(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarter ended | |||||
or | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from ____________to ____________ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) | ||||
( | |||||
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of Each Class(1) | Trading Symbol | Name of each exchange on which registered | ||||||
(1) Our Class B Common Stock is not registered but is convertible into shares of Class A Common Stock at the election of the holder. |
Page | |||||
PART I - FINANCIAL INFORMATION | |||||
Item 1 - Financial Statements (unaudited) | |||||
Condensed Consolidated Balance Sheets | |||||
Condensed Consolidated Statements of Operations | |||||
Condensed Consolidated Statements of Comprehensive Loss | |||||
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) | |||||
Condensed Consolidated Statements of Cash Flows | |||||
Notes to Unaudited Condensed Consolidated Financial Statements | |||||
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||
Item 3 - Quantitative and Qualitative Disclosures About Market Risk | |||||
Item 4 - Controls and Procedures | |||||
PART II - OTHER INFORMATION | |||||
Item 1 - Legal Proceedings | |||||
Item 1A - Risk Factors | |||||
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds | |||||
Item 3 - Defaults Upon Senior Securities | |||||
Item 4 - Mine Safety Disclosures | |||||
Item 5 - Other Information | |||||
Item 6 - Exhibits | |||||
Signatures |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents1 | $ | $ | ||||||||||||
Restricted cash1 | ||||||||||||||
Accounts receivable less allowance for doubtful accounts of $ | ||||||||||||||
Contract assets | ||||||||||||||
Inventories | ||||||||||||||
Deferred cost of revenue | ||||||||||||||
Customer financing receivable1 | ||||||||||||||
Prepaid expenses and other current assets1 | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net1 | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Customer financing receivable1 | ||||||||||||||
Restricted cash1 | ||||||||||||||
Deferred cost of revenue | ||||||||||||||
Other long-term assets1 | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders’ equity (deficit) | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued warranty | ||||||||||||||
Accrued expenses and other current liabilities1 | ||||||||||||||
Deferred revenue and customer deposits1 | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Financing obligations | ||||||||||||||
Recourse debt | ||||||||||||||
Non-recourse debt1 | ||||||||||||||
Total current liabilities | ||||||||||||||
Deferred revenue and customer deposits1 | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Financing obligations | ||||||||||||||
Recourse debt | ||||||||||||||
Non-recourse debt1 | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 13) | ||||||||||||||
Redeemable convertible preferred stock, Series A: | ||||||||||||||
Redeemable noncontrolling interest | ||||||||||||||
Stockholders’ equity (deficit): | ||||||||||||||
Common stock: $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Total equity (deficit) attributable to Class A and Class B common stockholders | ( | |||||||||||||
Noncontrolling interest | ||||||||||||||
Total stockholders' equity (deficit) | $ | $ | ( | |||||||||||
Total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders' equity (deficit) | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Product | $ | $ | $ | $ | ||||||||||||||||||||||
Installation | ||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||
Electricity | ||||||||||||||||||||||||||
Total revenue | ||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||
Product | ||||||||||||||||||||||||||
Installation | ||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||
Electricity | ||||||||||||||||||||||||||
Total cost of revenue | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Sales and marketing | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | ||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Loss on extinguishment of debt | ( | |||||||||||||||||||||||||
Other income, net | ||||||||||||||||||||||||||
Gain (loss) on revaluation of embedded derivatives | ( | ( | ||||||||||||||||||||||||
Loss before income taxes | ( | ( | ( | ( | ||||||||||||||||||||||
Income tax provision | ||||||||||||||||||||||||||
Net loss | ( | ( | ( | ( | ||||||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | ( | ( | ( | ( | ||||||||||||||||||||||
Net loss attributable to Class A and Class B common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Less: Net (loss) income attributable to redeemable noncontrolling interest | ( | ( | ||||||||||||||||||||||||
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Net loss per share available to Class A and Class B common stockholders, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive loss, net of taxes: | ||||||||||||||||||||||||||
Change in derivative instruments designated and qualifying as cash flow hedges | ( | ( | ||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | ||||||||||||||||||||||
Other comprehensive loss, net of taxes | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive loss | ( | ( | ( | ( | ||||||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive loss attributable to Class A and Class B common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Less: Comprehensive (loss) income attributable to redeemable noncontrolling interest | ( | ( | ||||||||||||||||||||||||
Comprehensive loss after portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A and Class B Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total equity (deficit) attributable to Class A and Class B common stockholders | Noncontrolling Interest | Total Stockholders' Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
ESPP purchase | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Distributions and payments to noncontrolling interests | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Public share offering (Note 1) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Forward to purchase Class A Common Stock (Note 5) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss1 | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A and Class B Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total deficit attributable to Class A and Class B common stockholders | Noncontrolling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
ESPP purchase | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Change in effective portion of interest rate swap agreement | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions and payments to noncontrolling interests | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss2 | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A and Class B Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total equity (deficit) attributable to Class A and Class B common stockholders | Noncontrolling Interest | Total Stockholders' Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
ESPP purchase | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Distributions and payments to noncontrolling interests | — | — | ( | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Public share offering (Note 1) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Forward to purchase Class A Common Stock (Note 5) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss3 | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A and Class B Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total (deficit) equity attributable to Class A and Class B common stockholders | Noncontrolling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
— | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
ESPP purchase | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Change in effective portion of interest rate swap agreement | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions and payments to noncontrolling interests | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss4 | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ |
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Non-cash lease expense | ||||||||||||||
Gain on sale of property, plant and equipment | ( | |||||||||||||
Write-off of assets related to PPA IIIa | ||||||||||||||
Revaluation of derivative liabilities | ( | |||||||||||||
Stock-based compensation | ||||||||||||||
Gain on remeasurement of investment | ( | |||||||||||||
Loss on extinguishment of debt | ||||||||||||||
Amortization of warrants and debt issuance costs | ||||||||||||||
Unrealized foreign currency exchange loss | ||||||||||||||
Other | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | ||||||||||||||
Contract assets | ( | ( | ||||||||||||
Inventories | ( | ( | ||||||||||||
Deferred cost of revenue | ( | |||||||||||||
Customer financing receivable | ||||||||||||||
Prepaid expenses and other current assets | ( | |||||||||||||
Other long-term assets | ( | ( | ||||||||||||
Operating lease right-of-use assets and operating lease liabilities | ( | |||||||||||||
Finance lease liabilities | ||||||||||||||
Accounts payable | ||||||||||||||
Accrued warranty | ( | |||||||||||||
Accrued expenses and other current liabilities | ( | |||||||||||||
Deferred revenue and customer deposits | ( | ( | ||||||||||||
Other long-term liabilities | ( | |||||||||||||
Net cash used in operating activities | ( | ( | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchase of property, plant and equipment | ( | ( | ||||||||||||
Net cash acquired from step acquisition | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Repayment of debt of PPA IIIa | ( | |||||||||||||
Repayment of debt | ( | ( | ||||||||||||
Debt make-whole payment related to PPA IIIa debt | ( | |||||||||||||
Proceeds from financing obligations | ||||||||||||||
Repayment of financing obligations | ( | ( | ||||||||||||
Contributions from noncontrolling interests | ||||||||||||||
Distributions to redeemable noncontrolling interests | ( | |||||||||||||
Distributions and payments to noncontrolling interests | ( | ( | ||||||||||||
Proceeds from issuance of common stock | ||||||||||||||
Proceeds from public share offering (Note 1) | ||||||||||||||
Public share offering costs (Note 1) | ( | |||||||||||||
Other | ( | |||||||||||||
Net cash provided by financing activities | ||||||||||||||
Effect of exchange rate changes on cash, cash equivalent and restricted cash | ( | ( | ||||||||||||
Net decrease in cash, cash equivalents and restricted cash | ( | |||||||||||||
Cash, cash equivalents and restricted cash: | ||||||||||||||
Beginning of period | ||||||||||||||
End of period | $ | $ | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Cash paid during the period for interest | $ | $ | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | ||||||||||||||
Operating cash flows from finance leases | ||||||||||||||
Cash paid during the period for income taxes | ||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||
Transfer of customer financing receivable to property, plant and equipment, net | ||||||||||||||
Increase in recourse debt, non-current upon adoption of ASU 2020-06, net | ||||||||||||||
Forward to purchase Class A Common Stock (Note 5) | ||||||||||||||
Liabilities recorded for property, plant and equipment, net | ||||||||||||||
Recognition of operating lease right-of-use asset during the year-to-date period | ||||||||||||||
Recognition of finance lease right-of-use asset during the year-to-date period | ||||||||||||||
Credit | Credit summary | ||||
Section 45 – Production Tax credit (“PTC”) | Provides a 10-year tax credit for a variety of renewable energy technologies to incentivize electricity generation to be sold to a third party. | ||||
Section 48 – Investment Tax Credit (“ITC”) | Provides a tax credit based on capital investment in a variety of renewable and conventional energy technologies to incentivize investment in new energy resources and more efficient use of fuel. | ||||
Section 45X – Advanced Manufacturing Production | Provides a PTC for the production of certain eligible components sold to an unrelated person (exceptions apply). The credit amount varies based on the eligible component, which includes solar components, wind energy components, inverters, qualifying battery components, and critical minerals. | ||||
Section 48C – Qualified Advanced Energy Project (reenacted) | Provides an ITC through a competitive application process administered through the Department of Energy equal to 6% or 30% of the investment with respect to advanced energy projects. | ||||
Section 45Y – Clean Electricity Production Credit | Provides a 10-year technology-neutral PTC, equal to the kWh of electricity produced by the taxpayer times an applicable amount (based of $0.003/kWh up to $0.015/kWh) for the production of clean electricity produced at a qualifying facility for which the GHG emission rate is not greater than zero and electricity is sold, consumed or stored. | ||||
Section 48E – Clean Electricity Investment Tax Credit | Provides a technology-neutral ITC of between 6% (or 2%) to 30% (or 10%) for qualified capital investments in an electric generating facility or energy storage for which GHG rate is not greater than zero. | ||||
Section 45V – Clean Hydrogen | Provides a PTC of up to $3 per kg of clean hydrogen over a 10-year credit period for the production of clean hydrogen at a qualified facility in the US. | ||||
Section 45Q – Carbon Capture Sequestration | Provides a credit ranging from $12-$17 or $60-$85 per metric ton based on the amount of carbon oxides captured from a qualified facility over a 12-year period. |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Contract assets | ||||||||||||||
Customer deposits | ||||||||||||||
Deferred revenue |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | ||||||||||||||||||||||
Transferred to accounts receivable from contract assets recognized at the beginning of the period | ( | ( | ( | |||||||||||||||||||||||
Revenue recognized and not billed as of the end of the period | ||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | ||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||
Revenue recognized | ( | ( | ( | ( | ||||||||||||||||||||||
Ending balance | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Product revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Installation revenue | ||||||||||||||||||||||||||
Services revenue | ||||||||||||||||||||||||||
Electricity revenue | ||||||||||||||||||||||||||
Total revenue from contract with customers | ||||||||||||||||||||||||||
Revenue from contracts that contain lease: | ||||||||||||||||||||||||||
Electricity revenue | ||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
