,381 $ 2,176  
Interest paid   $ 20,383 $ 15,829 $ 35,702 $ 25,773 $ 53,772 $ 45,106 69,851 59,549 37,628  
Affiliated entity                      
Related Party Transaction [Line Items]                      
Long-term debt               55,771 64,053    
Softbank Corp. | Equity method investee                      
Related Party Transaction [Line Items]                      
Total revenue from related parties                 32,400    
Accounts receivable               2,400 3,300    
Diamond State Generation Partners, LLC | Equity method investee                      
Related Party Transaction [Line Items]                      
Total revenue from related parties               $ 223,900      
Convertible promissory notes | 6% Notes | Affiliated entity                      
Related Party Transaction [Line Items]                      
Interest rate percentage               6.00%      
Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse                      
Related Party Transaction [Line Items]                      
Interest rate percentage               6.00%      
Debt exchanged $ 6,900                    
Convertible stock price (in dollars per share)               $ 11.25      
Debt conversion, shares issued (in shares) 616,302                    
Long-term debt               $ 273,410 263,284    
Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | Affiliated entity                      
Related Party Transaction [Line Items]                      
Long-term debt               $ 20,801 27,734    
Term loan | Term Loan due September 2028, Non-Recourse                      
Related Party Transaction [Line Items]                      
Interest rate percentage               7.50%      
Long-term debt               $ 34,969 36,319    
Term loan | Term Loan due September 2028, Non-Recourse | Affiliated entity                      
Related Party Transaction [Line Items]                      
Long-term debt               34,970 36,319    
PPA II                      
Related Party Transaction [Line Items]                      
Debt repayment—principal               144,813 65,114 53,726  
PPA IIIa                      
Related Party Transaction [Line Items]                      
Debt repayment—principal               6,631 4,431 $ 3,041  
PPA IIIa | Term loan | Term Loan due September 2028, Non-Recourse                      
Related Party Transaction [Line Items]                      
Interest rate percentage                     7.50%
PPA IIIa | Term loan | Term Loan due September 2028, Non-Recourse | Affiliated entity                      
Related Party Transaction [Line Items]                      
Debt repayment—principal               2,200 1,400    
Interest paid               3,000 3,100    
Service | Softbank Corp. | Equity method investee                      
Related Party Transaction [Line Items]                      
Total revenue from related parties               4,200      
Product | Diamond State Generation Partners, LLC | Equity method investee                      
Related Party Transaction [Line Items]                      
Total revenue from related parties               216,900      
Installation | Diamond State Generation Partners, LLC | Equity method investee                      
Related Party Transaction [Line Items]                      
Total revenue from related parties               $ 7,000      
Consulting Agreement | General Colin L. Powell | Director                      
Related Party Transaction [Line Items]                      
Related party amount of transaction                 $ 125    
v3.20.1
Related Party Transactions - Debt to Related Parties (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Related Party Transaction [Line Items]    
Interest rate percentage 6.00%  
Unpaid principal balance $ 658,083 $ 786,495
Current portion of debt 337,583 29,848
Long-term portion of debt 299,229 711,433
Total 636,812 741,281
Affiliated entity    
Related Party Transaction [Line Items]    
Unpaid principal balance 59,138 68,272
Current portion of debt 24,683 2,200
Long-term portion of debt 31,088 61,853
Total $ 55,771 64,053
Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | Convertible promissory notes    
Related Party Transaction [Line Items]    
Interest rate percentage 6.00%  
Unpaid principal balance $ 289,299 296,233
Current portion of debt 273,410 0
Long-term portion of debt 0 263,284
Total 273,410 263,284
Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | Convertible promissory notes | Affiliated entity    
Related Party Transaction [Line Items]    
Unpaid principal balance 20,801 27,734
Current portion of debt 20,801 0
Long-term portion of debt 0 27,734
Total $ 20,801 27,734
Term Loan due September 2028, Non-Recourse | Term loan    
Related Party Transaction [Line Items]    
Interest rate percentage 7.50%  
Unpaid principal balance $ 38,337 40,538
Current portion of debt 3,882 2,200
Long-term portion of debt 31,087 34,119
Total 34,969 36,319
Term Loan due September 2028, Non-Recourse | Term loan | Affiliated entity    
Related Party Transaction [Line Items]    
Unpaid principal balance 38,337 40,538
Current portion of debt 3,882 2,200
Long-term portion of debt 31,088 34,119
Total $ 34,970 $ 36,319
v3.20.1
Subsequent Events - Additional Information (Details)
 3 Months Ended
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
$ / shares
Dec. 31, 2018
USD ($)
Sep. 10, 2016
USD ($)
Debt Instrument [Line Items]        
Interest rate percentage   6.00%    
Current portion of debt   $ 337,583,000 $ 29,848,000  
Subsequent Event        
Debt Instrument [Line Items]        
Current portion of debt $ 70,000,000      
Senior Notes Due 2027 | Subsequent Event | Senior secured notes        
Debt Instrument [Line Items]        
Debt face amount $ 70,000,000      
Interest rate percentage 10.25%      
Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | Convertible promissory notes        
Debt Instrument [Line Items]        
Debt face amount       $ 260,000,000
Interest rate percentage   6.00%    
Current portion of debt   $ 273,410,000 $ 0  
Convertible stock price (in dollars per share) | $ / shares   $ 11.25    
Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse, Amendment | Convertible promissory notes        
Debt Instrument [Line Items]        
Convertible stock price (in dollars per share) | $ / shares   $ 8    
Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse, Amendment | Subsequent Event | Convertible promissory notes        
Debt Instrument [Line Items]        
Interest rate percentage 10.00%      
Conversion ratio 0.125000      
Additional Convertible Notes | Subsequent Event | Convertible debt        
Debt Instrument [Line Items]        
Debt face amount $ 30,000,000      
Period One | Senior Notes Due 2027 | Subsequent Event | Senior secured notes        
Debt Instrument [Line Items]        
Redemption price 108.00%      
Period Two | Senior Notes Due 2027 | Subsequent Event | Senior secured notes        
Debt Instrument [Line Items]        
Redemption price 104.00%      
Period Three | Senior Notes Due 2027 | Subsequent Event | Senior secured notes        
Debt Instrument [Line Items]        
Redemption price 102.00%      
Period Four | Senior Notes Due 2027 | Subsequent Event | Senior secured notes        
Debt Instrument [Line Items]        
Redemption price 100.00%      
Period Five | Senior Notes Due 2027 | Subsequent Event | Senior secured notes        
Debt Instrument [Line Items]        
Redemption price 101.00%      
v3.20.1
Unaudited Quarterly Supplemental Financial Information - Statements of Operations (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jan. 01, 2019
Revenue $ 213,543 $ 224,307 $ 200,326 $ 147,001 $ 157,145 $ 168,619 $ 138,302 $ 168,582 $ 347,327 $ 306,884 $ 571,634 $ 475,503 $ 785,177 $ 632,648 $ 365,623  
Cost of revenue 188,595 181,582 171,976 145,437 150,224 141,209 111,318 124,147 317,413 235,465 498,995 376,674 687,590 526,898 381,934  
Additional paid-in capital 2,686,759 2,647,874 2,604,034 2,552,011 2,481,352 2,388,116 166,805 158,605 2,604,034 166,805 2,647,874 2,388,116 2,686,759 2,481,352   $ 2,481,352
Gross profit (loss) 24,948 42,725 28,350 1,564 6,921 27,410 26,984 44,435 29,914 71,419 72,639 98,829 97,587 105,750 (16,311)  
Research and development 22,148 23,389 29,772 28,859 32,970 27,021 14,413 14,731 58,631 29,144 82,020 56,165 104,168 89,135 51,146  
Sales and marketing 17,357 17,649 18,194 20,373 24,951 21,396 8,167 8,293 38,567 16,460 56,216 37,856 73,573 62,807 31,926  
General and administrative 33,315 36,599 43,662 39,074 47,471 40,999 15,359 14,988 82,736 30,347 119,335 71,346 152,650 118,817 55,689  
Total operating expenses 72,820 77,637 91,628 88,306 105,392 89,416 37,939 38,012 179,934 75,951 257,571 165,367 330,391 270,759 138,761  
Loss from operations (47,872) (34,912) (63,278) (86,742) (98,471) (62,006) (10,955) 6,423 (150,020) (4,532) (184,932) (66,538) (232,804) (165,009) (155,072)  
Interest income 862 1,214 1,700 1,885 1,996 1,467 444 415 3,585 859 4,799 2,326 5,661 4,322 759  
Interest expense (21,635) (21,323) (22,722) (21,800) (21,757) (22,125) (27,147) (25,992) (44,522) (53,139) (65,845) (75,264) (87,480) (97,021) (112,039)  
Interest expense to related parties (1,933) (1,605) (1,606) (1,612) (1,628) (1,966) (2,672) (2,627) (3,218) (5,299) (4,823) (7,265) (6,756) (8,893) (12,265)  
Other income (expense), net 138 525 (222) 265 636 (705) (855) (75) 43 (930) 568 (1,635) 706 (999) (491)  
Gain (loss) on revaluation of warrant liabilities and embedded derivatives (540) (540) (540) (540) 192 900 (19,197) (4,034) (1,080) (23,231) (1,620) (22,331) (2,160) (22,139) (15,284)  
Loss before income taxes (70,980) (56,641) (86,668) (108,544) (119,032) (84,435) (60,382) (25,890) (195,212) (86,272) (251,853) (170,707) (322,833) (289,739) (294,392)  
Income tax provision 31 136 258 208 1,079 (3) 128 333 466 461 602 458 633 1,537 636  
Net loss (71,011) (56,777) (86,926) (108,752) (120,111) (84,432) (60,510) (26,223) (195,678) (86,733) (252,455) (171,165) (323,466) (291,276) (295,028)  
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests (5,178) (5,027) (5,015) (3,832) (4,662) (3,930) (4,512) (4,632) (8,847) (9,144) (13,874) (13,074) (19,052) (17,736) (18,666)  
Net loss available to Class A and Class B common stockholders (65,833) (51,750) (81,911) (104,920) (115,449) (80,502) (55,998) (21,591) (186,831) (77,589) (238,581) (158,091) (304,414) (273,540) (276,362)  
Less: deemed dividend to noncontrolling interest (2,454) 0 0 0 0 0 0 0         (2,454) 0 0  
Net loss available to Class A and Class B common stockholders $ (68,287) $ (51,750) $ (81,911) $ (104,920) $ (115,449) $ (80,502) $ (55,998) $ (21,591)         $ (306,868) $ (273,540) $ (276,362)  