As Held: | ||||||||||||||
Cash | $ | $ | ||||||||||||
Money market funds | ||||||||||||||
$ | $ | |||||||||||||
As Reported: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
$ | $ |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Current: | ||||||||||||||
Restricted cash | $ | $ | ||||||||||||
Restricted cash related to PPA Entities1 | ||||||||||||||
$ | $ | |||||||||||||
Non-current: | ||||||||||||||
Restricted cash | $ | $ | ||||||||||||
Restricted cash related to PPA Entities1 | ||||||||||||||
$ | $ |
Fair Value Measured at Reporting Date Using | ||||||||||||||||||||||||||
September 30, 2022 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | ||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Embedded EPP derivatives | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Fair Value Measured at Reporting Date Using | ||||||||||||||||||||||||||
December 31, 2021 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | ||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Option to acquire a variable number of shares of Class A Common Stock | $ | $ | $ | $ | ||||||||||||||||||||||
Embedded EPP derivatives | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Embedded EPP Derivative Liability | ||||||||
Liabilities at December 31, 2021 | $ | |||||||
Changes in fair value | ( | |||||||
Liabilities at September 30, 2022 | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Net Carrying Value | Fair Value | Net Carrying Value | Fair Value | |||||||||||||||||||||||
Customer receivables | ||||||||||||||||||||||||||
Customer financing receivable | $ | $ | $ | $ | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||||||
Recourse: | ||||||||||||||||||||||||||
Non-recourse: | ||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Raw materials | $ | $ | ||||||||||||
Finished goods | ||||||||||||||
Work-in-progress | ||||||||||||||
$ | $ |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Receivables from employees | $ | $ | ||||||||||||
Prepaid hardware and software maintenance | ||||||||||||||
Prepaid managed services | ||||||||||||||
Tax receivables | ||||||||||||||
Prepaid workers compensation | ||||||||||||||
Deposits made | ||||||||||||||
Prepaid deferred commissions | ||||||||||||||
State incentive receivable | ||||||||||||||
Other prepaid expenses and other current assets | ||||||||||||||
$ | $ |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Energy Servers | $ | $ | ||||||||||||
Machinery and equipment | ||||||||||||||
Construction-in-progress | ||||||||||||||
Leasehold improvements | ||||||||||||||
Building | ||||||||||||||
Computers, software and hardware | ||||||||||||||
Furniture and fixtures | ||||||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||
$ | $ |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Long-term lease receivable | $ | $ | ||||||||||||
Prepaid insurance | ||||||||||||||
Deferred commissions | ||||||||||||||
Deposits made | ||||||||||||||
Prepaid managed services | ||||||||||||||
Deferred tax asset | ||||||||||||||
Investments in subsidiaries | ||||||||||||||
Prepaid and other long-term assets | ||||||||||||||
$ | $ |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Compensation and benefits | $ | $ | ||||||||||||
Sales-related liabilities | ||||||||||||||
Delaware grant | ||||||||||||||
Accrued installation | ||||||||||||||
Accrued legal expenses | ||||||||||||||
Current portion of derivative liabilities | ||||||||||||||
Accrued consulting expenses | ||||||||||||||
Sales tax liabilities | ||||||||||||||
Interest payable | ||||||||||||||
Option to acquire a variable number of shares of Class A Common Stock (Note 5) | ||||||||||||||
Other | ||||||||||||||
$ | $ |
Unpaid Principal Balance | Net Carrying Value | Interest Rate | Maturity Dates | Entity | Recourse | |||||||||||||||||||||||||||||||||||||||||||||
Current | Long- Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | March 2027 | Company | Yes | ||||||||||||||||||||||||||||||||||||||||||||
August 2025 | Company | Yes | ||||||||||||||||||||||||||||||||||||||||||||||||
Total recourse debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 2031 | PPA V | No | ||||||||||||||||||||||||||||||||||||||||||||||||
March 2030 | PPA IV | No | ||||||||||||||||||||||||||||||||||||||||||||||||
Total non-recourse debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt | $ | $ | $ | $ |
Unpaid Principal Balance | Net Carrying Value | Interest Rate | Maturity Dates | Entity | Recourse | |||||||||||||||||||||||||||||||||||||||||||||
Current | Long- Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | March 2027 | Company | Yes | ||||||||||||||||||||||||||||||||||||||||||||
August 2025 | Company | Yes | ||||||||||||||||||||||||||||||||||||||||||||||||
Total recourse debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 2031 | PPA V | No | ||||||||||||||||||||||||||||||||||||||||||||||||
September 2028 | PPA IIIa | No | ||||||||||||||||||||||||||||||||||||||||||||||||
March 2030 | PPA IV | No | ||||||||||||||||||||||||||||||||||||||||||||||||
Total non-recourse debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt | $ | $ | $ | $ |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
$ | $ | |||||||||||||
Remainder of 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
$ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | ||||||||||||||||||||||
Loss (gain) recognized in other comprehensive loss | ( | ( | ||||||||||||||||||||||||
Amounts reclassified from other comprehensive loss to earnings | ( | ( | ||||||||||||||||||||||||
Net loss (gain) recognized in other comprehensive loss | ( | ( | ||||||||||||||||||||||||
Gain recognized in earnings | ( | ( | ||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | ||||||||||||||||||||||
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Operating Leases: | ||||||||||||||
Operating lease right-of-use assets, net 1, 2 | $ | $ | ||||||||||||
Current operating lease liabilities | ( | ( | ||||||||||||
Non-current operating lease liabilities | ( | ( | ||||||||||||
Total operating lease liabilities | $ | ( | $ | ( | ||||||||||
Finance Leases: | ||||||||||||||
Finance lease right-of-use assets, net 2, 3, 4 | $ | $ | ||||||||||||
( | ( | |||||||||||||
Non-current finance lease liabilities | ( | ( | ||||||||||||
Total finance lease liabilities | $ | ( | $ | ( | ||||||||||
Total lease liabilities | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Operating lease costs | $ | $ | $ | $ | ||||||||||||||||||||||
Finance lease costs: | ||||||||||||||||||||||||||
Amortization of finance lease right-of-use assets | ||||||||||||||||||||||||||
Interest expense for finance lease liabilities | ||||||||||||||||||||||||||
Total finance lease costs | ||||||||||||||||||||||||||
Short-term lease costs | ||||||||||||||||||||||||||
Total lease costs | $ | $ | $ | $ |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Weighted average remaining lease term: | ||||||||||||||
Operating leases | ||||||||||||||
Finance leases | ||||||||||||||
Weighted average discount rate: | ||||||||||||||
Operating leases | % | % | ||||||||||||
Finance leases | % | % |
Operating Leases | Finance Leases | |||||||||||||
Remainder of 2022 | $ | $ | ||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
Thereafter | ||||||||||||||
Total minimum lease payments | ||||||||||||||
Less: amounts representing interest or imputed interest | ( | ( | ||||||||||||
Present value of lease liabilities | $ | $ |
Financing Obligations | ||||||||
Remainder of 2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total minimum lease payments | ||||||||
Less: imputed interest | ( | |||||||
Present value of net minimum lease payments | ||||||||
Less: current financing obligations | ( | |||||||
Long-term financing obligations | $ |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Lease payment receivables, net1 | $ | $ | ||||||||||||
Estimated residual value of leased assets (unguaranteed) | ||||||||||||||
Net investment in sales-type leases | ||||||||||||||
Less: current portion | ( | |||||||||||||
Non-current portion of net investment in sales-type leases | $ | $ |
Operating Leases | ||||||||
Remainder of 2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total minimum lease payments | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Cost of revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Sales and marketing | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Outstanding Options | ||||||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | $ | ||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Forfeited | ( | |||||||||||||||||||||||||
Expired | ( | |||||||||||||||||||||||||
Balances at September 30, 2022 | ||||||||||||||||||||||||||
Vested and expected to vest at September 30, 2022 | ||||||||||||||||||||||||||
Exercisable at September 30, 2022 | $ |
Number of Awards Outstanding | Weighted Average Grant Date Fair Value | |||||||||||||
Unvested Balance at December 31, 2021 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Unvested Balance at September 30, 2022 |
Plan Shares Available for Grant | ||||||||
Balances at December 31, 2021 | ||||||||
Added to plan | ||||||||
Granted | ( | |||||||
Cancelled/Forfeited | ||||||||
Expired | ( | |||||||
Balances at September 30, 2022 |
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Accounts receivable | ||||||||||||||
Customer financing receivable | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Customer financing receivable | ||||||||||||||
Restricted cash | ||||||||||||||
Other long-term assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Current liabilities: | ||||||||||||||
Accrued expenses and other current liabilities | $ | $ | ||||||||||||
Deferred revenue and customer deposits | ||||||||||||||
Non-recourse debt | ||||||||||||||
Total current liabilities | ||||||||||||||
Deferred revenue and customer deposits | ||||||||||||||
Non-recourse debt | ||||||||||||||
Total liabilities | $ | $ | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Total revenue from related parties | $ | $ | $ | $ | ||||||||||||||||||||||
September 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Accounts receivable | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Convertible notes | ||||||||||||||||||||||||||
Redeemable convertible preferred stock | ||||||||||||||||||||||||||
Stock options and awards | ||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net cash (used in) provided by : | ||||||||||||||
Operating activities | $ | (168,453) | $ | (107,956) | ||||||||||
Investing activities | (80,907) | (41,511) | ||||||||||||
Financing activities | 305,211 | 53,130 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
PPA Entities ¹ | ||||||||||||||
Net cash provided by PPA operating activities | $ | 95,445 | $ | 15,751 | ||||||||||
Net cash used in PPA financing activities | (103,546) | (17,641) | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Direct Purchase | 99 | % | 99 | % | 100 | % | 99 | % | ||||||||||||||||||
Traditional Lease | 1 | % | — | % | — | % | — | % | ||||||||||||||||||
Managed Services | — | % | 1 | % | — | % | 1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Direct Purchase | 91 | % | 86 | % | 89 | % | 88 | % | ||||||||||||||||||
Traditional Lease | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||||||||||
Managed Services | 5 | % | 8 | % | 6 | % | 6 | % | ||||||||||||||||||
Bloom Electrons | 3 | % | 5 | % | 4 | % | 5 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
Product accepted during the period (in 100 kilowatt systems) | 581 | 353 | 228 | 64.6 | % | 1,427 | 1,144 | 283 | 24.7 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
Product costs of product accepted in the period | $2,344/kW | $2,434/kW | $-90/kW | (3.7) | % | $2,438/kW | $2,362/kW | $76/kW | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||
Period costs of manufacturing related expenses not included in product costs (in thousands) | $ | 15,496 | $ | 7,774 | $7,722 | 99.3 | % | $ | 38,672 | $ | 19,653 | $19,019 | 96.8 | % | ||||||||||||||||||||||||||||||||||||
Installation costs on product accepted in the period | $465/kW | $726/kW | $-261/kW | (36.0) | % | $398/kW | $584/kW | $-186/kW | (31.8) | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Product | $ | 213,243 | $ | 128,550 | $ | 84,693 | 65.9 | % | $ | 520,415 | $ | 413,347 | $ | 107,068 | 25.9 | % | ||||||||||||||||||||||||||||||||||
Installation | 22,682 | 22,172 | 510 | 2.3 | % | 48,964 | 53,710 | (4,746) | (8.8) | % | ||||||||||||||||||||||||||||||||||||||||
Service | 37,347 | 39,251 | (1,904) | (4.9) | % | 111,012 | 111,375 | (363) | (0.3) | % | ||||||||||||||||||||||||||||||||||||||||
Electricity | 19,002 | 17,255 | 1,747 | 10.1 | % | 56,158 | 51,273 | 4,885 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 292,274 | $ | 207,228 | $ | 85,046 | 41.0 | % | $ | 736,549 | $ | 629,705 | $ | 106,844 | 17.0 | % | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Product | $ | 158,176 | $ | 93,704 | $ | 64,472 | 68.8 | % | $ | 393,337 | $ | 289,889 | $ | 103,448 | 35.7 | % | ||||||||||||||||||||||||||||||||||
Installation | 28,333 | 25,616 | 2,717 | 10.6 | % | 57,836 | 66,756 | (8,920) | (13.4) | % | ||||||||||||||||||||||||||||||||||||||||
Service | 41,792 | 39,586 | 2,206 | 5.6 | % | 124,646 | 111,269 | 13,377 | 12.0 | % | ||||||||||||||||||||||||||||||||||||||||
Electricity | 13,029 | 11,439 | 1,590 | 13.9 | % | 83,819 | 32,913 | 50,906 | 154.7 | % | ||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | $ | 241,330 | $ | 170,345 | $ | 70,985 | 41.7 | % | $ | 659,638 | $ | 500,827 | $ | 158,811 | 31.7 | % | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Gross profit (loss): | ||||||||||||||||||||||||||||||||||||||
Product | $ | 55,067 | $ | 34,846 | $ | 20,221 | $ | 127,078 | $ | 123,458 | $ | 3,620 | ||||||||||||||||||||||||||
Installation | (5,651) | (3,444) | (2,207) | (8,872) | (13,046) | 4,174 | ||||||||||||||||||||||||||||||||
Service | (4,445) | (335) | (4,110) | (13,634) | 106 | (13,740) | ||||||||||||||||||||||||||||||||
Electricity | 5,973 | 5,816 | 157 | (27,661) | 18,360 | (46,021) | ||||||||||||||||||||||||||||||||
Total gross profit (loss) | $ | 50,944 | $ | 36,883 | $ | 14,061 | $ | 76,911 | $ | 128,878 | $ | (51,967) | ||||||||||||||||||||||||||
Gross margin: | ||||||||||||||||||||||||||||||||||||||
Product | 26 | % | 27 | % | 24 | % | 30 | % | ||||||||||||||||||||||||||||||
Installation | (25) | % | (16) | % | (18) | % | (24) | % | ||||||||||||||||||||||||||||||
Service | (12) | % | (1) | % | (12) | % | — | % | ||||||||||||||||||||||||||||||
Electricity | 31 | % | 34 | % | (49) | % | 36 | % | ||||||||||||||||||||||||||||||
Total gross margin | 17 | % | 18 | % | 10 | % | 20 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | $ | 36,146 | $ | 27,634 | $ | 8,512 | 30.8 | % | $ | 112,286 | $ | 76,602 | $ | 35,684 | 46.6 | % | ||||||||||||||||||||||||||||||||||
Sales and marketing | 23,275 | 20,124 | 3,151 | 15.7 | % | 65,084 | 62,803 | 2,281 | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||
General and administrative | 44,115 | 33,014 | 11,101 | 33.6 | % | 119,965 | 90,470 | 29,495 | 32.6 | % | ||||||||||||||||||||||||||||||||||||||||
Total operating expenses | $ | 103,536 | $ | 80,772 | $ | 22,764 | 28.2 | % | $ | 297,335 | $ | 229,875 | $ | 67,460 | 29.3 | % | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 4,982 | $ | 2,945 | $ | 2,037 | 69.2 | % | $ | 13,609 | $ | 9,749 | $ | 3,860 | 39.6 | % | ||||||||||||||||||||||||||||||||||
Research and development | 4,818 | 5,678 | (860) | (15.1) | % | 25,113 | 15,876 | 9,237 | 58.2 | % | ||||||||||||||||||||||||||||||||||||||||
Sales and marketing | 3,948 | 4,391 | (443) | (10.1) | % | 13,528 | 12,486 | 1,042 | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||
General and administrative | 10,283 | 7,952 | 2,331 | 29.3 | % | 30,688 | 19,198 | 11,490 | 59.8 | % | ||||||||||||||||||||||||||||||||||||||||
Total stock-based compensation | $ | 24,031 | $ | 20,966 | $ | 3,065 | 14.6 | % | $ | 82,938 | $ | 57,309 | $ | 25,629 | 44.7 | % | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 1,109 | $ | 72 | $ | 1,037 | $ | 1,364 | $ | 222 | $ | 1,142 | ||||||||||||||||||||||||||
Interest expense | (13,099) | (14,514) | 1,415 | (41,000) | (43,798) | 2,798 | ||||||||||||||||||||||||||||||||
Other income, net | 4,472 | 2,011 | 2,461 | 254 | 1,948 | (1,694) | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (4,233) | — | (4,233) | ||||||||||||||||||||||||||||||||
Gain (loss) on revaluation of embedded derivatives | 54 | (184) | 238 | 623 | (1,644) | 2,267 | ||||||||||||||||||||||||||||||||
Total | $ | (7,464) | $ | (12,615) | $ | 5,151 | $ | (42,992) | $ | (43,272) | $ | 280 |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | $ | (3,315) | $ | (4,309) | $ | (994) | (23.1) | % | $ | (9,768) | $ | (13,733) | $ | (3,965) | (28.9) | % | ||||||||||||||||||||||||||||||||||
Net (loss) income attributable to redeemable noncontrolling interest | $ | — | $ | 17 | $ | 17 | (100.0) | % | $ | (300) | $ | (9) | $ | 291 | 3,233.3 | % |
Incorporated by Reference | ||||||||||||||||||||
Exhibit Number | Description | Form | File No. | Exhibit | Filing Date | |||||||||||||||
Amended and Restated Bylaws of Bloom Energy Corporation (effective as of August 10, 2022) | 8-K | 001-38598 | 3.1 | 8/16/2022 | ||||||||||||||||
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||||||||
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||||||||
** | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed herewith | ||||||||||||||||||
101.INS | XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | Filed herewith | ||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith | ||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | ||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
† | Portions of this exhibit are redacted as permitted under Regulation S-K, Rule 601. | ||||
** | The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. |
BLOOM ENERGY CORPORATION | ||||||||||||||
Date: | November 3, 2022 | By: | /s/ KR Sridhar | |||||||||||
KR Sridhar | ||||||||||||||
Founder, President, Chief Executive Officer and Director | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | November 3, 2022 | By: | /s/ Gregory Cameron | |||||||||||
Gregory Cameron | ||||||||||||||
Executive Vice President and | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) | ||||||||||||||
Date: | November 3, 2022 | By: | /s/ KR Sridhar | |||||||||||
KR Sridhar | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Date: | November 3, 2022 | By: | /s/ Gregory Cameron | |||||||||||
Gregory Cameron | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Date: | November 3, 2022 | By: | /s/ KR Sridhar | |||||||||||
KR Sridhar | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Date: | November 3, 2022 | By: | /s/ Gregory Cameron | |||||||||||
Gregory Cameron | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
-*J=L1!-?W=']SO?\#MR_P 4L0I)8VBFN\;I_ '/#6H^,=
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Allowance for doubtful accounts | $ 119 | $ 119 |
Series A preferred | ||
Redeemable convertible preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Redeemable convertible preferred stock, issued (in shares) | 10,000,000 | 0 |
Redeemable convertible preferred stock, outstanding (in shares) | 10,000,000 | 0 |
Class A common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, issued (in shares) | 179,165,539 | 160,627,544 |
Common stock, outstanding (in shares) | 179,165,539 | 160,627,544 |
Class B common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, issued (in shares) | 15,802,146 | 15,832,863 |
Common stock, outstanding (in shares) | 15,802,146 | 15,832,863 |
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Revenue: | ||||
Total revenue | $ 292,274 | $ 207,228 | $ 736,549 | $ 629,705 |
Cost of revenue: | ||||
Total cost of revenue | 241,330 | 170,345 | 659,638 | 500,827 |
Gross profit | 50,944 | 36,883 | 76,911 | 128,878 |
Operating expenses: | ||||
Research and development | 36,146 | 27,634 | 112,286 | 76,602 |
Sales and marketing | 23,275 | 20,124 | 65,084 | 62,803 |
General and administrative | 44,115 | 33,014 | 119,965 | 90,470 |
Total operating expenses | 103,536 | 80,772 | 297,335 | 229,875 |
Loss from operations | (52,592) | (43,889) | (220,424) | (100,997) |
Interest income | 1,109 | 72 | 1,364 | 222 |
Interest expense | (13,099) | (14,514) | (41,000) | (43,798) |
Loss on extinguishment of debt | 0 | 0 | (4,233) | 0 |
Other income, net | 4,472 | 2,011 | 254 | 1,948 |
Gain (loss) on revaluation of embedded derivatives | 54 | (184) | 623 | (1,644) |
Loss before income taxes | (60,056) | (56,504) | (263,416) | (144,269) |
Income tax provision | 336 | 158 | 888 | 595 |
Net loss | (60,392) | (56,662) | (264,304) | (144,864) |
Less: Net loss attributable to noncontrolling interest | (3,315) | (4,309) | (9,768) | (13,733) |
Net loss attributable to Class A and Class B common stockholders | (57,077) | (52,353) | (254,536) | (131,131) |
Less: Net (loss) income attributable to redeemable noncontrolling interest | 0 | 17 | (300) | (9) |
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ (57,077) | $ (52,370) | $ (254,236) | $ (131,122) |
Net loss per share available to Class A and Class B common stockholders, basic (in dollars per share) | $ (0.31) | $ (0.30) | $ (1.41) | $ (0.76) |
Net loss per share available to Class A and Class B common stockholders, diluted (in dollars per share) | $ (0.31) | $ (0.30) | $ (1.41) | $ (0.76) |
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic (in shares) | 186,487 | 174,269 | 180,762 | 172,601 |
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, diluted (in shares) | 186,487 | 174,269 | 180,762 | 172,601 |
Product | ||||
Revenue: | ||||
Total revenue | $ 213,243 | $ 128,550 | $ 520,415 | $ 413,347 |
Cost of revenue: | ||||
Total cost of revenue | 158,176 | 93,704 | 393,337 | 289,889 |
Installation | ||||
Revenue: | ||||
Total revenue | 22,682 | 22,172 | 48,964 | 53,710 |
Cost of revenue: | ||||
Total cost of revenue | 28,333 | 25,616 | 57,836 | 66,756 |
Service | ||||
Revenue: | ||||
Total revenue | 37,347 | 39,251 | 111,012 | 111,375 |
Cost of revenue: | ||||
Total cost of revenue | 41,792 | 39,586 | 124,646 | 111,269 |
Electricity | ||||
Revenue: | ||||
Total revenue | 19,002 | 17,255 | 56,158 | 51,273 |
Cost of revenue: | ||||
Total cost of revenue | $ 13,029 | $ 11,439 | $ 83,819 | $ 32,913 |
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (60,392) | $ (56,662) | $ (264,304) | $ (144,864) |
Other comprehensive loss, net of taxes: | ||||
Change in derivative instruments designated and qualifying as cash flow hedges | 0 | (763) | 0 | (4,031) |
Foreign currency translation adjustment | (1,027) | (299) | (1,774) | (523) |
Other comprehensive loss, net of taxes | (1,027) | (1,062) | (1,774) | (4,554) |
Comprehensive loss | (61,419) | (57,724) | (266,078) | (149,418) |
Less: Comprehensive loss attributable to noncontrolling interest | (3,811) | (3,691) | (10,361) | (9,956) |
Comprehensive loss attributable to Class A and Class B common stockholders | (57,608) | (54,033) | (255,717) | (139,462) |
Less: Comprehensive (loss) income attributable to redeemable noncontrolling interest | 0 | 17 | (300) | (9) |
Comprehensive loss after portion attributable to redeemable noncontrolling interest and noncontrolling interest | $ (57,608) | $ (54,050) | $ (255,417) | $ (139,453) |
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands |
Total |
Cumulative effect upon adoption of Accounting Standards Update 2020-06 |
Total equity (deficit) attributable to Class A and Class B common stockholders |
Total equity (deficit) attributable to Class A and Class B common stockholders
Cumulative effect upon adoption of Accounting Standards Update 2020-06
|
Common Stock |
Additional Paid-In Capital |
Additional Paid-In Capital
Cumulative effect upon adoption of Accounting Standards Update 2020-06
|
Accumulated Other Comprehensive Loss |
Accumulated Deficit |
Accumulated Deficit
Cumulative effect upon adoption of Accounting Standards Update 2020-06
|
Noncontrolling Interest |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2020 | 168,002,726 | |||||||||||||||||||
Beginning balance at Dec. 31, 2020 | $ 141,019 | $ (121,491) | $ 78,824 | $ (121,491) | $ 17 | $ 3,182,753 | $ (126,799) | $ (9) | $ (3,103,937) | $ 5,308 | $ 62,195 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Issuance of restricted stock awards (in shares) | 2,533,027 | |||||||||||||||||||
ESPP purchase (in shares) | 1,945,305 | |||||||||||||||||||
ESPP purchase | 10,045 | 10,045 | 10,045 | |||||||||||||||||
Exercise of stock options (in shares) | 2,597,003 | |||||||||||||||||||
Exercise of stock options | 62,065 | 62,065 | $ 1 | 62,064 | ||||||||||||||||
Stock-based compensation expense | 55,038 | 55,038 | 55,038 | |||||||||||||||||
Distributions and payments to noncontrolling interests | (5,285) | (5,285) | ||||||||||||||||||
Change in effective portion of interest rate swap agreement | 4,031 | 4,031 | ||||||||||||||||||
Foreign currency translation adjustment | (523) | (269) | (269) | (254) | ||||||||||||||||
Net loss | [1] | (144,855) | (131,122) | (131,122) | (13,733) | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 175,078,061 | |||||||||||||||||||
Ending balance at Sep. 30, 2021 | 44 | (46,910) | $ 18 | 3,183,101 | (278) | (3,229,751) | 46,954 | |||||||||||||
Beginning balance (in shares) at Jun. 30, 2021 | 173,402,160 | |||||||||||||||||||
Beginning balance at Jun. 30, 2021 | 29,614 | (21,571) | $ 17 | 3,155,917 | (124) | (3,177,381) | 51,185 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Issuance of restricted stock awards (in shares) | 581,363 | |||||||||||||||||||
ESPP purchase (in shares) | 967,797 | |||||||||||||||||||
ESPP purchase | 5,319 | 5,319 | 5,319 | |||||||||||||||||
Exercise of stock options (in shares) | 126,741 | |||||||||||||||||||
Exercise of stock options | 1,123 | 1,123 | $ 1 | 1,122 | ||||||||||||||||
Stock-based compensation expense | 20,743 | 20,743 | 20,743 | |||||||||||||||||
Distributions and payments to noncontrolling interests | (540) | (540) | ||||||||||||||||||
Change in effective portion of interest rate swap agreement | 763 | 763 | ||||||||||||||||||
Foreign currency translation adjustment | (299) | (154) | (154) | (145) | ||||||||||||||||
Net loss | [2] | (56,679) | (52,370) | (52,370) | (4,309) | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 175,078,061 | |||||||||||||||||||
Ending balance at Sep. 30, 2021 | 44 | (46,910) | $ 18 | 3,183,101 | (278) | (3,229,751) | 46,954 | |||||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 176,460,407 | |||||||||||||||||||
Beginning balance at Dec. 31, 2021 | (1,827) | (44,326) | $ 18 | 3,219,081 | (350) | (3,263,075) | 42,499 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Issuance of restricted stock awards (in shares) | 2,328,713 | |||||||||||||||||||
ESPP purchase (in shares) | 759,744 | |||||||||||||||||||
ESPP purchase | 11,600 | 11,600 | 11,600 | |||||||||||||||||
Exercise of stock options (in shares) | 468,821 | |||||||||||||||||||
Exercise of stock options | 3,550 | 3,550 | 3,550 | |||||||||||||||||
Stock-based compensation expense | 82,275 | 82,275 | 82,275 | |||||||||||||||||
Distributions and payments to noncontrolling interests | (5,972) | (500) | (500) | (5,472) | ||||||||||||||||
Contributions from noncontrolling interest | 2,815 | 2,815 | ||||||||||||||||||
Public share offering (Note 1) (in shares) | 14,950,000 | |||||||||||||||||||
Public share offering (Note 1) | 371,527 | 371,527 | $ 1 | 371,526 | ||||||||||||||||
Forward to purchase Class A Common Stock (Note 5) | 4,183 | |||||||||||||||||||
Foreign currency translation adjustment | (1,774) | (1,181) | (1,181) | (593) | ||||||||||||||||
Net loss | (264,004) | [3] | (254,236) | (254,236) | (9,768) | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 194,967,685 | |||||||||||||||||||
Ending balance at Sep. 30, 2022 | 202,373 | 172,892 | $ 19 | 3,691,715 | (1,531) | (3,517,311) | 29,481 | |||||||||||||
Beginning balance (in shares) at Jun. 30, 2022 | 178,913,797 | |||||||||||||||||||
Beginning balance at Jun. 30, 2022 | (144,921) | (176,955) | $ 18 | 3,284,261 | (1,000) | (3,460,234) | 32,034 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Issuance of restricted stock awards (in shares) | 539,074 | |||||||||||||||||||
ESPP purchase (in shares) | 339,055 | |||||||||||||||||||
ESPP purchase | 5,619 | 5,619 | 5,619 | |||||||||||||||||
Exercise of stock options (in shares) | 225,759 | |||||||||||||||||||
Exercise of stock options | 2,233 | 2,233 | 2,233 | |||||||||||||||||
Stock-based compensation expense | 23,893 | 23,893 | 23,893 | |||||||||||||||||
Distributions and payments to noncontrolling interests | (1,557) | (1,557) | ||||||||||||||||||
Contributions from noncontrolling interest | 2,815 | 2,815 | ||||||||||||||||||
Public share offering (Note 1) (in shares) | 14,950,000 | |||||||||||||||||||
Public share offering (Note 1) | 371,527 | 371,527 | $ 1 | 371,526 | ||||||||||||||||
Forward to purchase Class A Common Stock (Note 5) | 4,183 | |||||||||||||||||||
Foreign currency translation adjustment | (1,027) | (531) | (531) | (496) | ||||||||||||||||
Net loss | [4] | (60,392) | (57,077) | (57,077) | (3,315) | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 194,967,685 | |||||||||||||||||||