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share) $ (0.58) $ (0.44) $ (0.72) $ (0.94) $ (1.06) $ (0.99) $ (5.31) $ (2.08)         $ (2.67) $ (5.14) $ (26.97)  
Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in shares) 118,588 116,330 113,624 111,842 109,416 81,321 10,536 10,404         115,118 53,268 10,248  
Stock-based compensation       $ 67,822       $ 8,147 119,186 15,481 160,233 76,674 $ 196,291 $ 168,482 $ 29,101  
Product                                
Revenue $ 158,427 $ 163,902 $ 144,081 90,926 $ 103,937 $ 102,433 $ 78,497 115,771 235,007 194,268 398,909 296,701 557,336 400,638 157,192  
Cost of revenue 141,782 91,697 113,228 88,772 86,154 69,053 49,603 76,465 202,000 126,068 293,697 195,121 435,479 281,275 192,361  
Installation                                
Revenue 14,429 21,102 13,076 12,219 11,066 24,691 19,643 12,795 25,295 32,438 46,397 57,129 60,826 68,195 57,937  
Cost of revenue 16,901 26,141 17,685 15,760 20,651 35,506 29,951 9,198 33,445 39,149 59,586 74,655 76,487 95,306 54,970  
Service                                
Revenue 25,628 23,665 23,026 23,467 21,778 21,056 20,299 20,134 46,493 40,433 70,158 61,489 95,786 83,267 74,892  
Cost of revenue 17,127 36,427 18,763 27,921 31,818 24,470 19,702 24,699 46,684 44,401 83,111 68,871 100,238 100,689 85,128  
Electricity                                
Revenue 15,059 15,638 20,143 20,389 20,364 20,439 19,863 19,882 40,532 39,745 56,170 60,184 71,229 80,548 75,602  
Cost of revenue 12,785 27,317 22,300 12,984 11,601 12,180 12,062 13,785 35,284 25,847 62,601 38,027 75,386 49,628 49,475  
Previously Reported                                
Revenue   233,471 233,782 200,707 213,606 190,190 168,881 169,361 434,489 338,242 667,960 528,432   742,038 375,996  
Cost of revenue   180,006 192,109 184,952 196,358 166,805 136,110 125,695 377,061 261,805 557,067 428,610   624,968 394,040  
Additional paid-in capital   2,647,118 2,603,279 2,551,256 2,480,597 2,387,361 166,805 158,605 2,603,279 166,805 2,647,118 2,387,361   2,480,597    
Gross profit (loss)   53,465 41,673 15,755 17,248 23,385 32,771 43,666 57,428 76,437 110,893 99,822   117,070 (18,044)  
Research and development   23,389 29,772 28,859 32,970 27,021 14,413 14,731 58,631 29,144 82,020 56,165   89,135 51,146  
Sales and marketing   18,125 18,359 20,463 24,983 21,476 8,254 8,262 38,822 16,516 56,947 37,992   62,975 32,415  
General and administrative   36,599 43,662 39,074 47,471 40,999 15,359 14,988 82,736 30,347 119,335 71,346   118,817 55,674  
Total operating expenses   78,113 91,793 88,396 105,424 89,496 38,026 37,981 180,189 76,007 258,302 165,503   270,927 139,235  
Loss from operations   (24,648) (50,120) (72,641) (88,176) (66,111) (5,255) 5,685 (122,761) 430 (147,409) (65,681)   (153,857) (157,279)  
Interest income   1,214 1,700 1,885 1,996 1,467 444 415 3,585 859 4,799 2,326   4,322 759  
Interest expense   (15,280) (16,725) (15,962) (16,178) (16,853) (22,525) (21,379) (32,687) (43,904) (47,967) (60,757)        
Interest expense to related parties   (1,605) (1,606) (1,612) (1,628) (1,966) (2,672) (2,627) (3,218) (5,299) (4,823) (7,265)   (8,893) (12,265)  
Other income (expense), net   525 (222) 265 636 (705) (855) (75) 43 (930) 568 (1,635)   (999) (491)  
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   0 0 0 (14) 1,655 (19,197) (4,034) 0 (23,231) 0 (21,576)   (21,590) (14,995)  
Loss before income taxes   (39,794) (66,973) (88,065) (103,364) (82,513) (50,060) (22,015) (155,038) (72,075) (194,832) (154,588)   (257,952) (280,629)  
Income tax provision   136 258 208 1,079 (3) 128 333 466 461 602 458   1,537 636  
Net loss   (39,930) (67,231) (88,273) (104,443) (82,510) (50,188) (22,348) (155,504) (72,536) (195,434) (155,046)   (259,489) (281,265)  
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests   (5,027) (5,015) (3,832) (4,662) (3,930) (4,512) (4,632) (8,847) (9,144) (13,874) (13,074)   (17,736) (18,666)  
Net loss available to Class A and Class B common stockholders   (34,903) (62,216) (84,441) (99,781) (78,580) (45,676) (17,716) (146,657) (63,392) (181,560) (141,972)        
Net loss available to Class A and Class B common stockholders                           $ (241,753) $ (262,599)  
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share)                           $ (4.54) $ (25.62)  
Stock-based compensation       63,882       7,956 115,100 15,773 154,955 87,451   $ 180,284 $ 30,479  
Previously Reported | Product                                
Revenue   182,616 179,899 141,734 156,671 125,690 108,654 121,307 321,633 229,961 504,249 355,651   512,322 179,768  
Cost of revenue   94,056 131,952 124,000 128,076 95,357 70,802 80,355 255,952 151,157 350,008 246,514   374,590 210,773  
Previously Reported | Installation                                
Revenue   19,010 17,285 22,258 21,363 29,690 26,245 14,118 39,543 40,363 58,553 70,053   91,416 63,226  
Cost of revenue   26,162 22,116 24,166 31,819 40,118 37,099 10,438 46,282 47,537 72,444 87,655   119,474 59,929  
Previously Reported | Service                                
Revenue   23,597 23,659 23,290 21,752 20,751 19,975 19,907 46,949 39,882 70,546 60,633   82,385 76,904  
Cost of revenue   36,539 19,599 27,557 28,475 22,651 19,260 24,253 47,156 43,513 83,695 66,164   94,639 83,597  
Previously Reported | Electricity                                
Revenue   8,248 12,939 13,425 13,820 14,059 14,007 14,029 26,364 28,036 34,612 42,095   55,915 56,098  
Cost of revenue   23,249 18,442 9,229 7,988 8,679 8,949 10,649 27,671 19,598 50,920 28,277   36,265 39,741  
Restatement Adjustment                                
Revenue   4,859 (22,039) (52,976) (56,461) (21,571) (30,579) (779) (75,015) (31,358) (70,156) (52,929)   (109,390) (10,373)  
Cost of revenue   4,035 (18,658) (38,300) (46,134) (25,596) (24,792) (1,548) (56,958) (26,340) (52,923) (51,936)   (98,070) (12,106)  
Additional paid-in capital   756 755 755 755 755 0 0 755 0 756 755   755    
Gross profit (loss)   824 (3,381) (14,676) (10,327) 4,025 (5,787) 769 (18,057) (5,018) (17,233) (993)   (11,320) 1,733  
Research and development   0 0 0 0 0 0 0 0 0 0 0   0 0  
Sales and marketing   43 17 2 (32) (80) (87) 31 19 (56) 62 (136)   (168) (489)  
General and administrative   0 0 0 0 0 0 0 0 0 0 0   0 15  
Total operating expenses   43 17 2 (32) (80) (87) 31 19 (56) 62 (136)   (168) (474)  
Loss from operations   781 (3,398) (14,678) (10,295) 4,105 (5,700) 738 (18,076) (4,962) (17,295) (857)   (11,152) 2,207  
Interest income   0 0 0 0 0 0 0 0 0 0 0   0 0  
Interest expense   (6,043) (5,997) (5,838) (5,579) (5,272) (4,622) (4,613) (11,835) (9,235) (17,878) (14,507)        
Interest expense to related parties   0 0 0 0 0 0 0 0 0 0 0   0 0  
Other income (expense), net   0 0 0 0 0 0 0 0 0 0 0   0 0  
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   (540) (540) (540) 206 (755) 0 0 (1,080) 0 (1,620) (755)   (549) (289)  
Loss before income taxes   (5,802) (9,935) (21,056) (15,668) (1,922) (10,322) (3,875) (30,991) (14,197) (36,793) (16,119)   (31,787) (13,763)  
Income tax provision   0 0 0 0 0 0 0 0 0 0 0   0 0  
Net loss   (5,802) (9,935) (21,056) (15,668) (1,922) (10,322) (3,875) (30,991) (14,197) (36,793) (16,119)   (31,787) (13,763)  
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests   0 0 0 0 0 0 0 0 0 0 0   0 0  
Net loss available to Class A and Class B common stockholders   (5,802) (9,935) (21,056) (15,668) (1,922) (10,322) (3,875) (30,991) (14,197) (36,793) (16,119)        
Net loss available to Class A and Class B common stockholders                           (31,787) (13,763)  
Stock-based compensation       3,940       191 4,086 (292) 5,278 (10,777)   (11,802) (1,378)  
Restatement Adjustment | Product                                
Revenue   (1,292) (22,757) (48,171) (52,734) (23,257) (30,157) (5,536) (70,928) (35,693) (72,220) (58,950)   (111,684) (22,576)  
Cost of revenue   (2,085) (19,005) (34,980) (41,922) (26,304) (21,199) (3,890) (53,985) (25,089) (56,070) (51,393)   (93,315) (18,412)  
Restatement Adjustment | Installation                                
Revenue   (460) (5,900) (11,195) (10,297) (4,999) (6,602) (1,323) (17,095) (7,925) (17,555) (12,924)   (23,221) (5,289)  
Cost of revenue   (21) (4,431) (8,406) (11,168) (4,612) (7,148) (1,240) (12,837) (8,388) (12,858) (13,000)   (24,168) (4,959)  
Restatement Adjustment | Service                                
Revenue   (779) (586) (574) 26 305 324 227 (1,160) 551 (1,939) 856   882 (2,012)  
Cost of revenue   2,073 920 1,331 3,343 1,819 442 446 2,251 888 4,324 2,707   6,050 1,531  
Restatement Adjustment | Electricity                                
Revenue   7,390 7,204 6,964 6,544 6,380 5,856 5,853 14,168 11,709 21,558 18,089   24,633 19,504  
Cost of revenue   4,068 3,858 3,755 3,613 3,501 3,113 3,136 7,613 6,249 11,681 9,750   13,363 9,734  
Calculated under Revenue Guidance in Effect before Topic 606                                
Revenue   238,330 211,743 147,731         359,474   597,804   819,746      
Cost of revenue   184,041 173,451 146,652         320,103   504,144   694,719      
Additional paid-in capital 2,686,759 2,647,874 2,604,034 2,552,011 2,481,352       2,604,034   2,647,874   2,686,759 2,481,352    
Gross profit (loss)   54,289 38,292 1,079         39,371   93,660   125,027      
Research and development   23,389 29,772 28,859         58,631   82,020   104,168      
Sales and marketing   18,168 18,376 20,465         38,841   57,009   74,973      
General and administrative   36,599 43,662 39,074         82,736   119,335   152,650      
Total operating expenses   78,156 91,810 88,398         180,208   258,364   331,791      
Loss from operations   (23,867) (53,518) (87,319)         (140,837)   (164,704)   (206,764)      
Interest income   1,214 1,700 1,885         3,585   4,799   5,661      
Interest expense   (21,323) (22,722) (21,800)         (44,522)   (65,845)   (87,480)      
Interest expense to related parties   (1,605) (1,606) (1,612)         (3,218)   (4,823)   (6,756)      
Other income (expense), net   525 (222) 265         43   568   706      
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   (540) (540) (540)         (1,080)   (1,620)   (2,160)      
Loss before income taxes   (45,596) (76,908) (109,121)         (186,029)   (231,625)   (296,793)      
Income tax provision   136 258 208         466   602   633      
Net loss   (45,732) (77,166) (109,329)         (186,495)   (232,227)   (297,426)      
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests   (5,027) (5,015) (3,832)         (8,847)   (13,874)   (19,052)      
Net loss available to Class A and Class B common stockholders   (40,705) (72,151) (105,497)         (177,648)   (218,353)   (278,374)      
Less: deemed dividend to noncontrolling interest                         (2,454)      
Net loss available to Class A and Class B common stockholders                         $ (280,828)      
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share)                         $ (2.44)      
Stock-based compensation       67,822         119,186   160,233          
Calculated under Revenue Guidance in Effect before Topic 606 | Product                                
Revenue   181,324 157,142 93,563         250,705   432,029   $ 601,857      
Cost of revenue   91,971 112,947 89,020         201,967   293,938   436,064      
Calculated under Revenue Guidance in Effect before Topic 606 | Installation                                
Revenue   18,550 11,385 11,063         22,448   40,998   54,716      
Cost of revenue   26,141 17,685 15,760         33,445   59,586   76,487      
Calculated under Revenue Guidance in Effect before Topic 606 | Service                                
Revenue   22,818 23,073 22,716         45,789   68,607   91,944      
Cost of revenue   38,612 20,519 28,888         49,407   88,019   106,782      
Calculated under Revenue Guidance in Effect before Topic 606 | Electricity                                
Revenue   15,638 20,143 20,389         40,532   56,170   71,229      
Cost of revenue   27,317 22,300 12,984         35,284   62,601   $ 75,386      
Difference between Revenue Guidance in Effect before and after Topic 606                                
Revenue   (14,023) (11,417) (730)         (12,147)   (26,170)          
Cost of revenue   (2,459) (1,475) (1,215)         (2,690)   (5,149)          
Additional paid-in capital   0 0 0         0   0          
Gross profit (loss)   (11,564) (9,942) 485         (9,457)   (21,021)          
Research and development   0 0 0         0   0          
Sales and marketing   (519) (182) (92)         (274)   (793)          
General and administrative   0 0 0         0   0          
Total operating expenses   (519) (182) (92)         (274)   (793)          
Loss from operations   (11,045) (9,760) 577         (9,183)   (20,228)          
Interest income   0 0 0         0   0          
Interest expense   0 0 0         0   0          
Interest expense to related parties   0 0 0         0   0          
Other income (expense), net   0 0 0         0   0          
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   0 0 0         0   0          
Loss before income taxes   (11,045) (9,760) 577         (9,183)   (20,228)          
Income tax provision   0 0 0         0   0          
Net loss   (11,045) (9,760) 577         (9,183)   (20,228)          
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests   0 0 0         0   0          
Net loss available to Class A and Class B common stockholders   (11,045) (9,760) 577         (9,183)   (20,228)          
Stock-based compensation       0         0   0          
Difference between Revenue Guidance in Effect before and after Topic 606 | Product                                
Revenue   (17,422) (13,061) (2,637)         (15,698)   (33,120)          
Cost of revenue   (274) 281 (248)         33   (241)          
Difference between Revenue Guidance in Effect before and after Topic 606 | Installation                                
Revenue   2,552 1,691 1,156         2,847   5,399          
Cost of revenue   0 0 0         0   0          
Difference between Revenue Guidance in Effect before and after Topic 606 | Service                                
Revenue   847 (47) 751         704   1,551          
Cost of revenue   (2,185) (1,756) (967)         (2,723)   (4,908)          
Difference between Revenue Guidance in Effect before and after Topic 606 | Electricity                                
Revenue   0 0 0         0   0          
Cost of revenue   0 0 0         0   0          
Grid Pricing Escalation | Restatement Adjustment                                
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   540 540 540 (205)       1,081   1,621     (205) 288  
Grid Pricing Escalation | Restatement Adjustment | Service                                
Revenue                             3,082  
Cost of revenue   (123) (104) (94) (463)       (198)   (321)     (463) (261)  
Depreciation Of Energy Servers | Restatement Adjustment | Product                                
Cost of revenue (37,092) (1,081) (18,127) (37,496)   (14,001) (20,274) (3,635) (55,623) (23,909) (56,704) (37,910)   (75,001) (15,244)  
Depreciation Of Energy Servers | Restatement Adjustment | Installation                                
Cost of revenue (12,087) (601) (5,230) (9,165)   (4,611) (7,148) (1,240) (14,395) (8,388) (14,996) (13,000)   (25,087) (4,959)  
Depreciation Of Energy Servers | Restatement Adjustment | Electricity                                
Cost of revenue 3,590 4,022 3,816 3,718   3,490 3,105 3,128 7,533 6,232 11,555 9,722   13,312 9,717  
Immaterial Misstatements | Restatement Adjustment                                
Cost of revenue                           900    
Immaterial Misstatements | Restatement Adjustment | Installation                                
Cost of revenue   580 799 759 885       1,558   2,138          
Capitalized Stock-Based Compensation | Restatement Adjustment                                
Stock-based compensation       4,400       (602) 4,672 (1,026) 5,864 (10,068)   (10,256) (634)  
Capitalized Stock-Based Compensation | Restatement Adjustment | Product                                
Cost of revenue (4,830) (1,004) (879) 2,515   (12,304) (925) (256) 1,637 (1,181) 633 (13,484)   (18,314) (3,169)  
Capitalized Stock-Based Compensation | Restatement Adjustment | Service                                
Cost of revenue $ 3,805 2,196 $ 1,025 1,425   1,819 $ 441 447 2,450 888 4,646 2,707   6,513 1,791  
Valuation Adjustment | Restatement Adjustment                                
Additional paid-in capital   $ (755)     $ 755 $ 755         (755) 755   755    
Capitalized Stock-Based Compensation, Managed Services Program | Restatement Adjustment                                
Stock-based compensation       $ (460)       $ 793 $ (586) $ 733 $ (586) $ (709)   $ (1,546) $ (744)  
v3.20.1
Unaudited Quarterly Supplemental Financial Information - Balance Sheets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jan. 01, 2019
Current assets:                                
Cash and cash equivalents $ 202,823 [1] $ 226,499 $ 308,009 $ 320,414 $ 220,728 [1] $ 395,516 $ 91,596 $ 88,227 $ 308,009 $ 91,596 $ 226,499 $ 395,516 $ 202,823 [1] $ 220,728 [1]   $ 220,728
Restricted cash, current 30,804 [1] 14,486 23,706 18,419 28,657 [1] 17,931 25,860 22,998 23,706 25,860 14,486 17,931 30,804 [1] 28,657 [1]   28,657
Short-term investments 0       104,350 4,494 15,703 20,138   15,703   4,494 0 104,350   104,350
Accounts receivable 37,828 [1] 26,353 40,038 85,647 88,784 [1] 45,261 40,442 61,996 40,038 40,442 26,353 45,261 37,828 [1] 88,784 [1]   89,779
Inventories 109,606 132,607 106,889 119,871 135,265 137,778 129,284 94,032 106,889 129,284 132,607 137,778 109,606 135,265   135,265
Deferred cost of revenue 58,470 41,042 80,307 52,911 43,809 45,183 35,654 43,415 80,307 35,654 41,042 45,183 58,470 43,809   43,809
Customer financing receivable 5,108 [1] 5,919 5,817 5,717 5,594 [1] 5,496 5,398 5,303 5,817 5,398 5,919 5,496 5,108 [1] 5,594 [1]   5,594
Prepaid expense and other current assets 28,068 [1] 28,642 26,483 30,073 36,747 [1] 36,499 24,820 28,944 26,483 24,820 28,642 36,499 28,068 [1] 36,747 [1]   36,887
Total current assets 472,707 475,548 591,249 633,052 663,934 688,158 368,757 365,053 591,249 368,757 475,548 688,158 472,707 663,934   665,069
Property, plant and equipment, net 607,059 [1] 627,385 641,259 711,631 716,751 [1] 698,123 697,344 702,228 641,259 697,344 627,385 698,123 607,059 [1] 716,751 [1]   716,751
Customer financing receivable, non-current 50,747 [1] 62,615 64,146 65,620 67,082 [1] 68,535 69,963 71,337 64,146 69,963 62,615 68,535 50,747 [1] 67,082 [1]   67,082
Restricted cash, non-current 143,761 [1] 116,890 39,351 31,101 31,100 [1] 30,779 32,416 32,367 39,351 32,416 116,890 30,779 143,761 [1] 31,100 [1]   31,100
Deferred cost of revenue, non-current 6,665 3,724 3,846 1,933 45 45 60 53 3,846 60 3,724 45 6,665 45   45
Other long-term assets 41,652 [1] 70,951 72,836 45,447 42,882 [1] 44,397 45,241 43,179 72,836 45,241 70,951 44,397 41,652 [1] 42,882 [1]   45,354
Total assets 1,322,591 1,357,113 1,412,687 1,488,784 1,521,794 1,530,037 1,213,781 1,214,217 1,412,687 1,213,781 1,357,113 1,530,037 1,322,591 1,521,794   1,525,401
Current liabilities:                                
Accounts payable 55,579 [1] 81,060 61,427 64,425 66,889 [1] 59,818 53,798 47,755 61,427 53,798 81,060 59,818 55,579 [1] 66,889 [1]   66,889
Accrued warranty 10,333 12,862 10,240 14,237 17,968 17,312 14,287 16,394 10,240 14,287 12,862 17,312 10,333 17,968   16,936
Accrued other current liabilities 70,284 [1] 79,616 105,393 64,073 66,838 [1] 63,986 49,932 53,654 105,393 49,932 79,616 63,986 70,284 [1] 66,838 [1]   66,838
Deferred revenue and customer deposits [1] 89,192       67,632               89,192 67,632   72,285
Sales related liabilities 416 10,420 10,027 8,819 1,421 7,780 6,792 6,556 10,027 6,792 10,420 7,780 416 1,421    
Financing obligations 10,993 77,551 118,738 75,069 8,128 72,738 66,054 71,486 118,738 66,054 77,551 72,738 10,993 8,128   8,128
Current portion of recourse debt 304,627 15,678 15,681 15,683 8,686 1,686 10,351 6,017 15,681 10,351 15,678 1,686 304,627 8,686   8,686
Current portion of non-recourse debt 8,273 [1] 7,983 7,654 19,486 18,962 [1] 18,499 18,025 17,583 7,654 18,025 7,983 18,499 8,273 [1] 18,962 [1]   18,962
Current portion of recourse debt from related parties 20,801       0               20,801 0    
Current portion of non-recourse debt from related parties 3,882 [1] 3,500 2,889 2,341 2,200 [1] 1,737 1,630 1,525 2,889 1,630 3,500 1,737 3,882 [1] 2,200 [1]   2,200
Total current liabilities 573,964 288,670 332,049 264,133 257,303 243,556 220,869 220,970 332,049 220,869 288,670 243,556 573,964 257,303   260,924
Preferred stock warrant liabilities             2,369 6,554   2,369            
Derivative liabilities 17,551 [1] 20,284 18,175 15,722 14,143 [1] 13,658 192,416 168,071 18,175 192,416 20,284 13,658 17,551 [1] 14,143 [1]   14,143
Deferred revenue and customer deposits, net of current portion 125,529 [1] 122,276 110,750 103,751 87,308 [1] 89,204 88,630 89,501 110,750 88,630 122,276 89,204 125,529 [1] 87,308 [1]   105,290