Ending balance at Sep. 30, 2022 | $ 202,373 | $ 172,892 | $ 19 | $ 3,691,715 | $ (1,531) | $ (3,517,311) | $ 29,481 | |||||||||||||
|
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Parenthetical) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning redeemable noncontrolling interest | $ 0 | $ 334,000 | $ 300,000 | $ 377,000 |
Distributions to noncontrolling interests | 20,000 | 37,000 | ||
Net loss | 0 | 17,000 | 300,000 | 9,000 |
Ending redeemable noncontrolling interest | $ 0 | $ 331,000 | $ 0 | $ 331,000 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Cash flows from operating activities: | ||
Net loss | $ (264,304) | $ (144,864) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 46,182 | 40,079 |
Non-cash lease expense | 18,153 | 7,161 |
Gain on sale of property, plant and equipment | (523) | 0 |
Write-off of assets related to PPA IIIa | 44,800 | 0 |
Revaluation of derivative liabilities | (9,640) | 486 |
Stock-based compensation | 81,460 | 57,309 |
Gain on remeasurement of investment | 0 | (1,966) |
Loss on extinguishment of debt | 4,233 | 0 |
Amortization of warrants and debt issuance costs | 2,355 | 2,824 |
Unrealized foreign currency exchange loss | 3,086 | 184 |
Other | 3,487 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 15,758 | 34,236 |
Contract assets | (567) | (24,418) |
Inventories | (110,797) | (39,953) |
Deferred cost of revenue | (8,856) | 7,307 |
Customer financing receivable | 2,510 | 4,022 |
Prepaid expenses and other current assets | (15,766) | 236 |
Other long-term assets | (730) | (374) |
Operating lease right-of-use assets and operating lease liabilities | 2,162 | (7,593) |
Finance lease liabilities | 499 | 0 |
Accounts payable | 38,642 | 37,795 |
Accrued warranty | 1,597 | (2,357) |
Accrued expenses and other current liabilities | 502 | (26,178) |
Deferred revenue and customer deposits | (12,716) | (53,181) |
Other long-term liabilities | (9,980) | 1,289 |
Net cash used in operating activities | (168,453) | (107,956) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (80,907) | (44,625) |
Net cash acquired from step acquisition | 0 | 3,114 |
Net cash used in investing activities | (80,907) | (41,511) |
Cash flows from financing activities: | ||
Repayment of debt of PPA IIIa | (30,212) | 0 |
Repayment of debt | (17,262) | (11,017) |
Debt make-whole payment related to PPA IIIa debt | (2,413) | 0 |
Proceeds from financing obligations | 0 | 7,534 |
Repayment of financing obligations | (28,821) | (10,174) |
Contributions from noncontrolling interest | 2,815 | 0 |
Distributions to redeemable noncontrolling interests | 0 | (37) |
Distributions and payments to noncontrolling interests | (5,972) | (5,285) |
Proceeds from issuance of common stock | 15,150 | 72,109 |
Proceeds from public share offering (Note 1) | 385,396 | 0 |
Public share offering costs (Note 1) | (13,407) | 0 |
Other | (63) | 0 |
Net cash provided by financing activities | 305,211 | 53,130 |
Effect of exchange rate changes on cash, cash equivalent and restricted cash | (1,643) | (472) |
Net decrease in cash, cash equivalents and restricted cash | 54,208 | (96,809) |
Beginning of period | 615,114 | 416,710 |
End of period | 669,322 | 319,901 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 39,664 | 42,598 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 11,759 | 10,332 |
Operating cash flows from finance leases | 788 | 643 |
Cash paid during the period for income taxes | 1,296 | 372 |
Non-cash investing and financing activities: | ||
Transfer of customer financing receivable to property, plant and equipment, net | 42,758 | 0 |
Increase in recourse debt, non-current upon adoption of ASU 2020-06, net | 0 | 121,491 |
Forward to purchase Class A Common Stock (Note 5) | 4,183 | 0 |
Liabilities recorded for property, plant and equipment, net | 13,373 | 6,188 |
Recognition of operating lease right-of-use asset during the year-to-date period | 17,623 | 43,660 |
Recognition of finance lease right-of-use asset during the year-to-date period | $ 0 | $ 1,961 |
Nature of Business, Liquidity and Basis of Presentation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Business, Liquidity and Basis of Presentation | Nature of Business, Liquidity and Basis of Presentation Nature of Business For information on the nature of our business, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Nature of Business section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. We have not experienced any supply chain disruptions as a result of the invasion by the Russian Federation in Ukraine on February 24, 2022. Liquidity We have generally incurred operating losses and negative cash flows from operations since our inception. With the series of new debt offerings, debt extensions and conversions to equity that we completed during 2020 and 2021, we had $287.5 million of total outstanding recourse debt as of September 30, 2022, $274.7 million of which is classified as long-term debt. Our recourse debt scheduled repayments commenced in June 2022. On August 10, 2022, pursuant to the Securities Purchase Agreement (“the SPA”) SK ecoplant notified us of its intent to exercise its option to purchase additional shares of our Class A common stock, pursuant to a Second Tranche Exercise Notice (as defined in the SPA) electing to purchase 13,491,701 shares (the “Second Tranche Shares”) at a purchase price of $23.05 per share, calculated as a 15% premium to the volume-weighted average closing price of the 20 consecutive trading day period immediately preceding the exercise of the option (see Note 5 - Fair Value). The aggregate purchase price approximates cash proceeds to be received by us of $311.0 million, net of related incremental direct costs of $0.1 million. The payment for the Second Tranche Shares will be due the later of (i) December 6, 2022 and (ii) upon clearance under the Hart Scott Rodino (“HSR”) Act of the sale of the Second Tranche Shares as contemplated by the Second Tranche Exercise Notice. On August 19, 2022, we completed an underwritten public offering (“the Offering”), pursuant to which we issued and sold 13,000,000 shares of Class A Common Stock at price of $26.00 per share. As a part of the Offering, the underwriters were provided a 30-day option to purchase an additional 1,950,000 shares of our Class A Common Stock at the same price, less underwriting discounts and commissions (“the Greenshoe”), which was exercised contemporaneously with the Offering. The aggregate net proceeds received by us from the Offering were $371.5 million after deducting underwriting discounts and commissions of $16.5 million and incremental costs directly attributable to the Offering of $0.7 million. Our future capital requirements 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 and the need for additional manufacturing space, the expansion of sales and marketing activities both in domestic and international markets, market acceptance of our product, our ability to secure financing for customer use of our Energy Servers, the timing of installations, and overall economic conditions including the impact of COVID-19 and inflationary pressure in the US on our ongoing and future operations. The rising interest rate environment in the US has and will continue to adversely impact the cost of new capital deployment. In the opinion of management, the combination of our existing cash and cash equivalents and operating cash flows is expected to be sufficient to meet our operational and capital cash flow requirements and other cash flow needs for the next 12 months from the date of issuance of this Quarterly Report on Form 10-Q. Inflation Reduction Act On August 7, 2022, the United States Senate passed the Inflation Reduction Act of 2022 (“the IRA”) under fiscal year 2022 budget reconciliation instructions. On August 16, 2022, the IRA was signed into law. This new bill is the U.S. federal government’s largest-ever investment to fight climate change. The IRA includes numerous investments in climate protection, including investments in clean energy production and tax credits aimed at reducing carbon emissions by roughly 40% by 2030. By implementing the IRA, the government aims to make an impact on energy markets so that cleaner options are more affordable to consumers. The IRA contains several credits and incentive provisions that may be relevant to us:
We are currently assessing the impact of these provisions on our business beyond the third quarter of 2022. Some of our existing contracts contemplated price adjustments due to changes to ITC rate at the inception of the contracts. As a result, we recognized $8.7 million product revenue and $1.3 million installation revenue for the three months ended September 30, 2022, due to a change in variable considerations for energy servers placed in service during the eligible periods from such existing contracts. Basis of Presentation We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), and as permitted by those rules, including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation. Principles of Consolidation For information on principles of consolidation, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Principles of Consolidation section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Use of Estimates For information on the use of accounting estimates, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Use of Estimates section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. 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. In addition to shipments in the US, we also ship our Energy Servers to other countries, primarily to the Republic of Korea, Japan, and India (collectively, the “Asia Pacific region”). In the three and nine months ended September 30, 2022, total revenue in the Asia Pacific region was 58% and 61%, respectively, of our total revenue. In the three and nine months ended September 30, 2021, total revenue in the Asia Pacific region was 36% and 38%, respectively, of our total revenue. Credit Risk - At September 30, 2022 and December 31, 2021, one customer accounted for approximately 23% and 60% of accounts receivable, respectively. To date, we have not experienced any credit losses. Customer Risk - During the three months ended September 30, 2022, two customers represented approximately 54% and 26% of our total revenue, respectively. During the nine months ended September 30, 2022, two customers represented approximately 48% and 16% of our total revenue, respectively. During the three months ended September 30, 2021, one customer represented 35% of our total revenue. During the nine months ended September 30, 2021, revenue from two customers represented 37% and 12% of our total revenue, respectively.
|
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Please refer to the accounting policies described in Part II, Item 8, Note 2 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Recent Accounting Pronouncements There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements. Accounting Guidance Not Yet Adopted Contract Assets and Contract Liabilities Acquired in a Business Combination - In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. ASU 2021-08 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. The adoption impact of ASU 2021-08 will depend on the magnitude of any future acquisitions. The standard will not impact acquired contract assets or liabilities from business combinations occurring prior to the adoption date.
|
Revenue Recognition |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Contract Balances The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands):
Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current in the condensed consolidated balance sheet when the Company expects to complete the related performance obligations and invoice the customers within one year of the balance sheet date, and as long-term when the Company expects to complete the related performance obligations and invoice the customers more than one year out from the balance sheet date. Contract liabilities are classified as current in the condensed consolidated balance sheet when the revenue recognition associated with the related customer payments and invoicing is expected to occur within one year of the balance sheet date and as long-term when the revenue recognition associated with the related customer payments and invoicing is expected to occur in more than one year from the balance sheet date. Contract Assets
Deferred Revenue Deferred revenue activity, including deferred incentive revenue activity, during the three and nine months ended September 30, 2022 and 2021 consisted of the following (in thousands):
Disaggregated Revenue We disaggregate revenue from contracts with customers into four revenue categories: product, installation, services and electricity (in thousands):
|
Financial Instruments |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Cash, Cash Equivalents and Restricted Cash The carrying values of cash, cash equivalents and restricted cash approximate fair values and were as follows (in thousands):
Restricted cash consisted of the following (in thousands):
1 We have VIEs related to PPAs that represent a portion of the consolidated balances recorded within the “restricted cash” and other financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of September 30, 2022, includes $33.3 million and $1.1 million of current restricted cash, respectively, and $35.7 million and $6.7 million of non-current restricted cash, respectively. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2021, includes $41.7 million and $1.2 million of current restricted cash, respectively, and $57.7 million and $6.7 million of non-current restricted cash, respectively. These entities are not considered VIEs. Factoring Arrangements We sell certain customer trade receivables on a non-recourse basis under factoring arrangements with our designated financial institution. These transactions are accounted for as sales and cash proceeds are included in cash used in operating activities. We derecognized $146.3 million and $116.3 million of accounts receivable as of September 30, 2022 and December 31, 2021, respectively, under these factoring arrangements. The costs of factoring such accounts receivable on our condensed consolidated statements of operations for the three and nine months ended September 30, 2022, were $2.5 million and $3.7 million, respectively. The costs of factoring for the three and nine months ended September 30, 2021, were not material. The cost of factoring is recorded in general and administrative expenses.