Managed services liabilities 446,200       385,600               446,200 385,600    
Financing obligations, non-current 446,165 397,272 400,078 394,037 385,650 375,254 356,727 321,682 400,078 356,727 397,272 375,254 446,165 385,650   385,650
Long-term portion of recourse debt 75,962 359,959 362,424 357,876 360,339 358,363 524,934 517,483 362,424 524,934 359,959 358,363 75,962 360,339   360,339
Long-term portion of non-recourse debt 192,180 [1] 217,334 219,182 284,541 289,241 [1] 293,593 298,048 302,345 219,182 298,048 217,334 293,593 192,180 [1] 289,241 [1]   289,241
Long-term portion of recourse debt from related parties 0 27,734 27,734 27,734 27,734 32,168 72,087 70,202 27,734 72,087 27,734 32,168 0 27,734   27,734
Long-term portion of non-recourse debt from related parties 31,087 [1] 31,781 32,643 33,417 34,119 [1] 34,765 35,054 35,312 32,643 35,054 31,781 34,765 31,087 [1] 34,119 [1]   34,119
Other long-term liabilities 28,013 28,852 29,979 28,970 26,196 18,437 21,564 21,753 29,979 21,564 28,852 18,437 28,013 26,196   26,196
Total liabilities 1,490,451 1,494,162 1,533,014 1,510,181 1,482,033 1,458,998 1,812,698 1,753,873 1,533,014 1,812,698 1,494,162 1,458,998 1,490,451 1,482,033   1,503,636
Redeemable noncontrolling interest 443 557 505 58,802 57,261 56,446 54,940 58,176 505 54,940 557 56,446 443 57,261   57,261
Convertible redeemable preferred stock             1,465,841 1,465,841   1,465,841            
Stockholders’ deficit:                                
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively. 12 12 11 11 11 11 1 1 11 1 12 11 12 11   11
Additional paid-in capital (2,686,759) (2,647,874) (2,604,034) (2,552,011) (2,481,352) (2,388,116) (166,805) (158,605) (2,604,034) (166,805) (2,647,874) (2,388,116) (2,686,759) (2,481,352)   (2,481,352)
Accumulated other comprehensive income 19 (147) (148) 5 131 272 217 117 (148) 217 (147) 272 19 131   131
Accumulated deficit (2,946,384) (2,880,551) (2,828,801) (2,746,890) (2,624,104) (2,508,655) (2,428,154) (2,372,155) (2,828,801) (2,428,154) (2,880,551) (2,508,655) (2,946,384) (2,624,104)   (2,642,100)
Total stockholders’ deficit (259,594) (232,812) (224,904) (194,863) (142,610) (120,256) (2,261,131) (2,213,432) (224,904) (2,261,131) (232,812) (120,256) (259,594) (142,610)   (160,606)
Noncontrolling interest 91,291 95,206 104,072 114,664 125,110 134,849 141,433 149,759 104,072 141,433 95,206 134,849 91,291 125,110   125,110
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest 1,322,591 1,357,113 1,412,687 1,488,784 1,521,794 1,530,037 1,213,781 1,214,217 1,412,687 1,213,781 1,357,113 1,530,037 1,322,591 1,521,794   $ 1,525,401
Gain (loss) on revaluation of warrant liabilities and embedded derivatives (540) (540) (540) (540) 192 900 (19,197) (4,034) (1,080) (23,231) (1,620) (22,331) (2,160) (22,139) $ (15,284)  
Previously Reported                                
Current assets:                                
Cash and cash equivalents   226,499 308,009 320,414 220,728 395,516 91,596 88,227 308,009 91,596 226,499 395,516   220,728    
Restricted cash, current   14,486 23,706 18,419 28,657 17,931 25,860 22,998 23,706 25,860 14,486 17,931   28,657    
Short-term investments         104,350 4,494 15,703 20,138   15,703   4,494   104,350    
Accounts receivable   26,737 38,296 84,070 84,887 41,485 36,804 58,520 38,296 36,804 26,737 41,485   84,887    
Inventories   140,372 104,934 116,544 132,476 134,725 136,433 97,079 104,934 136,433 140,372 134,725   132,476    
Deferred cost of revenue   50,707 86,434 66,316 62,147 66,009 55,476 81,229 86,434 55,476 50,707 66,009   62,147    
Customer financing receivable   5,919 5,817 5,717 5,594 5,496 5,398 5,303 5,817 5,398 5,919 5,496   5,594    
Prepaid expense and other current assets   25,639 25,088 28,362 33,742 32,876 23,003 27,836 25,088 23,003 25,639 32,876   33,742    
Total current assets   490,359 592,284 639,842 672,581 698,532 390,273 401,330 592,284 390,273 490,359 698,532   672,581    
Property, plant and equipment, net   384,377 406,610 475,385 481,414 471,074 477,765 487,169 406,610 477,765 384,377 471,074   481,414    
Customer financing receivable, non-current   62,615 64,146 65,620 67,082 68,535 69,963 71,337 64,146 69,963 62,615 68,535   67,082    
Restricted cash, non-current   116,890 39,351 31,101 31,100 30,779 32,416 32,367 39,351 32,416 116,890 30,779   31,100    
Deferred cost of revenue, non-current   57,286 59,213 72,516 102,699 139,217 148,934 155,658 59,213 148,934 57,286 139,217   102,699    
Other long-term assets   58,400 60,975 34,386 34,792 37,008 38,386 36,773 60,975 38,386 58,400 37,008   34,792    
Total assets   1,169,927 1,222,579 1,318,850 1,389,668 1,445,145 1,157,737 1,184,634 1,222,579 1,157,737 1,169,927 1,445,145   1,389,668    
Current liabilities:                                
Accounts payable   81,060 61,427 64,425 66,889 59,818 53,798 47,755 61,427 53,798 81,060 59,818   66,889    
Accrued warranty   15,295 12,393 16,736 19,236 17,975 14,928 16,723 12,393 14,928 15,295 17,975   19,236    
Accrued other current liabilities   82,150 109,722 67,966 69,535 66,873 54,832 57,683 109,722 54,832 82,150 66,873   69,535    
Deferred revenue and customer deposits         94,158                 94,158    
Sales related liabilities   0 0 0   0 0 0 0 0 0 0        
Financing obligations   88,060 129,321 89,557 0 105,265 94,582 99,449 129,321 94,582 88,060 105,265   0    
Current portion of recourse debt   15,678 15,681 15,683 8,686 1,686 10,351 6,017 15,681 10,351 15,678 1,686   8,686    
Current portion of non-recourse debt   7,983 7,654 19,486 18,962 18,499 18,025 17,583 7,654 18,025 7,983 18,499   18,962    
Current portion of non-recourse debt from related parties   3,500 2,889 2,341 2,200 1,737 1,630 1,525 2,889 1,630 3,500 1,737   2,200    
Total current liabilities   293,726 339,087 276,194 279,666 271,853 248,146 246,735 339,087 248,146 293,726 271,853   279,666    
Preferred stock warrant liabilities             2,369 6,554   2,369            
Derivative liabilities   14,648 13,079 11,166 10,128 9,441 188,199 163,854 13,079 188,199 14,648 9,441   10,128    
Deferred revenue and customer deposits, net of current portion   179,712 181,221 201,863 241,794 290,481 301,550 306,153 181,221 301,550 179,712 290,481   241,794    
Financing obligations, non-current   0 0 0 0 0 0 0 0 0 0 0   0    
Long-term portion of recourse debt   359,959 362,424 357,876 360,339 358,363 524,934 517,483 362,424 524,934 359,959 358,363   360,339    
Long-term portion of non-recourse debt   217,334 219,182 284,541 289,241 293,593 298,048 302,345 219,182 298,048 217,334 293,593   289,241    
Long-term portion of recourse debt from related parties   27,734 27,734 27,734 27,734 32,168 72,087 70,202 27,734 72,087 27,734 32,168   27,734    
Long-term portion of non-recourse debt from related parties   31,781 32,643 33,417 34,119 34,765 35,054 35,312 32,643 35,054 31,781 34,765   34,119    
Other long-term liabilities   56,117 58,417 58,032 55,937 48,161 52,153 51,860 58,417 52,153 56,117 48,161   55,937    
Total liabilities   1,181,011 1,233,787 1,250,823 1,298,958 1,338,825 1,722,540 1,700,498 1,233,787 1,722,540 1,181,011 1,338,825   1,298,958    
Redeemable noncontrolling interest   557 505 58,802 57,261 56,446 54,940 58,176 505 54,940 557 56,446   57,261    
Convertible redeemable preferred stock             1,465,841 1,465,841   1,465,841            
Stockholders’ deficit:                                
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively.   12 11 11 11 11 1 1 11 1 12 11   11    
Additional paid-in capital   (2,647,118) (2,603,279) (2,551,256) (2,480,597) (2,387,361) (166,805) (158,605) (2,603,279) (166,805) (2,647,118) (2,387,361)   (2,480,597)    
Accumulated other comprehensive income   (147) (148) 5 131 272 217 117 (148) 217 (147) 272   131    
Accumulated deficit   (2,753,830) (2,718,927) (2,656,711) (2,572,400) (2,472,619) (2,394,040) (2,348,363) (2,718,927) (2,394,040) (2,753,830) (2,472,619)   (2,572,400)    
Total stockholders’ deficit   (106,847) (115,785) (105,439) (91,661) (84,975) (2,227,017) (2,189,640) (115,785) (2,227,017) (106,847) (84,975)   (91,661)    
Noncontrolling interest   95,206 104,072 114,664 125,110 134,849 141,433 149,759 104,072 141,433 95,206 134,849   125,110    
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest   1,169,927 1,222,579 1,318,850 1,389,668 1,445,145 1,157,737 1,184,634 1,222,579 1,157,737 1,169,927 1,445,145   1,389,668    
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   0 0 0 (14) 1,655 (19,197) (4,034) 0 (23,231) 0 (21,576)   (21,590) (14,995)  
Restatement Adjustment                                
Current assets:                                
Cash and cash equivalents   0 0 0 0 0 0 0 0 0 0 0   0    
Restricted cash, current   0 0 0 0 0 0 0 0 0 0 0   0    
Short-term investments         0 0 0 0   0   0   0    
Accounts receivable   4,216 4,172 3,995 3,897 3,776 3,638 3,476 4,172 3,638 4,216 3,776   3,897    
Inventories   (7,765) 1,955 3,327 2,789 3,053 (7,149) (3,047) 1,955 (7,149) (7,765) 3,053   2,789    
Deferred cost of revenue   (9,665) (6,127) (13,405) (18,338) (20,826) (19,822) (37,814) (6,127) (19,822) (9,665) (20,826)   (18,338)    
Customer financing receivable   0 0 0 0 0 0 0 0 0 0 0   0    
Prepaid expense and other current assets   2,830 1,252 1,582 3,005 3,623 1,817 1,108 1,252 1,817 2,830 3,623   3,005    
Total current assets   (10,384) 1,252 (4,501) (8,647) (10,374) (21,516) (36,277) 1,252 (21,516) (10,384) (10,374)   (8,647)    
Property, plant and equipment, net   243,008 234,649 236,246 235,337 227,049 219,579 215,059 234,649 219,579 243,008 227,049   235,337    
Customer financing receivable, non-current   0 0 0 0 0 0 0 0 0 0 0   0    
Restricted cash, non-current   0 0 0 0 0 0 0 0 0 0 0   0    
Deferred cost of revenue, non-current   (53,562) (55,367) (70,583) (102,654) (139,172) (148,874) (155,605) (55,367) (148,874) (53,562) (139,172)   (102,654)    
Other long-term assets   9,319 9,118 8,486 8,090 7,389 6,855 6,406 9,118 6,855 9,319 7,389   8,090    
Total assets   188,381 189,652 169,648 132,126 84,892 56,044 29,583 189,652 56,044 188,381 84,892   132,126    
Current liabilities:                                
Accounts payable   0 0 0 0 0 0 0 0 0 0 0   0    
Accrued warranty   (1,159) (1,154) (1,219) (1,268) (663) (641) (329) (1,154) (641) (1,159) (663)   (1,268)    
Accrued other current liabilities   (2,534) (4,329) (3,893) (2,697) (2,887) (4,900) (4,029) (4,329) (4,900) (2,534) (2,887)   (2,697)    
Deferred revenue and customer deposits         (26,526)                 (26,526)    
Sales related liabilities   10,420 10,027 8,819   7,780 6,792 6,556 10,027 6,792 10,420 7,780        
Financing obligations   (13,856) (13,847) (16,153) 8,128 (32,527) (28,528) (27,963) (13,847) (28,528) (13,856) (32,527)   8,128    
Current portion of recourse debt   0 0 0 0 0 0 0 0 0 0 0   0    
Current portion of non-recourse debt   0 0 0 0 0 0 0 0 0 0 0   0    
Current portion of non-recourse debt from related parties   0 0 0 0 0 0 0 0 0 0 0   0    
Total current liabilities   (7,129) (9,303) (12,446) (22,363) (28,297) (27,277) (25,765) (9,303) (27,277) (7,129) (28,297)   (22,363)    
Preferred stock warrant liabilities             0 0   0            
Derivative liabilities   5,636 5,096 4,556 4,015 4,217 4,217 4,217 5,096 4,217 5,636 4,217   4,015    
Deferred revenue and customer deposits, net of current portion   (92,390) (95,840) (115,432) (154,486) (201,277) (212,920) (216,652) (95,840) (212,920) (92,390) (201,277)   (154,486)    
Financing obligations, non-current   397,272 400,078 394,037 385,650 375,254 356,727 321,682 400,078 356,727 397,272 375,254   385,650    
Long-term portion of recourse debt   0 0 0 0 0 0 0 0 0 0 0   0    
Long-term portion of non-recourse debt   0 0 0 0 0 0 0 0 0 0 0   0    
Long-term portion of recourse debt from related parties   0 0 0 0 0 0 0 0 0 0 0   0    
Long-term portion of non-recourse debt from related parties   0 0 0 0 0 0 0 0 0 0 0   0    
Other long-term liabilities   (27,264) (28,438) (29,062) (29,741) (29,724) (30,589) (30,107) (28,438) (30,589) (27,264) (29,724)   (29,741)    
Total liabilities   276,125 271,593 241,653 183,075 120,173 90,158 53,375 271,593 90,158 276,125 120,173   183,075    
Redeemable noncontrolling interest   0 0 0 0 0 0 0 0 0 0 0   0    
Convertible redeemable preferred stock             0 0   0            
Stockholders’ deficit:                                
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively.   0 0 0 0 0 0 0 0 0 0 0   0    
Additional paid-in capital   (756) (755) (755) (755) (755) 0 0 (755) 0 (756) (755)   (755)    
Accumulated other comprehensive income   0 0 0 0 0 0 0 0 0 0 0   0    
Accumulated deficit   (88,500) (82,696) (72,760) (51,704) (36,036) (34,114) (23,792) (82,696) (34,114) (88,500) (36,036)   (51,704)    
Total stockholders’ deficit   (87,744) (81,941) (72,005) (50,949) (35,281) (34,114) (23,792) (81,941) (34,114) (87,744) (35,281)   (50,949)    
Noncontrolling interest   0 0 0 0 0 0 0 0 0 0 0   0    
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest   188,381 189,652 169,648 132,126 84,892 56,044 29,583 189,652 56,044 188,381 84,892   132,126    
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   (540) (540) (540) 206 (755) 0 0 (1,080) 0 (1,620) (755)   (549) (289)  
Calculated under Revenue Guidance in Effect before Topic 606                                
Current assets:                                
Cash and cash equivalents 202,823 226,499 308,009 320,414 220,728       308,009   226,499   202,823 220,728    
Restricted cash, current 30,804 14,486 23,706 18,419 28,657       23,706   14,486   30,804 28,657    
Short-term investments         104,350                 104,350    
Accounts receivable 47,442 30,953 42,468 88,065 88,784       42,468   30,953   47,442 88,784    
Inventories 109,606 132,607 106,889 119,871 135,265       106,889   132,607   109,606 135,265    
Deferred cost of revenue 58,470 41,042 80,307 52,911 43,809       80,307   41,042   58,470 43,809    
Customer financing receivable 5,108 5,919 5,817 5,717 5,594       5,817   5,919   5,108 5,594    
Prepaid expense and other current assets 27,860 28,469 26,340 29,944 36,747       26,340   28,469   27,860 36,747    
Total current assets 482,113 479,975 593,536 635,341 663,934       593,536   479,975   482,113 663,934    
Property, plant and equipment, net 607,059 627,385 641,259 711,631 716,751       641,259   627,385   607,059 716,751    
Customer financing receivable, non-current 50,747 62,615 64,146 65,620 67,082       64,146   62,615   50,747 67,082    
Restricted cash, non-current 143,761 116,890 39,351 31,101 31,100       39,351   116,890   143,761 31,100    
Deferred cost of revenue, non-current 6,665 3,724 3,846 1,933 45       3,846   3,724   6,665 45    
Other long-term assets 37,849 67,719 70,093 42,872 42,882       70,093   67,719   37,849 42,882    
Total assets 1,328,194 1,358,308 1,412,231 1,488,498 1,521,794       1,412,231   1,358,308   1,328,194 1,521,794    
Current liabilities:                                
Accounts payable 55,579 81,060 61,427 64,425 66,889       61,427   81,060   55,579 66,889    
Accrued warranty 11,952 14,136 11,239 15,517 17,968       11,239   14,136   11,952 17,968    
Accrued other current liabilities 70,284 79,616 105,393 64,073 66,838       105,393   79,616   70,284 66,838    
Deferred revenue and customer deposits [1] 90,075       67,632               90,075 67,632    
Sales related liabilities   10,420 10,027 8,819         10,027   10,420          
Financing obligations 10,993 74,204 115,474 73,404 8,128       115,474   74,204   10,993 8,128    
Current portion of recourse debt 304,627 15,678 15,681 15,683 8,686       15,681   15,678   304,627 8,686    
Current portion of non-recourse debt 8,273 7,983 7,654 19,486 18,962       7,654   7,983   8,273 18,962    
Current portion of recourse debt from related parties 20,801                       20,801      
Current portion of non-recourse debt from related parties 3,882 3,500 2,889 2,341 2,200       2,889   3,500   3,882 2,200    
Total current liabilities 576,466 286,597 329,784 263,748 257,303       329,784   286,597   576,466 257,303    
Derivative liabilities 17,551 20,284 18,175 15,722 14,143       18,175   20,284   17,551 14,143    
Deferred revenue and customer deposits, net of current portion 84,594 87,322 85,381 86,431 87,308       85,381   87,322   84,594 87,308    
Financing obligations, non-current 446,165 397,272 400,078 394,037 385,650       400,078   397,272   446,165 385,650    
Long-term portion of recourse debt 75,962 359,959 362,424 357,876 360,339       362,424   359,959   75,962 360,339    
Long-term portion of non-recourse debt 192,180 217,334 219,182 284,541 289,241       219,182   217,334   192,180 289,241    
Long-term portion of recourse debt from related parties   27,734 27,734 27,734 27,734       27,734   27,734     27,734    
Long-term portion of non-recourse debt from related parties 31,087 31,781 32,643 33,417 34,119       32,643   31,781   31,087 34,119    
Other long-term liabilities 28,013 28,853 29,979 28,970 26,196       29,979   28,853   28,013 26,196    
Total liabilities 1,452,018 1,457,136 1,505,380 1,492,476 1,482,033       1,505,380   1,457,136   1,452,018 1,482,033    
Redeemable noncontrolling interest   557 505 58,802 57,261       505   557     57,261    
Stockholders’ deficit:                                
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively. 12 12 11 11 11       11   12   12 11    
Additional paid-in capital (2,686,759) (2,647,874) (2,604,034) (2,552,011) (2,481,352)       (2,604,034)   (2,647,874)   (2,686,759) (2,481,352)    
Accumulated other comprehensive income 19 (147) (148) 5 131       (148)   (147)   19 131    
Accumulated deficit (2,902,348) (2,842,330) (2,801,623) (2,729,471) (2,624,104)       (2,801,623)   (2,842,330)   (2,902,348) (2,624,104)    
Total stockholders’ deficit (215,558) (194,591) (197,726) (177,444) (142,610)       (197,726)   (194,591)   (215,558) (142,610)    
Noncontrolling interest 91,291 95,206 104,072 114,664 125,110       104,072   95,206   91,291 125,110    
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest $ 1,328,194 1,358,308 1,412,231 1,488,498 1,521,794       1,412,231   1,358,308   1,328,194 1,521,794    
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   (540) (540) (540)         (1,080)   (1,620)   $ (2,160)      
Difference between Revenue Guidance in Effect before and after Topic 606                                
Current assets:                                
Cash and cash equivalents   0 0 0         0   0          
Restricted cash, current   0 0 0         0   0          
Accounts receivable   (4,600) (2,430) (2,418)         (2,430)   (4,600)          
Inventories   0 0 0         0   0          
Deferred cost of revenue   0 0 0         0   0          
Customer financing receivable   0 0 0         0   0          
Prepaid expense and other current assets   173 143 129         143   173          
Total current assets   (4,427) (2,287) (2,289)         (2,287)   (4,427)          
Property, plant and equipment, net   0 0 0         0   0          
Customer financing receivable, non-current   0 0 0         0   0          
Restricted cash, non-current   0 0 0         0   0          
Deferred cost of revenue, non-current   0 0 0         0   0          
Other long-term assets   3,232 2,743 2,575         2,743   3,232          
Total assets   (1,195) 456 286         456   (1,195)          
Current liabilities:                                
Accounts payable   0 0 0         0   0          
Accrued warranty   (1,274) (999) (1,280)         (999)   (1,274)          
Accrued other current liabilities   0 0 0         0   0          
Sales related liabilities   0 0 0         0   0          
Financing obligations   3,347 3,264 1,665         3,264   3,347          
Current portion of recourse debt   0 0 0         0   0          
Current portion of non-recourse debt   0 0 0         0   0          
Current portion of non-recourse debt from related parties   0 0 0         0   0          
Total current liabilities   2,073 2,265 385         2,265   2,073          
Derivative liabilities   0 0 0         0   0          
Deferred revenue and customer deposits, net of current portion   34,954 25,369 17,320         25,369   34,954          
Financing obligations, non-current   0 0 0         0   0          
Long-term portion of recourse debt   0 0 0         0   0          
Long-term portion of non-recourse debt   0 0 0         0   0          
Long-term portion of recourse debt from related parties   0 0 0         0   0          
Long-term portion of non-recourse debt from related parties   0 0 0         0   0          
Other long-term liabilities   (1) 0 0         0   (1)          
Total liabilities   37,026 27,634 17,705         27,634   37,026          
Redeemable noncontrolling interest   0 0 0         0   0          
Stockholders’ deficit:                                
Common stock: $0.0001 par value; Class A shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 84,549,511 shares and 20,868,286 shares issued and outstanding at December 31, 2019 and 2018, respectively; Class B shares, 600,000,000 shares authorized at both December 31, 2019 and 2018, and 36,486,778 shares and 88,552,897 shares issued and outstanding at December 31, 2019 and 2018, respectively.   0 0 0         0   0          