|
Fair Value |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Our accounting policy for the fair value measurement of cash equivalents and embedded Escalation Protection Plan (“EPP”) derivatives is described in Part II, Item 8 Note 2 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below set forth, by level, our financial assets that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
SK ecoplant Notice to Exercise the Option to Acquire a Variable Number of Shares of Class A Common Stock On August 10, 2022, pursuant to the SPA, SK ecoplant notified us of its intent to exercise its option to purchase additional shares of our Class A common stock, pursuant to a Second Tranche Exercise Notice (as defined in the SPA) electing to purchase 13,491,701 shares at a purchase price of $23.05 per share. Upon receipt of SK’s notice the purchase price and the number of shares of Class A Common Stock that SK will purchase under the Option are fixed. The payment for the Second Tranche Shares will be due the later of (i) December 6, 2022 and (ii) upon clearance under the HSR Act of the sale of the Second Tranche Shares as contemplated by the Second Tranche Exercise Notice. The Option was fair valued as of the notice date at $4.2 million. Upon the receipt of the notice from SK ecoplant the Option met the criteria of equity award and was classified as a forward contract as part of additional paid-in capital. The fair value of the Option was reflected in accrued expenses and other current liabilities in our condensed consolidated balance sheet as of December 31, 2021. Embedded EPP Derivative Liability For the three months ended September 30, 2022 and 2021, we recorded the fair value of the embedded EPP derivatives and recognized an unrealized gain of $0.1 million and an unrealized loss of $0.2 million, respectively, in gain (loss) on revaluation of embedded derivatives on our condensed consolidated statements of operations. For the nine months ended September 30, 2022 and 2021, we recorded the fair value of the embedded EPP derivatives and recognized an unrealized gain of $0.6 million and an unrealized loss of $1.6 million, respectively, in gain (loss) on revaluation of embedded derivatives on our condensed consolidated statements of operations. The changes in the Level 3 financial liabilities during the nine months ended September 30, 2022, were as follows (in thousands):
Financial Assets and Liabilities and Other Items Not Measured at Fair Value on a Recurring Basis Customer Receivables and Debt Instruments - The fair value for customer financing receivables is based on a discounted cash flow model, whereby the fair value approximates the present value of the receivables (Level 3). The senior secured notes, term loans and convertible notes are based on rates currently offered for instruments with similar maturities and terms (Level 3). The following table presents the estimated fair values and carrying values of customer receivables and debt instruments (in thousands):
|
Balance Sheet Components |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components | Balance Sheet Components Inventories The components of inventory consist of the following (in thousands):
The inventory reserves were $17.6 million and $13.9 million as of September 30, 2022 and December 31, 2021, respectively. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands):
Property, Plant and Equipment, Net Property, plant and equipment, net consists of the following (in thousands):
Depreciation expense related to property, plant and equipment for the three and nine months ended September 30, 2022 was $15.5 million and $46.2 million, respectively. Depreciation expense related to property, plant and equipment for the three and nine months ended September 30, 2021 was $13.3 million and $40.1 million, respectively. Property, plant and equipment under operating leases by the PPA Entities was $362.0 million and $368.0 million and accumulated depreciation for these assets was $153.8 million and $139.4 million as of September 30, 2022 and December 31, 2021, respectively. Depreciation expense for these assets was $5.8 million and $17.3 million for the three and nine months ended September 30, 2022, respectively. Depreciation expense for these assets was $5.9 million and $17.6 million for the three and nine months ended September 30, 2021, respectively. PPA IIIa Upgrade In June 2022, we started a project to replace 9.8 megawatts of second-generation Energy Servers (the “old Energy Servers”) at PPA IIIa Investment Company and Operating Company (“PPA IIIa”) with current generation Energy Servers (the “new Energy Servers”) (the “PPA IIIa Upgrade”, the “PPA IIIa Repowering”). The replacement was ongoing as of September 30, 2022. See Note 11 - Portfolio Financing for additional information. Change in Estimate In June 2022, due to the replacement of old Energy Servers as part of the PPA IIIa Repowering, we revised the expected useful life of the old Energy Servers. As a result, the expected useful life of old Energy Servers decreased from 15 years to approximately 0.5 years. We recognized accelerated depreciation of $0.2 million in electricity cost of revenue on the revised carrying amount of the old Energy Servers after impairment loss in our condensed consolidated statements of operations. There is no effect from this change in accounting estimate on future periods. Other Long-Term Assets Other long-term assets consist of the following (in thousands):
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands):
|
Outstanding Loans and Security Agreements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Loans and Security Agreements | Outstanding Loans and Security Agreements The following is a summary of our debt as of September 30, 2022 (in thousands, except percentage data):
The following is a summary of our debt as of December 31, 2021 (in thousands, except percentage data):
We and all of our subsidiaries were in compliance with all financial covenants as of September 30, 2022 and December 31, 2021. Recourse Debt Facilities Please refer to Part II, Item 8, Note 7 - Outstanding Loans and Security Agreements in our Annual Form 10-K for the fiscal year ended December 31, 2021, for discussion of our 10.25% Senior Secured Notes due March 2027 and 2.5% Green Convertible Senior Notes due August 2025. Interest expense on the Green Notes for the three and nine months ended September 30, 2022, was $1.9 million and $5.8 million, respectively, including amortization of issuance costs of $0.5 million and $1.5 million, respectively. Interest expense on the Green Notes for the three and nine months ended September 30, 2021, was $1.9 million and $5.8 million, respectively, including amortization of issuance costs of $0.5 million and $1.5 million, respectively. Non-recourse Debt Facilities Please refer to Part II, Item 8, Note 7 - Outstanding Loans and Security Agreements in our Annual Form 10-K for the fiscal year ended December 31, 2021 for discussion of our non-recourse debt. Both note purchase and credit agreements require us to maintain a debt service reserve, the balances of which are presented below (in millions):
These debt service balances are included as part of long-term restricted cash in the condensed consolidated balance sheets. Both notes and the loan are secured by assets of respective PPAs. 7.5% Term Loan due September 2028 - On June 14, 2022, as part of the PPA IIIa Upgrade, we paid off the outstanding balance and related accrued interest of $30.2 million and $0.4 million, respectively, and recognized a loss on extinguishment of debt of $4.2 million. The debt service reserve of $3.6 million was reclassified from restricted cash to cash and cash equivalents at the time of extinguishment of debt. Repayment Schedule and Interest Expense The following table presents details of our outstanding loan principal repayment schedule as of September 30, 2022 (in thousands):
|
Derivative Financial Instruments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments Cash Flow Hedges As of December 31, 2021, we had settled our interest rate swaps, which had been designated as cash flow hedges. There were no cash flow hedges as of September 30, 2022. The changes in fair value of the interest rate swaps designated as cash flow hedges and the amounts recognized in accumulated other comprehensive loss and in earnings were as follows during the three and nine months ended September 30, 2022 and 2021 (in thousands):
Embedded EPP Derivatives in Sales Contracts For information on embedded EPP Derivatives in sales contracts, see Part II, Item 8, Note 8 - Derivative Financial Instruments in our Annual Report on form 10-K for the fiscal year ended December 31, 2021.
|
Leases |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Facilities, Energy Servers, and Vehicles For the three and nine months ended September 30, 2022, rent expense for all occupied facilities was $5.0 million and $14.2 million, respectively. For the three and nine months ended September 30, 2021, rent expense for all occupied facilities was $4.4 million and $11.4 million, respectively. Operating and finance lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheet. The components of our facilities, Energy Servers, and vehicles' lease costs for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of September 30, 2022 and December 31, 2021 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2022 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities At September 30, 2022, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $443.7 million and $461.9 million as of September 30, 2022 and December 31, 2021, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands):
1 Net of current estimated credit losses of approximately $0.1 million as of December 31, 2021. As of September 30, 2022, there was no net investment in sales-type leases as a result of PPA IIIa Repowering. Please refer to Note 11 - Portfolio Financing for details. As of September 30, 2022, future estimated operating minimum lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Facilities, Energy Servers, and Vehicles For the three and nine months ended September 30, 2022, rent expense for all occupied facilities was $5.0 million and $14.2 million, respectively. For the three and nine months ended September 30, 2021, rent expense for all occupied facilities was $4.4 million and $11.4 million, respectively. Operating and finance lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheet. The components of our facilities, Energy Servers, and vehicles' lease costs for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of September 30, 2022 and December 31, 2021 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2022 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities At September 30, 2022, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $443.7 million and $461.9 million as of September 30, 2022 and December 31, 2021, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands):
1 Net of current estimated credit losses of approximately $0.1 million as of December 31, 2021. As of September 30, 2022, there was no net investment in sales-type leases as a result of PPA IIIa Repowering. Please refer to Note 11 - Portfolio Financing for details. As of September 30, 2022, future estimated operating minimum lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Facilities, Energy Servers, and Vehicles For the three and nine months ended September 30, 2022, rent expense for all occupied facilities was $5.0 million and $14.2 million, respectively. For the three and nine months ended September 30, 2021, rent expense for all occupied facilities was $4.4 million and $11.4 million, respectively. Operating and finance lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheet. The components of our facilities, Energy Servers, and vehicles' lease costs for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of September 30, 2022 and December 31, 2021 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2022 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities At September 30, 2022, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $443.7 million and $461.9 million as of September 30, 2022 and December 31, 2021, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands):
1 Net of current estimated credit losses of approximately $0.1 million as of December 31, 2021. As of September 30, 2022, there was no net investment in sales-type leases as a result of PPA IIIa Repowering. Please refer to Note 11 - Portfolio Financing for details. As of September 30, 2022, future estimated operating minimum lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Facilities, Energy Servers, and Vehicles For the three and nine months ended September 30, 2022, rent expense for all occupied facilities was $5.0 million and $14.2 million, respectively. For the three and nine months ended September 30, 2021, rent expense for all occupied facilities was $4.4 million and $11.4 million, respectively. Operating and finance lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheet. The components of our facilities, Energy Servers, and vehicles' lease costs for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of September 30, 2022 and December 31, 2021 were as follows:
Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2022 were as follows (in thousands):
Managed Services and Portfolio Financings Through PPA Entities At September 30, 2022, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $443.7 million and $461.9 million as of September 30, 2022 and December 31, 2021, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands):
1 Net of current estimated credit losses of approximately $0.1 million as of December 31, 2021. As of September 30, 2022, there was no net investment in sales-type leases as a result of PPA IIIa Repowering. Please refer to Note 11 - Portfolio Financing for details. As of September 30, 2022, future estimated operating minimum lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities were as follows (in thousands):
|
Stock-Based Compensation Expense and Employee Benefit Plans |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Related Costs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Expense and Employee Benefit Plans | Stock-Based Compensation Expense and Employee Benefit Plans Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
Stock Option Activity The following table summarizes the stock option activity under our stock plans during the reporting period:
Stock Options - During the three and nine months ended September 30, 2022, we recognized $1.2 million and $6.7 million of stock-based compensation expense for stock options, respectively. During the three and nine months ended September 30, 2021, we recognized $2.7 million and $10.0 million of stock-based compensation expense for stock options, respectively. We did not grant options in the three and nine months ended September 30, 2022 and 2021. As of September 30, 2022 and December 31, 2021, we had unrecognized compensation expense related to unvested stock options of $0.8 million and $6.2 million, respectively. This expense is expected to be recognized over the remaining weighted-average period of 0.5 years and 0.9 years, respectively. Cash received from stock options exercised totaled $3.6 million and $62.1 million for the nine months ended September 30, 2022 and 2021, respectively. Stock Award Activity A summary of our stock awards activity and related information is as follows:
Stock Awards - The estimated fair value of restricted stock units (“RSUs”) and performance stock units (“PSUs”) is based on the fair value of our Class A common stock on the date of grant. During the three and nine months ended September 30, 2022, we recognized $18.4 million and $64.4 million of stock-based compensation expense for stock awards, respectively. During the three and nine months ended September 30, 2021, we recognized $15.8 million and $40.6 million of stock-based compensation expense for stock awards, respectively. As of September 30, 2022 and December 31, 2021, we had $155.2 million and $114.9 million of unrecognized stock-based compensation expense related to unvested stock awards, expected to be recognized over a weighted average period of 2.1 and 2.3 years, respectively. The following table presents the stock activity for the nine months ended September 30, 2022, and the total number of shares available for grant under our stock plans as of September 30, 2022:
2018 Employee Stock Purchase Plan During the nine months ended September 30, 2022 and 2021, we recognized $11.2 million and $4.5 million of stock-based compensation expense for the 2018 Employee Stock Purchase Plan, respectively. We issued 759,744 and 1,945,305 shares in the nine months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022 and 2021, we added an additional 12,055,792 shares and 1,902,572 shares, respectively. There were 13,840,716 shares and 2,544,668 shares available for issuance as of September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, we had $10.4 million and $9.8 million of unrecognized stock-based compensation expense, expected to be recognized over a weighted average period of 1.1 years and 0.5 years, respectively.
|
Portfolio Financings |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Financings | Portfolio Financings Overview We have developed various financing options that enable customers' use of the Energy Servers through third-party ownership financing arrangements. For additional information on these financing options, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. PPA IIIa Repowering of Energy Servers PPA IIIa was established in 2012 and we, 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 9.8 megawatts of Energy Servers. On March 31, 2022, we entered into a Membership Interest Purchase Agreement where we bought out the equity interest of the third-party investor, wherein the PPA IIIa became wholly owned by us (the “Buyout”). Following the Buyout and prior to June 14, 2022, we repaid all outstanding debt of the Project Company of $30.6 million, and recognized loss on extinguishment of debt in an amount of $4.2 million, which includes the write-off of the debt discount related to warrants of $1.8 million and a make-whole payment of $2.4 million associated with the debt extinguishment. Refer to Note 7 - Outstanding Loans and Security Agreements, Non-recourse Debt Facilities section. On June 14, 2022, we sold our 100% interest in the Project Company to Generate C&I Warehouse, LLC (“Generate”) through a Membership Interest Purchase Agreement (“MIPA”). Simultaneously, we entered into an agreement with the Project Company to upgrade the old 9.8 megawatts of Energy Servers (the “old Energy Servers”) by replacing them with a newer generation of Energy Servers (“new Energy Servers”) and providing related installation services, which was financed by Generate (the “EPC Agreement”). The old Energy Servers will be removed prior to installing the new Energy Servers, whereby upon completion of installation the old Energy Servers will be returned to Bloom. We also amended and restated our operations and maintenance agreement with the Project Company to cover all new Energy Servers and old Energy Servers prior to their upgrade (“the O&M Agreement”). The operations and maintenance fees under the O&M Agreement are paid on a fixed dollar per kilowatt basis. Certain power purchase agreements within the PPA IIIa portfolio were classified as sales-type leases under ASC 840, while some were classified as operating leases. The Company elected the practical expedient package with the adoption of ASC 842, which allowed the Company to carry forward the lease classification upon adoption of ASC 842 on January 1, 2020. The leases were modified prior to the sale of the PPA IIIa to Generate. Such modified leases were reassessed and determined to not be leases under ASC 842 because customers have no control over the identified assets. Accordingly, on the date of modification, the customer financing receivables were derecognized and recognized as property, plant, and equipment (“PPA IIIa PP&E”). Due to our repurchase option on the old Energy Servers, the Company concluded there was no transfer of control of the old Energy Servers upon sale of the membership interest to Generate. Accordingly, the Company continued to recognize the old Energy Servers, despite the legal ownership of such assets under the MIPA. Upon reclassification of the lease assets to PP&E, the Company assessed the recorded assets for impairment. The carrying amount of the PPA IIIa PP&E was determined to be not recoverable as the net undiscounted cash flows are less than the carrying amounts for PPA IIIa PP&E. Therefore, we recognized the asset impairment charge as electricity cost, consistent with depreciation expense classification for property, plant and equipment under leases. The PPA IIIa Upgrade was in progress as of September 30, 2022 and resulted in the following summarized impacts on our condensed consolidated balance sheet as of September 30, 2022: (i) cash and cash equivalents increased by $17.7 million mainly due to $54.7 million cash receipts from the sale of new Energy Servers to the Project Company, offset by $30.6 million for the repayment of outstanding debt, (ii) both customer financing receivables, current and non-current, and property plant and equipment, net decreased by $5.9 million, $36.9 million and $2.2 million, respectively, due to the impairment of $44.8 million and accelerated depreciation of $0.2 million of the existing old Energy Servers (we revised the expected useful life of the old Energy Servers from 15 years to approximately 0.5 years which resulted in recognized accelerated depreciation of $0.2 million in electricity cost of revenue (see Note 6)), (iii) contract assets increased by $5.0 million, (iv) inventories and deferred cost of revenue decreased by $24.1 million, and (v) other liabilities increased by $4.7 million. Impacts on our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 are summarized as follows: (i) net product and installation revenue recognized of $12.7 million and $2.1 million and $49.6 million and $3.2 million, respectively, as a result of the sale of new Energy Servers; (ii) cost of electricity revenue of nil and $45.0 million, respectively, including the write-off of old Energy Servers of nil and $44.8 million, respectively, accelerated depreciation of nil and $0.2 million, respectively, prior to the completion of installation; (iii) cost of product and installation revenue of $5.7 million and $1.7 million and $21.6 million and $2.5 million, respectively, due to the sale of new Energy Servers; and (iv) nil and $4.2 million, respectively, of loss on extinguishment of debt. Impacts on our condensed consolidated statements of cash flows for the nine months ended September 30, 2022 are summarized as follows: net cash provided by financing activities decreased by $32.6 million due to the repayment of debt of $30.2 million and cash fee of $2.4 million associated with debt extinguishment. PPA Entities’ Aggregate Assets and Liabilities Generally, the assets of an operating company owned by an investment company can be used to settle only the operating company obligations, and the operating company creditors do not have recourse to us. The following are the aggregate carrying values of our VIEs' assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, including as of September 30, 2022 each of the PPA Entities in the PPA IV transaction and the PPA V transaction, and as of December 31, 2021 each of the PPA Entities in the PPA IIIa transaction, the PPA IV transaction and the PPA V transaction (in thousands):
We consolidated each PPA Entity as VIEs in the PPA IV transaction and the PPA V transaction, as we remain the minority shareholder in each of these transactions but have determined that we are the primary beneficiary of these VIEs. These PPA Entities contain debt that is non-recourse to us and own Energy Server assets for which we do not have title.
|
Related Party Transactions |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions There have been no changes in related party relationships during the three and nine months ended September 30, 2022. For information on our related parties, see Part II, Item 8, Note 12 - Related Party Transactions in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Our operations include the following related party transactions (in thousands):
Below is the summary of outstanding related party balances as of September 30, 2022 and December 31, 2021 (in millions):
We had no debt or convertible notes from investors considered to be related parties as of September 30, 2022 and December 31, 2021.
|
Commitments and Contingencies |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Purchase Commitments with Suppliers and Contract Manufacturers - As of September 30, 2022, we had a commitment with NetJets to purchase a fractional interest in one of its jets, which is to be used for corporate travel purposes, in the amount of approximately $3.4 million. The jet is expected to be delivered by July of 2023. As of December 31, 2021, we had no material open purchase orders with our component suppliers and third-party manufacturers that are not cancellable. Portfolio Financings Performance Guarantees - We guarantee the performance of Energy Servers at certain levels of output and efficiency to customers over the contractual term. We paid $1.3 million and $0.2 million in performance guarantees for the nine months ended September 30, 2022 and 2021, respectively. Letters of Credit - In 2019, pursuant to the PPA II upgrade of Energy Servers, we agreed to indemnify our financing partner for losses that may be incurred in the event of certain regulatory, legal or legislative development and established a cash-collateralized letter of credit facility for this purpose. There were no letters of credit or pledged funds associated with the PPA IIIa Upgrade. As of September 30, 2022, the balance of this cash-collateralized letter of credit was $69.0 million, of which $33.3 million and $35.7 million is recognized as short-term and long-term restricted cash, respectively. As of December 31, 2021, the balance of this cash-collateralized letter of credit was $99.4 million, of which $41.7 million and $57.7 million is recognized as short-term and long-term restricted cash, respectively. Pledged Funds - In 2019, pursuant to the PPA IIIb refinancing and energy servers upgrade program, we pledged $20.0 million for a seven-year period to secure our operations and maintenance obligations with respect to the totality of our obligations to the financier. We categorized the $20.0 million as restricted cash on our condensed consolidated balance sheet. It was agreed 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. As of September 30, 2022 and December 31, 2021, the balance of the long-term restricted cash was $6.7 million and $6.7 million. Contingencies Indemnification Agreements - We enter into standard indemnification agreements with our customers and certain other business partners in the ordinary course of business. Our exposure under these agreements is unknown because it involves future claims that may be made against us but have not yet been made. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. However, we may record charges in the future as a result of these indemnification obligations. Delaware Economic Development Authority - In March 2012, we entered into an agreement with the Delaware Economic Development Authority to provide a grant of $16.5 million to us as an incentive to establish a new manufacturing facility in Delaware and to provide employment for full time workers at the facility over a certain period of time. As of September 30, 2022 the grant became current and we have recorded $9.5 million in accrued expenses and other current liabilities for future repayments of this grant. As of December 31, 2021, we have recorded $9.5 million in other long-term liabilities for potential future repayments of this grant. Investment Tax Credits - For information on ITCs, see Part II, Item 8, Note 13 - Commitments and Contingencies on our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Please also refer to Note 1 - Nature of Business, Liquidity and Basis of Presentation for discussion of investment tax credits implemented by the IRA. Legal Matters - We are involved in various legal proceedings that arise in the ordinary course of business. We review all legal matters at least quarterly and assess whether an accrual for loss contingencies needs to be recorded. We record an accrual for loss contingencies when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Legal matters are subject to uncertainties and are inherently unpredictable, so the actual liability in any such matters may be materially different from our estimates. If an unfavorable resolution were to occur, there exists the possibility of a material adverse impact on our consolidated financial condition, results of operations or cash flows for the period in which the resolution occurs or on future periods. In March 2019, the Lincolnshire Police Pension Fund filed a class action complaint in the Superior Court of the State of California, County of Santa Clara, against us, certain members of our senior management, certain of our directors and the underwriters in our July 25, 2018 IPO alleging violations under Sections 11 and 15 of the Securities Act of 1933, as amended (the “Securities Act”), for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with the IPO. Two related class action cases were subsequently filed in the Santa Clara County Superior Court against the same defendants containing the same allegations; Rodriquez vs Bloom Energy et al. was filed on April 22, 2019 and Evans vs Bloom Energy et al. was filed on May 7, 2019. These cases have been consolidated. Plaintiffs' consolidated amended complaint was filed with the court on September 12, 2019. On October 4, 2019, defendants moved to stay the lawsuit pending the federal district court action discussed below. On December 7, 2019, the Superior Court issued an order staying the action through resolution of the parallel federal litigation mentioned below. We believe the complaint to be without merit and we intend to defend this action vigorously. We are unable to estimate any range of reasonably possible losses. In May 2019, Elissa Roberts filed a class action complaint in the federal district court for the Northern District of California against us, certain members of our senior management team, and certain of our directors alleging violations under Section 11 and 15 of the Securities Act for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with the IPO. On September 3, 2019, the court appointed a lead plaintiff and lead plaintiffs’ counsel. On November 4, 2019, plaintiffs filed an amended complaint adding the underwriters in the IPO and our auditor as defendants for the Section 11 claim, as well as adding claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act” ) against us, and certain members of our senior management team. The amended complaint alleged a class period for all claims from the time of our IPO until September 16, 2019. On April 21, 2020, plaintiffs filed a second amended complaint, which continued to make the same claims and added allegations pertaining to the restatement and, as to claims under the Exchange Act, extended the putative class period through February 12, 2020. On July 1, 2020, we and the other defendants filed a motion to dismiss the second amended complaint. On September 29, 2021, the court entered an order dismissing with leave to amend (1) five of seven statements or groups of statements alleged to violate Sections 11 and 15 of the Securities Act and (2) all allegations under the Exchange Act. All allegations against our auditors were also dismissed. Plaintiffs elected not to amend the complaint and instead on October 22, 2021 filed a motion for entry of final judgment in favor of our auditors so that plaintiffs could appeal the dismissal of those claims. The court denied that motion on December 1, 2021 and in response plaintiffs have filed a motion asking the court to certify an interlocutory appeal as to the accounting claims. The court denied plaintiff’s motion on April 14, 2022. Separately, the claims for violation of Sections 11 and 15 of the Securities Act that were not dismissed by the court are in the discovery phase. A case schedule has been set, with a trial scheduled for December 2023. We believe the claims to be without merit and we intend to defend this action vigorously. We are unable to predict the outcome of this litigation at this time and accordingly are not able to estimate any range of reasonably possible losses. In September 2019, we received a books and records demand from purported stockholder Dennis Jacob (“Jacob Demand”). The Jacob Demand cites allegations from the September 17, 2019 report prepared by admitted short seller Hindenburg Research. In November 2019, we received a substantially similar books and records demand from the same law firm on behalf of purported stockholder Michael Bolouri (“Bolouri Demand” and, together with the Jacob Demand, the “Demands”). On January 13, 2020, Messrs. Jacob and Bolouri filed a complaint in the Delaware Court of Chancery to enforce the Demands in the matter styled Jacob, et al. v. Bloom Energy Corp., C.A. No. 2020-0023-JRS. On March 9, 2020, Messrs. Jacob and Bolouri filed an amended complaint in the Delaware Court of Chancery to add allegations regarding the restatement. The court held a one-day trial on December 7, 2020. On February 25, 2021, the Delaware Court of Chancery issued a decision rejecting the Bolouri Demand but granting in part the Jacob Demand allowing limited access to certain books and records pertaining to the allegations made in the Hindenburg Research Report. On March 29, 2021, the Court of Chancery entered a Final Order and Judgment regarding the required production of documents. On April 28, 2021, we produced documents to Mr. Jacob responsive to the Final Order and Judgment. We are unable to estimate any range of reasonably possible losses. In June 2021, we filed a petition for writ of mandate and a complaint for declaratory and injunctive relief in the Santa Clara Superior Court against the City of Santa Clara for failure to issue building permits for two of our customer installations and asking the court to require the City of Santa Clara to process and issue the building permits. In October 2021, we filed an amended petition and complaint that asserts additional constitutional and tort claims based on the City’s failure to timely issue the Energy Server permits. Discovery has commenced and we are aggressively pursuing all claims. On February 4, 2022, the City of Santa Clara filed a Demurrer seeking to dismiss all of the Company’s claims. The trial judge rejected the Demurrer on all claims except one, and allowed Bloom leave to amend that claim. The We filed the second amended petition was filed on July 1, 2022. The City of Santa Clara demurred to one cause of action seeking damages for tortious conduct; the hearing is scheduled for October 27, 2022. The next Status Conference with the judge is scheduled for September December 115, 2022. If we are unable to secure building permits for these customer installations in a timely fashion, our customers will terminate their contracts with us and select another energy provider. In addition, if we are no longer able to install our Energy Servers in Santa Clara under building permits, we may not be able to secure future customer bookings for installation in the City of Santa Clara. In February 2022, Plansee SE/Global Tungsten & Powders Corp. (“Plansee/GTP”), a former supplier, filed a request for expedited arbitration with the World Intellectual Property Organization Arbitration and Mediation Center in Geneva Switzerland, for various claims allegedly in relation to an Intellectual Property and Confidential Disclosure Agreement between Plansee/GTP and Bloom Energy Corporation. Plansee/GTP’s statement of claims includes allegations of infringement of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003. On April 3, 2022, we filed a complaint against Plansee/GTP in the Eastern District of Texas to address the dispute between Plansee/GTP and Bloom Energy Corporation in a proper forum before a U.S. Federal District Court. Our complaint seeks the correction of inventorship of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003 (the “Patents-in-Suit”); declaratory judgment of invalidity, unenforceability, and non-infringement of the Patents-in-Suit; and declaratory judgment of no misappropriation. Further, our complaint seeks to recover damages hawse have suffered in relation to Plansee/GTP’s business dealings that, as alleged, constitute acts of unfair competition, tortious interference contract, breach of contract, violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and violations of the Clayton Antitrust Act. On June 9, 2022, Plansee/GTP filed a motion to dismiss the complaint filed in the Eastern District of Texas and compel arbitration (or alternatively to stay). We filed our opposition on June 30, 2022, Plansee/GTP’s filed its reply on July 14, 2022 and we filed our sur-reply on July 22, 2022. We await a ruling on the matter and in the interim, discovery has commenced in Federal District Court. Given that the cases are still in their early stages, we are unable to predict the ultimate outcome of the arbitration and district court action at this time, and accordingly are not able to estimate a range of reasonably possible losses.
|
Income Taxes |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three and nine months ended September 30, 2022, we recorded an income tax provisions of $0.3 million and $0.9 million, respectively, on pre-tax losses of $60.1 million and $263.4 million for effective tax rates of (0.6)% and (0.3)%, respectively. For the three and nine months ended September 30, 2021, we recorded income tax provisions of $0.2 million and $0.6 million on pre-tax losses of $56.5 million and $144.3 million for effective tax rates of (0.3)% and (0.4)%, respectively. The effective tax rate for the three and nine months ended September 30, 2022 and 2021 is lower than the statutory federal tax rate primarily due to a full valuation allowance against U.S. deferred tax assets. U.S. tax law changesOn August 16, 2022, the United States government enacted the Inflation Reduction Act of 2022 (“IRA”). The IRA establishes a new corporate alternative minimum tax based on financial statement income adjusted for certain items. The new minimum tax is effective for tax years beginning after December 31, 2022. The enactment of the IRA did not have a material impact to the Company’s financial statements for the three and nine months ended September 30, 2022 and 2021, but we are currently assessing the impact of the production and tax credit-related IRA provisions on our business for future quarters.
|
Net Loss per Share Available to Common Stockholders |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss per Share Available to Common Stockholders | Net Loss per Share Available to Common Stockholders Please refer to the condensed consolidated statements of operations for computation of our net loss per share available to common stockholders, basic and diluted. The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share available to common stockholders, diluted, for the three and nine months presented as their inclusion would have been antidilutive (in thousands):
As of September 30, 2022, pursuant to the notice received from SK ecoplant of its intent to exercise its option to purchase additional shares of our Class A common stock (see Note 5), there were an additional 13,491,701 common stock equivalents that were excluded from the table above.