Additional paid-in capital   0 0 0         0   0          
Accumulated other comprehensive income   0 0 0         0   0          
Accumulated deficit   (38,221) (27,178) (17,419)         (27,178)   (38,221)          
Total stockholders’ deficit   (38,221) (27,178) (17,419)         (27,178)   (38,221)          
Noncontrolling interest   0 0 0         0   0          
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest   (1,195) 456 286         456   (1,195)          
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   0 0 0         0   0          
Capitalized Stock-Based Compensation | Restatement Adjustment                                
Current assets:                                
Inventories   3,702 1,955 3,827 8,134 7,193 870 348 1,955 870 3,702 7,193   8,134    
Deferred cost of revenue   800 3,700 2,100 2,216 3,000   300 3,700   800 3,000   2,216    
Property, plant and equipment, net   3,700 3,700 3,600 3,221 2,400 1,000 900 3,700 1,000 3,700 2,400   3,221    
Immaterial Misstatements | Restatement Adjustment                                
Current assets:                                
Deferred cost of revenue         900                 900    
Deferred cost of revenue, current and non-current   (3,100) (2,500) (1,700)         (2,500)   (3,100)          
Transfer Of Ownership | Restatement Adjustment                                
Current assets:                                
Property, plant and equipment, net   239,300 230,900 232,600 232,116 224,600 218,600 214,100 230,900 218,600 239,300 224,600   232,116    
Capitalized Stock-Based Compensation, Managed Services Program | Restatement Adjustment                                
Current assets:                                
Inventories   (11,466)   (500)   (4,140) (8,018) (3,394)   (8,018) (11,466) (4,140)        
Reclassification Of Lease Arrangements | Restatement Adjustment                                
Current assets:                                
Deferred cost of revenue   (7,400) (7,400) (13,900) (19,636) (23,800) (20,100) (38,200) (7,400) (20,100) (7,400) (23,800)   (19,636)    
Deferred cost of revenue, non-current   (53,600) (55,400) (70,600) (102,654) 139,200 (148,900) 155,600 (55,400) (148,900) (53,600) 139,200   (102,654)    
Overhead Stock-Based Compensation | Restatement Adjustment                                
Current assets:                                
Deferred cost of revenue             300     300            
Change In Policy | Restatement Adjustment                                
Current liabilities:                                
Accrued warranty   100 200 400 523 300 300   200 300 100 300   523    
Grid Pricing Escalation | Restatement Adjustment                                
Current liabilities:                                
Accrued warranty   1,100 900 800 745 400 $ 400 $ 300 900 $ 400 1,100 400   745    
Stockholders’ deficit:                                
Gain (loss) on revaluation of warrant liabilities and embedded derivatives   540 $ 540 $ 540 (205)       $ 1,081   1,621     (205) $ 288  
Valuation Adjustment | Restatement Adjustment                                
Stockholders’ deficit:                                
Additional paid-in capital   $ 755     $ (755) $ (755)         $ 755 $ (755)   $ (755)    
[1] We have variable interest entities which represent a portion of the consolidated balances are recorded within these financial statement line items in the Consolidated Balance Sheets (see Note 13, Power Purchase Agreement Programs).
v3.20.1
Unaudited Quarterly Supplemental Financial Information - Cash Flows (Details) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:                              
Net income (loss) $ (71,011,000) $ (56,777,000) $ (86,926,000) $ (108,752,000) $ (120,111,000) $ (84,432,000) $ (60,510,000) $ (26,223,000) $ (195,678,000) $ (86,733,000) $ (252,455,000) $ (171,165,000) $ (323,466,000) $ (291,276,000) $ (295,028,000)
Adjustments to reconcile net loss to net cash used in operating activities:                              
Depreciation and amortization       14,225,000       13,304,000 37,034,000 26,466,000 64,948,000 39,757,000 78,584,000 53,887,000 54,376,000
Write-off of property, plant and equipment, net       1,000         2,704,000 661,000 2,987,000 901,000 3,117,000 939,000 48,000
Write-off of customer financing receivable                         11,302,000 0 0
Write-off of PPA II and PPA IIIb decommissioned assets                 25,613,000   25,613,000   70,543,000 0 0
Debt make-whole expense                 5,934,000   5,934,000   5,934,000 0 0
PPA I decommissioning, net                     0        
Revaluation of derivative contracts       87,000       7,157,000 1,636,000 28,611,000 2,955,000 27,516,000 2,779,000 29,021,000 15,042,000
Stock-based compensation       67,822,000       8,147,000 119,186,000 15,481,000 160,233,000 76,674,000 196,291,000 168,482,000 29,101,000
Loss (gain) on long-term REC purchase contract       59,000       12,000 60,000 100,000 61,000 150,000 53,000 200,000 (70,000)
Revaluation of stock warrants               (100,000)   (7,456,000)   (9,109,000) 0 (9,108,000) (2,975,000)
Revaluation of preferred stock warrants               (3,271,000)   166,000          
Amortization of debt issuance cost       5,152,000       7,168,000 11,255,000 14,420,000 16,295,000 20,279,000 22,130,000 25,437,000 47,312,000
Changes in operating assets and liabilities:                              
Accounts receivable       4,131,000       (28,235,000) 49,741,000 (6,681,000) 63,426,000 (11,500,000) 51,952,000 (55,023,000) 3,242,000
Inventories       11,087,000       (3,527,000) 22,197,000 (38,257,000) (1,775,000) (40,428,000) 18,425,000 (36,974,000) (10,636,000)
Deferred cost of revenue       (11,084,000)       12,741,000 (38,793,000) 20,398,000 (2,344,000) 13,602,000 (21,992,000) 14,223,000 (31,278,000)
Customer financing receivable and other       1,339,000       1,306,000 2,713,000 2,439,000 4,142,000 3,736,000 5,520,000 4,878,000 5,459,000
Prepaid expenses and other current assets       6,628,000       483,000 10,227,000 4,764,000 8,071,000 (8,099,000) 8,643,000 (8,032,000) (982,000)
Other long-term assets       (416,000)       848,000 (272,000) (851,000) 1,294,000 (346,000) 3,618,000 (202,000) 756,000
Accounts payable       (2,464,000)       (827,000) (5,461,000) 5,217,000 14,171,000 11,236,000 (11,310,000) 18,307,000 7,076,000
Accrued warranty       (2,697,000)       (77,000) (6,696,000) (2,183,000) (4,074,000) 840,000 (6,603,000) 1,498,000 (7,365,000)
Accrued expenses and other current liabilities       (373,000)       (10,598,000) 5,581,000 (14,201,000) 5,191,000 2,511,000 6,728,000 (5,984,000) 7,997,000
Deferred managed services revenue                     0        
Deferred revenue and customer deposits       1,244,000       (15,727,000) 51,913,000 (22,030,000) 22,252,000 (14,772,000) 37,146,000 (21,774,000) 48,322,000
Other long-term liabilities       4,166,000       9,030,000 4,722,000 19,149,000 4,560,000 11,518,000 4,376,000 19,553,000 37,637,000
Net cash provided by (used in) operating activities       (9,845,000)       (28,389,000) 103,616,000 (40,852,000) 141,485,000 (46,699,000) 163,770,000 (91,948,000) (91,966,000)
Cash flows from investing activities:                              
Purchase of property, plant and equipment       (11,946,000)       (4,858,000) (23,619,000) (13,145,000) (39,690,000) (24,616,000) (51,053,000) (45,205,000) (61,454,000)
Payments for acquisition of intangible assets       (848,000)         (970,000)   (1,478,000) (2,762,000) 0 (3,256,000) 0
Purchase of marketable securities               (8,991,000)   (15,732,000)   (15,732,000) 0 (103,914,000) (29,043,000)
Proceeds from maturity of marketable securities       104,500,000       15,750,000 104,500,000 27,000,000 104,500,000 38,250,000 104,500,000 27,000,000 2,250,000
Net cash provided by (used in) investing activities       91,706,000       1,901,000 79,911,000 (1,877,000) 63,332,000 (4,860,000) 53,447,000 (125,375,000) (88,247,000)
Cash flows from financing activities:                              
Repayment of debt       (5,016,000)       (4,489,000) (83,997,000) (9,201,000) (93,263,000) (14,036,000) (119,277,000) (18,770,000) (20,507,000)
Repayment of debt to related parties       (778,000)       (290,000) (1,220,000) (627,000) (1,691,000) (990,000) (2,200,000) (1,390,000) (912,000)
Debt make-whole payment                 (5,934,000)   (5,934,000)   (5,934,000) 0 0
Debt issuance costs                         0 0 (6,108,000)
Proceeds from financing obligations       10,961,000         20,333,000 36,799,000 20,333,000 57,897,000 72,334,000 70,265,000 84,314,000
Repayment of financing obligations       (1,883,000)       1,463,000 (4,006,000) 2,982,000 (6,419,000) (4,563,000) (8,954,000) (6,188,000) (3,210,000)
Proceeds from noncontrolling and redeemable noncontrolling interests                         0 0 13,652,000
Payments to noncontrolling and redeemable noncontrolling interests                 (18,690,000)   (43,713,000)   (56,459,000) 0 0
Distributions to noncontrolling and redeemable noncontrolling interests       (3,189,000)       (3,832,000) (7,753,000) (11,582,000) (9,363,000) (14,192,000) (12,537,000) (15,250,000) (23,659,000)
Proceeds from issuance of common stock       7,493,000       120,000 8,321,000 742,000 12,623,000 1,456,000 12,713,000 1,521,000 432,000
Proceeds from public offerings, net of underwriting discounts and commissions                       292,529,000 0 292,529,000 0
Payments of initial public offering issuance costs               (578,000)   (1,160,000)   (2,928,000) 0 (5,521,000) (1,092,000)
Net cash provided by (used in) financing activities       7,588,000       (10,532,000) (92,946,000) 11,989,000 (127,427,000) 315,173,000 (120,314,000) 317,196,000 142,910,000
Net increase (decrease) in cash, cash equivalents, and restricted cash       89,449,000       (37,020,000) 90,581,000 (30,740,000) 77,390,000 263,614,000 96,903,000 99,873,000 (37,303,000)
Beginning of period 357,875,000 371,066,000 369,934,000 280,485,000 444,226,000 149,872,000 143,592,000 180,612,000 280,485,000 180,612,000 280,485,000 180,612,000 280,485,000 180,612,000 217,915,000
End of period 377,388,000 357,875,000 371,066,000 369,934,000 280,485,000 444,226,000 149,872,000 143,592,000 371,066,000 149,872,000 357,875,000 444,226,000 377,388,000 280,485,000 180,612,000