|
Subsequent Events |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events There have been no subsequent events that occurred during the period subsequent to the date of these condensed consolidated financial statements that would require adjustment to our disclosure in the condensed consolidated financial statements as presented. |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), and as permitted by those rules, including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation.
|
Principles of Consolidation | Principles of Consolidation For information on principles of consolidation, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Principles of Consolidation section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
|
Use of Estimates | Use of Estimates For information on the use of accounting estimates, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Use of Estimates section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
|
Recent Accounting Pronouncements and Accounting Guidance Not Yet Adopted | Recent Accounting Pronouncements There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements. Accounting Guidance Not Yet Adopted Contract Assets and Contract Liabilities Acquired in a Business Combination - In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. ASU 2021-08 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. The adoption impact of ASU 2021-08 will depend on the magnitude of any future acquisitions. The standard will not impact acquired contract assets or liabilities from business combinations occurring prior to the adoption date.
|
Nature of Business, Liquidity and Basis of Presentation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of IRA Credits and Incentive Provisions | The IRA contains several credits and incentive provisions that may be relevant to us:
|
Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract with Customer, Asset and Liability | The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands):
Deferred revenue activity, including deferred incentive revenue activity, during the three and nine months ended September 30, 2022 and 2021 consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | We disaggregate revenue from contracts with customers into four revenue categories: product, installation, services and electricity (in thousands):
|
Financial Instruments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | The carrying values of cash, cash equivalents and restricted cash approximate fair values and were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restrictions on Cash and Cash Equivalents | The carrying values of cash, cash equivalents and restricted cash approximate fair values and were as follows (in thousands):
Restricted cash consisted of the following (in thousands):
1 We have VIEs related to PPAs that represent a portion of the consolidated balances recorded within the “restricted cash” and other financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of September 30, 2022, includes $33.3 million and $1.1 million of current restricted cash, respectively, and $35.7 million and $6.7 million of non-current restricted cash, respectively. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2021, includes $41.7 million and $1.2 million of current restricted cash, respectively, and $57.7 million and $6.7 million of non-current restricted cash, respectively. These entities are not considered VIEs.
|
Fair Value (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below set forth, by level, our financial assets that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Level 3 Financial Liabilities | The changes in the Level 3 financial liabilities during the nine months ended September 30, 2022, were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
Balance Sheet Components (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | The components of inventory consist of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepaid Expense and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | Property, plant and equipment, net consists of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Long-Term Assets | Other long-term assets consist of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands):
|
Outstanding Loans and Security Agreements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following is a summary of our debt as of September 30, 2022 (in thousands, except percentage data):
The following is a summary of our debt as of December 31, 2021 (in thousands, except percentage data):
Both note purchase and credit agreements require us to maintain a debt service reserve, the balances of which are presented below (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Repayment and Interest Expense | The following table presents details of our outstanding loan principal repayment schedule as of September 30, 2022 (in thousands):
|
Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Cash Flow Hedge Contracts | The changes in fair value of the interest rate swaps designated as cash flow hedges and the amounts recognized in accumulated other comprehensive loss and in earnings were as follows during the three and nine months ended September 30, 2022 and 2021 (in thousands):
|
Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Leases | Operating and finance lease right-of-use assets and lease liabilities for facilities, Energy Servers, and vehicles as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
1 These assets primarily include leases for facilities, Energy Servers, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheet.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease, Cost | The components of our facilities, Energy Servers, and vehicles' lease costs for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):
Weighted average remaining lease terms and discount rates for our facilities, Energy Servers and vehicles as of September 30, 2022 and December 31, 2021 were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finance Lease, Liability, Fiscal Year Maturity | Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2022 were as follows (in thousands):
At September 30, 2022, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lessee, Operating Lease, Liability, Maturity | Future lease payments under lease agreements for our facilities, Energy Servers and vehicles as of September 30, 2022 were as follows (in thousands):
At September 30, 2022, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Sales-type Lease, Net Investment in Lease | The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands):
1 Net of current estimated credit losses of approximately $0.1 million as of December 31, 2021.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Sales-type Leases, Lease Receivable, Maturity | As of September 30, 2022, future estimated operating minimum lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities were as follows (in thousands):
|
Stock-Based Compensation Expense and Employee Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee and Non-Employee Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | The following table summarizes the stock option activity under our stock plans during the reporting period:
The following table presents the stock activity for the nine months ended September 30, 2022, and the total number of shares available for grant under our stock plans as of September 30, 2022:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Award Activity | A summary of our stock awards activity and related information is as follows:
|
Portfolio Financings (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following are the aggregate carrying values of our VIEs' assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, including as of September 30, 2022 each of the PPA Entities in the PPA IV transaction and the PPA V transaction, and as of December 31, 2021 each of the PPA Entities in the PPA IIIa transaction, the PPA IV transaction and the PPA V transaction (in thousands):
|
Related Party Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | Our operations include the following related party transactions (in thousands):
Below is the summary of outstanding related party balances as of September 30, 2022 and December 31, 2021 (in millions):
|
Net Loss per Share Available to Common Stockholders (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share available to common stockholders, diluted, for the three and nine months presented as their inclusion would have been antidilutive (in thousands):
|
Nature of Business, Liquidity and Basis of Presentation (Details) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
customer
|
Aug. 19, 2022
USD ($)
$ / shares
shares
|
Aug. 10, 2022
USD ($)
day
|
Dec. 31, 2021
USD ($)
customer
|
Sep. 30, 2022
USD ($)
customer
|
Sep. 30, 2021
customer
|
Sep. 30, 2022
USD ($)
customer
|
Sep. 30, 2021
customer
|
|
Subsidiary, Sale of Stock [Line Items] | ||||||||
Long-term debt | $ 483,432 | $ 526,730 | $ 483,432 | $ 483,432 | ||||
Non-recourse debt | $ 454,697 | $ 500,899 | 454,697 | $ 454,697 | ||||
Product | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Revenue recognized due to change in variable considerations | 8,700 | |||||||
Installation | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Revenue recognized due to change in variable considerations | $ 1,300 | |||||||
Accounts Receivable | Customer Concentration Risk | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of customers | customer | 1 | 1 | ||||||
Accounts Receivable | Customer Concentration Risk | Customer One | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Concentration risk, percentage | 23.00% | 60.00% | ||||||
Sales Revenue, Net | Customer Concentration Risk | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of customers | customer | 2 | 1 | 2 | 2 | ||||
Sales Revenue, Net | Customer Concentration Risk | Customer One | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Concentration risk, percentage | 54.00% | 35.00% | 48.00% | 37.00% | ||||
Sales Revenue, Net | Customer Concentration Risk | Customer Two | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Concentration risk, percentage | 26.00% | 16.00% | 12.00% | |||||
Asia Pacific | Sales Revenue, Net | Geographic Concentration Risk | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Concentration risk, percentage | 58.00% | 36.00% | 61.00% | 38.00% | ||||
Initial Investment | Class A common stock | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Shares sold in offering (in shares) | shares | 13,000 | |||||||
Offering price per share (in dollars per share) | $ / shares | $ 26.00 | |||||||
Option period | 30 days | |||||||
Additional shares sold in offering (in shares) | shares | 1,950 | |||||||
Net proceeds from stock offering | $ 371,500 | |||||||
Proceeds from Class A common share offering | 16,500 | |||||||
Incremental costs | $ 700 | |||||||
Securities Purchase Agreement | SK Ecoplant | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Percent of the volume-weighted average closing price | 0.15 | |||||||
Consecutive trading day period | day | 20 | |||||||
Net proceeds from stock offering | $ 311,000 | |||||||
Incremental costs | $ 100 | |||||||
Recourse Debt | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Long-term debt | $ 287,534 | $ 291,831 | $ 287,534 | $ 287,534 | ||||
Non-recourse debt | $ 274,742 | $ 283,483 | $ 274,742 | $ 274,742 |
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|---|---|
Revenue from Contract with Customer [Abstract] | ||||||
Accounts receivable | $ 71,184 | $ 87,788 | ||||
Contract assets | 25,768 | $ 33,374 | 25,201 | $ 27,745 | $ 18,638 | $ 3,327 |
Customer deposits | 64,412 | 64,809 | ||||
Deferred revenue | $ 103,156 | $ 115,476 |
Revenue Recognition - Contract Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Contract With Customer, Asset, After Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 33,374 | $ 18,638 | $ 25,201 | $ 3,327 |
Transferred to accounts receivable from contract assets recognized at the beginning of the period | (21,677) | (11,758) | (21,304) | 0 |
Revenue recognized and not billed as of the end of the period | 14,071 | 20,865 | 21,871 | 24,418 |
Ending balance | $ 25,768 | $ 27,745 | $ 25,768 | $ 27,745 |
Revenue Recognition - Contract Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Contract With Customer, Liability, Deferred Revenue [Roll Forward] | ||||
Beginning balance | $ 96,377 | $ 116,255 | $ 115,476 | $ 135,578 |
Additions | 248,574 | 175,423 | 597,318 | 541,519 |
Revenue recognized | (241,795) | (179,808) | (609,638) | (565,227) |
Ending balance | $ 103,156 | $ 111,870 | $ 103,156 | $ 111,870 |
Revenue Recognition - Revenue by Source (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contract with customers | $ 276,147 | $ 190,777 | $ 688,743 | $ 580,539 |
Total revenue | 292,274 | 207,228 | 736,549 | 629,705 |
Product | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contract with customers | 213,243 | 128,550 | 520,415 | 413,347 |
Total revenue | 213,243 | 128,550 | 520,415 | 413,347 |
Installation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contract with customers | 22,682 | 22,172 | 48,964 | 53,710 |
Total revenue | 22,682 | 22,172 | 48,964 | 53,710 |
Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contract with customers | 37,347 | 39,251 | 111,012 | 111,375 |
Total revenue | 37,347 | 39,251 | 111,012 | 111,375 |
Electricity | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contract with customers | 2,875 | 804 | 8,352 | 2,107 |
Electricity revenue | 16,127 | 16,451 | 47,806 | 49,166 |
Total revenue | $ 19,002 | $ 17,255 | $ 56,158 | $ 51,273 |
Financial Instruments - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||||
Cash and cash equivalents | [1] | $ 492,120 | $ 396,035 | |||
Restricted cash | 177,202 | 219,079 | ||||
Cash, cash equivalents and restricted cash | 669,322 | 615,114 | $ 319,901 | $ 416,710 | ||
Cash | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cash, cash equivalents and restricted cash | 215,926 | 318,080 | ||||
Money market funds | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cash, cash equivalents and restricted cash | $ 453,396 | $ 297,034 | ||||
|
Financial Instruments - Restricted Cash (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
Dec. 31, 2019 |
||
---|---|---|---|---|---|
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | [1] | $ 42,104 | $ 92,540 | ||
Restricted cash, noncurrent | [1] | 135,098 | 126,539 | ||
Restricted cash | 177,202 | 219,079 | |||
Consolidated Entity, Excluding Consolidated VIE | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | 41,124 | 89,462 | |||
Restricted cash, noncurrent | 117,590 | 103,300 | |||
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | 980 | 3,078 | |||
Restricted cash, noncurrent | 17,508 | 23,239 | |||
Variable Interest Entity, Primary Beneficiary | Power Purchase Agreements Entities | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | 980 | 3,078 | |||
Restricted cash, noncurrent | 17,508 | 23,239 | |||
Variable Interest Entity, Primary Beneficiary | PPA II | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | 33,300 | 41,700 | |||
Restricted cash, noncurrent | 35,700 | 57,700 | |||
Restricted cash | 69,000 | 99,400 | |||
Variable Interest Entity, Primary Beneficiary | PPA IIIB | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash, current | 1,100 | 1,200 | |||
Restricted cash, noncurrent | $ 6,700 | $ 6,700 | |||
Restricted cash | $ 20,000 | ||||
|
Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Cash and Cash Equivalents [Abstract] | |||||
Accounts receivable, derecognized | $ 146.3 | $ 146.3 | $ 116.3 | ||
Cost of factoring | $ 2.5 | $ 0.0 | $ 3.7 | $ 0.0 |
Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Assets | ||
Total assets | $ 453,396 | $ 297,034 |
Liabilities | ||
Total liabilities | 5,838 | 19,661 |
Money market funds | ||
Assets | ||