Cash paid during the period for interest       20,383,000       15,829,000 35,702,000 25,773,000 53,772,000 45,106,000 69,851,000 59,549,000 37,628,000
Cash paid during the period for taxes       222,000       401,000 497,000 625,000 715,000 1,052,000 860,000 1,748,000 616,000
Previously Reported                              
Cash flows from operating activities:                              
Net income (loss)   (39,930,000) (67,231,000) (88,273,000) (104,443,000) (82,510,000) (50,188,000) (22,348,000) (155,504,000) (72,536,000) (195,434,000) (155,046,000)   (259,489,000) (281,265,000)
Adjustments to reconcile net loss to net cash used in operating activities:                              
Depreciation and amortization       11,271,000       10,847,000 31,023,000 21,554,000 55,816,000 32,141,000   43,459,000 46,105,000
Write-off of property, plant and equipment, net       1,000         2,704,000 661,000 2,987,000 901,000   939,000 48,000
Write-off of PPA II and PPA IIIb decommissioned assets                 25,613,000   25,613,000        
Debt make-whole expense                 5,934,000   5,934,000        
Revaluation of derivative contracts       (453,000)       7,157,000 555,000 28,611,000 1,335,000 26,761,000   28,471,000 14,754,000
Stock-based compensation       63,882,000       7,956,000 115,100,000 15,773,000 154,955,000 87,451,000   180,284,000 30,479,000
Loss (gain) on long-term REC purchase contract       59,000       12,000 60,000 100,000 61,000 150,000   200,000 (70,000)
Revaluation of stock warrants               (100,000)   (7,456,000)   (9,109,000)   (9,108,000) (2,975,000)
Revaluation of preferred stock warrants               (3,271,000)   166,000          
Amortization of debt issuance cost       5,152,000       7,168,000 11,255,000 14,420,000 16,295,000 20,279,000   25,437,000 47,312,000
Changes in operating assets and liabilities:                              
Accounts receivable       816,000       (28,203,000) 46,591,000 (6,486,000) 58,150,000 (11,168,000)   (54,570,000) 4,849,000
Inventories       15,932,000       (6,818,000) 27,542,000 (46,172,000) (7,896,000) (44,465,000)   (42,216,000) (7,105,000)
Deferred cost of revenue       26,014,000       16,282,000 19,198,000 48,760,000 56,854,000 47,945,000   88,324,000 (70,979,000)
Customer financing receivable and other       1,339,000       1,306,000 2,713,000 2,439,000 4,142,000 3,736,000   4,878,000 5,459,000
Prepaid expenses and other current assets       5,194,000       (446,000) 8,477,000 4,544,000 7,928,000 (6,514,000)   (7,064,000) (2,175,000)
Other long-term assets       83,000       1,266,000 1,028,000 15,000 3,281,000 1,052,000   1,897,000 4,625,000
Accounts payable       (2,464,000)       (827,000) (5,461,000) 5,217,000 14,171,000 11,236,000   18,307,000 7,076,000
Accrued warranty       (2,500,000)       (87,000) (6,843,000) (1,883,000) (3,941,000) 1,164,000   2,426,000 (7,045,000)
Accrued expenses and other current liabilities       823,000       (10,083,000) 7,213,000 (12,815,000) 5,029,000 1,885,000   (6,800,000) 8,599,000
Deferred managed services revenue                     0        
Deferred revenue and customer deposits       (44,533,000)       (22,347,000) (25,411,000) (31,817,000) (68,180,000) (32,203,000)   (91,996,000) 91,893,000
Other long-term liabilities       3,487,000       8,049,000 3,419,000 18,652,000 2,083,000 10,156,000   18,204,000 43,239,000
Net cash provided by (used in) operating activities       (4,170,000)       (34,487,000) 115,206,000 (18,585,000) 139,183,000 (13,648,000)   (58,417,000) (67,176,000)
Cash flows from investing activities:                              
Purchase of property, plant and equipment       (8,543,000)       (223,000) (18,882,000) (1,595,000) (23,474,000) (4,333,000)   (14,659,000) (5,140,000)
Payments for acquisition of intangible assets       (848,000)         (970,000)   (1,478,000) (2,762,000)   (3,256,000)  
Purchase of marketable securities               (8,991,000)   (15,732,000)   (15,732,000)   (103,914,000) (29,043,000)
Proceeds from maturity of marketable securities       104,500,000       15,750,000 104,500,000 27,000,000 104,500,000 38,250,000   27,000,000 2,250,000
Net cash provided by (used in) investing activities       95,109,000       6,536,000 84,648,000 9,673,000 79,548,000 15,423,000   (94,829,000) (31,933,000)
Cash flows from financing activities:                              
Repayment of debt       (5,016,000)       (4,489,000) (83,997,000) (9,201,000) (93,263,000) (14,036,000)   (18,770,000) (20,507,000)
Repayment of debt to related parties       (778,000)       (290,000) (1,220,000) (627,000) (1,691,000) (990,000)   (1,390,000) (912,000)
Debt make-whole payment                 (5,934,000)   (5,934,000)        
Debt issuance costs                             (6,108,000)
Proceeds from financing obligations       0         0 0 0 0   0 0
Repayment of financing obligations       0       0 0 0 0 0   0 0
Proceeds from noncontrolling and redeemable noncontrolling interests                             13,652,000
Payments to noncontrolling and redeemable noncontrolling interests                 (18,690,000)   (43,713,000)        
Distributions to noncontrolling and redeemable noncontrolling interests       (3,189,000)       (3,832,000) (7,753,000) (11,582,000) (9,363,000) (14,192,000)   (15,250,000) (23,659,000)
Proceeds from issuance of common stock       7,493,000       120,000 8,321,000 742,000 12,623,000 1,456,000   1,521,000 432,000
Proceeds from public offerings, net of underwriting discounts and commissions                       292,529,000   292,529,000  
Payments of initial public offering issuance costs               (578,000)   (1,160,000)   (2,928,000)   (5,521,000) (1,092,000)
Net cash provided by (used in) financing activities       (1,490,000)       (9,069,000) (109,273,000) (21,828,000) (141,341,000) 261,839,000   253,119,000 61,806,000
Net increase (decrease) in cash, cash equivalents, and restricted cash       89,449,000       (37,020,000) 90,581,000 (30,740,000) 77,390,000 263,614,000   99,873,000 (37,303,000)
Beginning of period 357,875,000 371,066,000 369,934,000 280,485,000 444,226,000 149,872,000 143,592,000 180,612,000 280,485,000 180,612,000 280,485,000 180,612,000 280,485,000 180,612,000 217,915,000
End of period   357,875,000 371,066,000 369,934,000 280,485,000 444,226,000 149,872,000 143,592,000 371,066,000 149,872,000 357,875,000 444,226,000   280,485,000 180,612,000
Cash paid during the period for interest       14,545,000       11,216,000 23,867,000 16,540,000 35,894,000 30,601,000   39,465,000 21,948,000
Cash paid during the period for taxes       222,000       401,000 497,000 625,000 715,000 1,052,000   1,748,000 616,000
Restatement Adjustment                              
Cash flows from operating activities:                              
Net income (loss)   (5,802,000) (9,935,000) (21,056,000) (15,668,000) (1,922,000) (10,322,000) (3,875,000) (30,991,000) (14,197,000) (36,793,000) (16,119,000)   (31,787,000) (13,763,000)
Adjustments to reconcile net loss to net cash used in operating activities:                              
Depreciation and amortization       2,954,000       2,457,000 6,011,000 4,912,000 9,132,000 7,616,000   10,428,000 8,271,000
Write-off of property, plant and equipment, net       0         0 0 0 0   0 0
Write-off of PPA II and PPA IIIb decommissioned assets                 0   0        
Debt make-whole expense                 0   0        
Revaluation of derivative contracts       540,000       0 1,081,000 0 1,620,000 755,000   550,000 288,000
Stock-based compensation       3,940,000       191,000 4,086,000 (292,000) 5,278,000 (10,777,000)   (11,802,000) (1,378,000)
Loss (gain) on long-term REC purchase contract       0       0 0 0 0 0   0 0
Revaluation of stock warrants               0   0   0   0 0
Revaluation of preferred stock warrants               0   0          
Amortization of debt issuance cost       0       0 0 0 0 0   0 0
Changes in operating assets and liabilities:                              
Accounts receivable       (98,000)       (32,000) (274,000) (195,000) (318,000) (332,000)   (453,000) (1,607,000)
Inventories       (4,845,000)       3,291,000 (5,345,000) 7,915,000 6,121,000 4,037,000   5,242,000 (3,531,000)
Deferred cost of revenue       (37,098,000)       (3,541,000) (57,991,000) (28,362,000) (59,198,000) (34,343,000)   (74,101,000) 39,701,000
Customer financing receivable and other       0       0 0 0 0 0   0 0
Prepaid expenses and other current assets       1,423,000       929,000 1,752,000 220,000 176,000 (1,585,000)   (968,000) 1,193,000
Other long-term assets       (396,000)       (418,000) (1,029,000) (866,000) (1,229,000) (1,398,000)   (2,099,000) (3,869,000)
Accounts payable       0       0 0 0 0 0   0 0
Accrued warranty       50,000       10,000 114,000 (300,000) 109,000 (324,000)   (928,000) (320,000)
Accrued expenses and other current liabilities       (1,196,000)       (515,000) (1,632,000) (1,386,000) 162,000 626,000   816,000 (602,000)
Deferred managed services revenue                     0        
Deferred revenue and customer deposits       49,428,000       6,620,000 71,325,000 9,787,000 74,765,000 17,431,000   70,222,000 (43,571,000)
Other long-term liabilities       679,000       981,000 1,303,000 497,000 2,477,000 1,362,000   1,349,000 (5,602,000)
Net cash provided by (used in) operating activities       (5,675,000)       6,098,000 (11,590,000) (22,267,000) 2,302,000 (33,051,000)   (33,531,000) (24,790,000)
Cash flows from investing activities:                              
Purchase of property, plant and equipment       (3,403,000)       (4,635,000) (4,737,000) (11,550,000) (16,216,000) (20,283,000)   (30,546,000) (56,314,000)
Payments for acquisition of intangible assets       0         0   0 0   0  
Purchase of marketable securities               0   0   0   0 0
Proceeds from maturity of marketable securities       0       0 0 0 0 0   0 0
Net cash provided by (used in) investing activities       (3,403,000)       (4,635,000) (4,737,000) (11,550,000) (16,216,000) (20,283,000)   (30,546,000) (56,314,000)
Cash flows from financing activities:                              
Repayment of debt       0       0 0 0 0 0   0 0
Repayment of debt to related parties       0       0 0 0 0 0   0 0
Debt make-whole payment                 0   0        
Debt issuance costs                             0
Proceeds from financing obligations       10,961,000         20,333,000 36,799,000 20,333,000 57,897,000   70,265,000 84,314,000
Repayment of financing obligations       (1,883,000)       1,463,000 (4,006,000) 2,982,000 (6,419,000) (4,563,000)   (6,188,000) (3,210,000)
Proceeds from noncontrolling and redeemable noncontrolling interests                             0
Payments to noncontrolling and redeemable noncontrolling interests                 0   0        
Distributions to noncontrolling and redeemable noncontrolling interests       0       0 0 0 0 0   0 0
Proceeds from issuance of common stock       0       0 0 0 0 0   0 0
Proceeds from public offerings, net of underwriting discounts and commissions                       0   0  
Payments of initial public offering issuance costs               0   0   0   0 0
Net cash provided by (used in) financing activities       9,078,000       (1,463,000) 16,327,000 33,817,000 13,914,000 53,334,000   64,077,000 81,104,000
Net increase (decrease) in cash, cash equivalents, and restricted cash       0       0 0 0 0 0   0 0
Beginning of period 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
End of period   0 0 0 0 $ 0 $ 0 0 0 0 0 0   0 0
Cash paid during the period for interest       5,838,000       4,613,000 11,835,000 9,233,000 17,878,000 14,505,000   20,084,000 15,680,000
Cash paid during the period for taxes       0       0 0 0 0 0   0 0
Calculated under Revenue Guidance in Effect before Topic 606                              
Cash flows from operating activities:                              
Net income (loss)   (45,732,000) (77,166,000) (109,329,000)         (186,495,000)   (232,227,000)   (297,426,000)    
Adjustments to reconcile net loss to net cash used in operating activities:                              
Depreciation and amortization       14,225,000         37,034,000   64,948,000        
Write-off of property, plant and equipment, net       1,000         2,704,000   2,987,000        
Write-off of PPA II and PPA IIIb decommissioned assets                 25,613,000   25,613,000        
Debt make-whole expense                 5,934,000   5,934,000        
PPA I decommissioning, net                     0        
Revaluation of derivative contracts       87,000         1,636,000   2,955,000        
Stock-based compensation       67,822,000         119,186,000   160,233,000        
Loss (gain) on long-term REC purchase contract       59,000         60,000   61,000        
Amortization of debt issuance cost       5,152,000         11,255,000   16,295,000        
Changes in operating assets and liabilities:                              
Accounts receivable       718,000         46,317,000   57,832,000        
Inventories       11,087,000         22,197,000   (1,775,000)        
Deferred cost of revenue       (11,084,000)         (38,793,000)   (2,344,000)        
Customer financing receivable and other       1,339,000         2,713,000   4,142,000        
Prepaid expenses and other current assets       6,617,000         10,229,000   8,104,000        
Other long-term assets       (313,000)         (1,000)   2,052,000        
Accounts payable       (2,464,000)         (5,461,000)   14,171,000        
Accrued warranty       (2,450,000)         (6,729,000)   (3,832,000)        
Accrued expenses and other current liabilities       (373,000)         5,581,000   5,191,000        
Deferred managed services revenue                     0        
Deferred revenue and customer deposits       4,895,000         45,914,000   6,585,000        
Other long-term liabilities       4,166,000         4,722,000   4,560,000        
Net cash provided by (used in) operating activities       (9,845,000)         103,616,000   141,485,000        
Cash flows from investing activities:                              
Purchase of property, plant and equipment       (11,946,000)         (23,619,000)   (39,690,000)        
Payments for acquisition of intangible assets       (848,000)         (970,000)   (1,478,000)        
Proceeds from maturity of marketable securities       104,500,000         104,500,000   104,500,000        
Net cash provided by (used in) investing activities       91,706,000         79,911,000   63,332,000        
Cash flows from financing activities:                              
Repayment of debt       (5,016,000)         (83,997,000)   (93,263,000)        
Repayment of debt to related parties       (778,000)         (1,220,000)   (1,691,000)        
Debt make-whole payment                 (5,934,000)   (5,934,000)        
Proceeds from financing obligations       10,961,000         20,333,000   20,333,000        
Repayment of financing obligations       (1,883,000)         (4,006,000)   (6,419,000)        
Payments to noncontrolling and redeemable noncontrolling interests                 (18,690,000)   (43,713,000)        
Distributions to noncontrolling and redeemable noncontrolling interests       (3,189,000)         (7,753,000)   (9,363,000)        
Proceeds from issuance of common stock       7,493,000         8,321,000   12,623,000        
Net cash provided by (used in) financing activities       7,588,000         (92,946,000)   (127,427,000)        
Net increase (decrease) in cash, cash equivalents, and restricted cash       89,449,000         90,581,000   77,390,000        
Beginning of period 357,875,000 371,066,000 369,934,000 280,485,000         280,485,000   280,485,000   280,485,000    
End of period   357,875,000 371,066,000 369,934,000 280,485,000       371,066,000   357,875,000     280,485,000  
Cash paid during the period for interest       20,383,000         35,702,000   53,772,000        
Cash paid during the period for taxes       222,000         497,000   715,000        
Difference between Revenue Guidance in Effect before and after Topic 606                              
Cash flows from operating activities:                              
Net income (loss)   (11,045,000) (9,760,000) 577,000         (9,183,000)   (20,228,000)        
Adjustments to reconcile net loss to net cash used in operating activities:                              
Depreciation and amortization       0         0   0        
Write-off of property, plant and equipment, net       0         0   0        
Write-off of PPA II and PPA IIIb decommissioned assets                 0   0        
Debt make-whole expense                 0   0        
PPA I decommissioning, net                     0        
Revaluation of derivative contracts       0         0   0        
Stock-based compensation       0         0   0        
Loss (gain) on long-term REC purchase contract       0         0   0        
Amortization of debt issuance cost       0         0   0        
Changes in operating assets and liabilities:                              
Accounts receivable       3,413,000         3,424,000   5,594,000        
Inventories       0         0   0        
Deferred cost of revenue       0         0   0        
Customer financing receivable and other       0         0   0        
Prepaid expenses and other current assets       11,000         (2,000)   (33,000)        
Other long-term assets       (103,000)         (271,000)   (758,000)        
Accounts payable       0         0   0        
Accrued warranty       (247,000)         33,000   (242,000)        
Accrued expenses and other current liabilities       0         0   0        
Deferred managed services revenue                     0        
Deferred revenue and customer deposits       (3,651,000)         5,999,000   15,667,000        
Other long-term liabilities       0         0   0        
Net cash provided by (used in) operating activities       0         0   0        
Cash flows from investing activities:                              
Purchase of property, plant and equipment       0         0   0        
Payments for acquisition of intangible assets       0         0   0        
Proceeds from maturity of marketable securities       0         0   0        
Net cash provided by (used in) investing activities       0         0   0        
Cash flows from financing activities:                              
Repayment of debt       0         0   0        
Repayment of debt to related parties       0         0   0        
Debt make-whole payment                 0   0        
Proceeds from financing obligations       0         0   0        
Repayment of financing obligations       0         0   0        
Payments to noncontrolling and redeemable noncontrolling interests                 0   0        
Distributions to noncontrolling and redeemable noncontrolling interests       0         0   0        
Proceeds from issuance of common stock       0         0   0        
Net cash provided by (used in) financing activities       0         0   0        
Net increase (decrease) in cash, cash equivalents, and restricted cash       0         0   0        
Beginning of period $ 0 0 0 0         0   0   $ 0    
End of period   $ 0 $ 0 0 $ 0       0   0     0  
Cash paid during the period for interest       0         0   0        
Cash paid during the period for taxes       0         0   0        
Capitalized Stock-Based Compensation | Restatement Adjustment                              
Adjustments to reconcile net loss to net cash used in operating activities:                              
Stock-based compensation       4,400,000       (602,000) 4,672,000 (1,026,000) 5,864,000 (10,068,000)   (10,256,000) (634,000)
Changes in operating assets and liabilities:                              
Deferred cost of revenue       94,000       (348,000) (1,506,000) (250,000) 1,432,000 (2,969,000)   (2,216,000) 609,000
Capitalized Stock-Based Compensation, Managed Services Program | Restatement Adjustment                              
Adjustments to reconcile net loss to net cash used in operating activities:                              
Stock-based compensation       (460,000)       793,000 (586,000) 733,000 (586,000) (709,000)   (1,546,000) (744,000)
Reclassification Of Lease Arrangements | Restatement Adjustment                              
Changes in operating assets and liabilities:                              
Deferred cost of revenue       (37,192,000)       $ (3,193,000) (56,485,000) $ (28,112,000) (60,630,000) $ (31,373,000)   (71,884,000) 39,091,000
Grid Pricing Escalation | Restatement Adjustment                              
Adjustments to reconcile net loss to net cash used in operating activities:                              
Revaluation of derivative contracts                           200,000  
Changes in operating assets and liabilities:                              
Accrued warranty       $ 143,000         $ 312,000   $ 432,000     $ 300,000  
Accrued expenses and other current liabilities                             $ (261,000)
v3.20.1
Label Element Value
Retained Earnings [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ (17,996,000)
Parent [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ (17,996,000)