Money market funds | 453,396 | 297,034 |
Option to acquire a variable number of shares of Class A Common Stock | ||
Liabilities | ||
Derivatives | 13,200 | |
Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | 5,838 | 6,461 |
Level 1 | ||
Assets | ||
Total assets | 453,396 | 297,034 |
Liabilities | ||
Total liabilities | 0 | 0 |
Level 1 | Money market funds | ||
Assets | ||
Money market funds | 453,396 | 297,034 |
Level 1 | Option to acquire a variable number of shares of Class A Common Stock | ||
Liabilities | ||
Derivatives | 0 | |
Level 1 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | 0 | 0 |
Level 2 | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 0 | 13,200 |
Level 2 | Money market funds | ||
Assets | ||
Money market funds | 0 | 0 |
Level 2 | Option to acquire a variable number of shares of Class A Common Stock | ||
Liabilities | ||
Derivatives | 13,200 | |
Level 2 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | 0 | 0 |
Level 3 | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 5,838 | 6,461 |
Level 3 | Money market funds | ||
Assets | ||
Money market funds | 0 | 0 |
Level 3 | Option to acquire a variable number of shares of Class A Common Stock | ||
Liabilities | ||
Derivatives | 0 | |
Level 3 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives | $ 5,838 | $ 6,461 |
Fair Value - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Aug. 10, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Gain (loss) on derivative | $ 0.1 | $ (0.2) | $ 0.6 | $ (1.6) | |
SK Ecoplant | Option To Purchase | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Offering price per share (in dollars per share) | $ 23.05 | ||||
Net proceeds from stock offering | $ 4.2 | ||||
SK Ecoplant | Class A common stock | Option To Purchase | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Shares sold in offering (in shares) | 13,491,701 |
Fair Value - Change in Level 3 Financial Assets (Details) - Embedded EPP derivatives $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 6,461 |
Changes in fair value | (623) |
Ending balance | $ 5,838 |
Fair Value - Estimated Fair Values and Carrying Values for Customer Receivables and Debt Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Jun. 14, 2022 |
Dec. 31, 2021 |
---|---|---|---|
10.25% Senior Secured Notes due March 2027 | Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate percentage | 10.25% | 10.25% | |
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate percentage | 2.50% | 2.50% | |
7.5% Term Loan due September 2028 | Term Loan | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate percentage | 7.50% | 7.50% | |
6.07% Senior Secured Notes due March 2030 | Senior Secured Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate percentage | 6.07% | ||
3.04% Senior Secured Notes due June 2031 | Senior Secured Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate percentage | 3.04% | ||
Net Carrying Value | Notes | 10.25% Senior Secured Notes due March 2027 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | $ 63,194 | $ 68,968 | |
Net Carrying Value | Senior Secured Notes | 2.5% Green Convertible Senior Notes due August 2025 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | 224,340 | 222,863 | |
Net Carrying Value | Senior Secured Notes | 6.07% Senior Secured Notes due March 2030 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | 68,899 | 73,262 | |
Net Carrying Value | Senior Secured Notes | 3.04% Senior Secured Notes due June 2031 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | 125,999 | 132,631 | |
Net Carrying Value | Term Loan | 7.5% Term Loan due September 2028 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | 0 | 29,006 | |
Net Carrying Value | Customer financing receivable | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Customer financing receivable | 0 | 45,269 | |
Fair Value | Notes | 10.25% Senior Secured Notes due March 2027 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | 59,939 | 72,573 | |
Fair Value | Senior Secured Notes | 2.5% Green Convertible Senior Notes due August 2025 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | 319,822 | 356,822 | |
Fair Value | Senior Secured Notes | 6.07% Senior Secured Notes due March 2030 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | 83,251 | ||
Fair Value | Senior Secured Notes | 3.04% Senior Secured Notes due June 2031 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | 137,983 | ||
Fair Value | Term Loan | 7.5% Term Loan due September 2028 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | 0 | 35,669 | |
Fair Value | 6.07% Senior Secured Notes due March 2030 | Senior Secured Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | 70,085,000 | ||
Fair Value | 3.04% Senior Secured Notes due June 2031 | Senior Secured Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument | 115,294,000 | ||
Fair Value | Customer financing receivable | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Customer financing receivable | $ 0 | $ 38,334 |
Balance Sheet Components - Inventories, Net (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 156,163 | $ 80,809 |
Finished goods | 61,376 | 30,668 |
Work-in-progress | 37,356 | 31,893 |
Inventory, net | 254,895 | 143,370 |
Inventory reserves | $ 17,600 | $ 13,900 |
Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Receivables from employees | $ 7,949 | $ 5,463 | ||
Prepaid hardware and software maintenance | 5,079 | 3,494 | ||
Prepaid managed services | 4,291 | 2,480 | ||
Tax receivables | 3,259 | 1,518 | ||
Prepaid workers compensation | 3,114 | 5,330 | ||
Deposits made | 1,425 | 817 | ||
Prepaid deferred commissions | 794 | 724 | ||
State incentive receivable | 214 | 427 | ||
Other prepaid expenses and other current assets | 20,364 | 10,408 | ||
Prepaid expenses and other current assets | [1] | $ 46,489 | $ 30,661 | |
|
Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 1,044,704 | $ 960,696 | ||
Less: accumulated depreciation | (397,936) | (356,590) | ||
Property, plant and equipment, net | [1] | 646,768 | 604,106 | |
Energy Servers | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 669,606 | 674,799 | ||
Machinery and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 132,965 | 110,600 | ||
Construction-in-progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 91,301 | 43,544 | ||
Leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 68,369 | 52,936 | ||
Building | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 49,240 | 48,934 | ||
Computers, software and hardware | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 24,100 | 21,276 | ||
Furniture and fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 9,123 | $ 8,607 | ||
|
Balance Sheet Components - Property Plant and Equipment, Net Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
MW
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
May 31, 2022 |
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Depreciation and amortization | $ 15,500 | $ 46,182 | $ 40,079 | ||||
Operating leases, depreciation expense | 5,800 | $ 5,900 | 17,300 | 17,600 | |||
Variable Interest Entity, Primary Beneficiary | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Property, plant and equipment | 362,000 | 362,000 | $ 368,000 | ||||
Accumulated depreciation | $ 153,800 | $ 153,800 | $ 139,400 | ||||
Variable Interest Entity, Primary Beneficiary | Old Energy Server | PPA Company IIIA | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Depreciation and amortization | $ 200 | ||||||
Energy servers power | MW | 9.8 | ||||||
Estimated depreciable life | 6 months | 15 years | |||||
Property, plant and equipment | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Depreciation and amortization | $ 13,300 | $ 40,100 |
Balance Sheet Components - Other Long-Term Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Long-term lease receivable | $ 8,131 | $ 7,953 | ||
Prepaid insurance | 7,969 | 9,534 | ||
Deferred commissions | 7,229 | 7,569 | ||
Deposits made | 2,694 | 1,923 | ||
Prepaid managed services | 2,533 | 3,010 | ||
Deferred tax asset | 885 | 954 | ||
Investments in subsidiaries | 0 | 1,819 | ||
Prepaid and other long-term assets | 8,875 | 8,311 | ||
Other long-term assets | [1] | $ 38,316 | $ 41,073 | |
|
Balance Sheet Components - Accrued Other Current Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Compensation and benefits | $ 30,002 | $ 38,222 | ||
Sales-related liabilities | 10,374 | 6,040 | ||
Delaware grant | 9,495 | 0 | ||
Accrued installation | 6,032 | 13,968 | ||
Accrued legal expenses | 5,513 | 1,765 | ||
Current portion of derivative liabilities | 3,053 | 6,059 | ||
Accrued consulting expenses | 1,423 | 1,731 | ||
Sales tax liabilities | 1,359 | 1,491 | ||
Interest payable | 719 | 2,159 | ||
Option to acquire a variable number of shares of Class A Common Stock | 0 | 13,200 | ||
Other | 34,040 | 29,503 | ||
Accrued other current liabilities | [1] | $ 102,010 | $ 114,138 | |
|
Outstanding Loans and Security Agreements - Schedule of Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Jun. 14, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Unpaid Principal Balance | $ 492,194 | $ 539,669 | |
Current portion of debt | 28,735 | 25,831 | |
Net carrying value, long-term | 454,697 | 500,899 | |
Total | 483,432 | 526,730 | |
Notes | 10.25% Senior Secured Notes due March 2027 | |||
Debt Instrument [Line Items] | |||
Unpaid Principal Balance | 63,966 | 70,000 | |
Current portion of debt | 12,792 | 8,348 | |
Net carrying value, long-term | 50,402 | 60,620 | |
Total | $ 63,194 | $ 68,968 | |
Interest rate percentage | 10.25% | 10.25% | |
Senior Secured Notes | 2.5% Green Convertible Senior Notes due August 2025 | |||
Debt Instrument [Line Items] | |||
Unpaid Principal Balance | $ 230,000 | $ 230,000 | |
Current portion of debt | 0 | 0 | |
Net carrying value, long-term | 224,340 | 222,863 | |
Total | $ 224,340 | $ 222,863 | |
Interest rate percentage | 2.50% | 2.50% | |
Senior Secured Notes | 3.04% Senior Secured Notes due June 30, 2031 | |||
Debt Instrument [Line Items] | |||
Unpaid Principal Balance | $ 127,736 | $ 134,644 | |
Current portion of debt | 10,332 | 9,376 | |
Net carrying value, long-term | 115,667 | 123,255 | |
Total | $ 125,999 | 132,631 | |
Interest rate percentage | 3.04% | ||
Senior Secured Notes | 6.07% Senior Secured Notes due March 2030 | |||
Debt Instrument [Line Items] | |||
Unpaid Principal Balance | $ 70,492 | 73,955 | |
Current portion of debt | 5,611 | 4,671 | |
Net carrying value, long-term | 64,288 | 68,591 | |
Total | $ 69,899 | 73,262 | |
Interest rate percentage | 6.07% | ||
Recourse Debt | |||
Debt Instrument [Line Items] | |||
Unpaid Principal Balance | $ 293,966 | 300,000 | |
Current portion of debt | 12,792 | 8,348 | |
Net carrying value, long-term | 274,742 | 283,483 | |
Total | $ 287,534 | 291,831 | |
Term Loan | 7.5% Term Loan due September 2028 | |||
Debt Instrument [Line Items] | |||
Unpaid Principal Balance | 31,070 | ||
Current portion of debt | 3,436 | ||
Net carrying value, long-term | 25,570 | ||
Total | 29,006 | ||
Interest rate percentage | 7.50% | 7.50% | |
Non-recourse Debt | |||
Debt Instrument [Line Items] | |||
Unpaid Principal Balance | $ 198,228 | 239,669 | |
Current portion of debt | 15,943 | 17,483 | |
Net carrying value, long-term | 179,955 | 217,416 | |
Total | $ 195,898 | $ 234,899 |
Outstanding Loans and Security Agreements - Recourse Debt Facilities Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Debt Instrument [Line Items] | |||||
Contractual interest expense | $ 13,099 | $ 14,514 | $ 41,000 | $ 43,798 | |
10.25% Senior Secured Notes due March 2027 | Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | 10.25% | 10.25% | 10.25% | ||
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | 2.50% | 2.50% | 2.50% | ||
Contractual interest expense | $ 1,900 | 1,900 | $ 5,800 | 5,800 | |
Amortization of debt issuance costs | $ 500 | $ 500 | $ 1,500 | $ 1,500 |
Outstanding Loans and Security Agreements - Non-recourse Debt Facilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 14, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|||
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ 4,233 | $ 0 | ||||
Cash and cash equivalents | [1] | 492,120 | 492,120 | $ 396,035 | ||||
Senior Secured Notes | 3.04% Senior Secured Notes due June 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt minimum debt service reserves required | $ 8,000 | $ 8,000 | 8,000 | |||||
Interest rate percentage | 3.04% | 3.04% | ||||||
Senior Secured Notes | 7.5% Term Loan due September 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt minimum debt service reserves required | $ 0 | $ 0 | 3,600 | |||||
Senior Secured Notes | 7.5% Term Loan due September 2028 | PPA Company IIIA | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 30,200 | |||||||
Accrued interest | 400 | |||||||
Loss on extinguishment of debt | 4,200 | |||||||
Cash and cash equivalents | $ 3,600 | |||||||
Senior Secured Notes | 6.07% Senior Secured Notes due March 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt minimum debt service reserves required | $ 9,500 | $ 9,500 | $ 9,100 | |||||
Interest rate percentage | 6.07% | 6.07% | ||||||
Term Loan | 7.5% Term Loan due September 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate percentage | 7.50% | 7.50% | 7.50% | |||||
|
Outstanding Loans and Security Agreements - Schedule of Repayments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||
Remainder of 2022 | $ 6,755 | $ 6,755 | |||
2023 | 28,503 | 28,503 | |||
2024 | 31,872 | 31,872 | |||
2025 | 265,494 | 265,494 | |||
2026 | 39,078 | 39,078 | |||
Thereafter | 120,492 | 120,492 | |||
Total | 492,194 | 492,194 | $ 539,669 | ||
Interest expense | $ 13,100 | $ 14,500 | $ 41,000 | $ 43,800 |
Derivative Financial Instruments - Changes in Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ (144,921) | $ 29,614 | $ (1,827) | $ 141,019 |
Net loss (gain) recognized in other comprehensive loss | 1,027 | 1,062 | 1,774 | 4,554 |
Gain recognized in earnings | (100) | 200 | (600) | 1,600 |
Ending balance | 202,373 | 44 | 202,373 | 44 |
Interest rate swap agreements | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Gain recognized in earnings | 0 | (35) | 0 | (105) |
Derivative contracts | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 0 | 12,651 | 0 | 15,989 |
Loss (gain) recognized in other comprehensive loss | 0 | (264) | 0 | (2,548) |
Amounts reclassified from other comprehensive loss to earnings | 0 | (499) | 0 | (1,483) |
Net loss (gain) recognized in other comprehensive loss | 0 | (763) | 0 | (4,031) |
Ending balance | $ 0 | $ 11,853 | $ 0 | $ 11,853 |
Leases - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Leases [Abstract] | |||||
Rent expense | $ 5,000,000 | $ 4,400,000 | $ 14,200,000 | $ 11,400,000 | |
Financing obligations | 443,665,000 | 443,665,000 | $ 461,900,000 | ||
Net investment in sales-type leases | $ 0 | $ 0 | $ 45,268,000 |
Leases - Operating and Financing Lease Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Assets and Liabilities, Lessee: | ||
Operating lease right-of-use assets, net | $ 114,053 | $ 106,660 |
Current operating lease liabilities | (12,671) | (13,101) |
Non-current operating lease liabilities | (122,412) | (106,187) |
Total operating lease liabilities | (135,083) | (119,288) |
Finance lease right-of-use assets, net | $ 2,692 | $ 2,944 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Less: current financing obligations | $ (988) | $ (863) |
Non-current finance lease liabilities | (1,899) | (2,157) |
Present value of net minimum lease payments | (2,887) | (3,020) |
Total lease liabilities | $ (137,970) | $ (122,308) |
Leases - Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Leases [Abstract] | ||||
Operating lease costs | $ 6,097 | $ 3,925 | $ 17,962 | $ 10,620 |
Amortization of finance lease right-of-use assets | 230 | 214 | 750 | 1,096 |
Interest expense for finance lease liabilities | 53 | 51 | 160 | 296 |
Total finance lease costs | 283 | 265 | 910 | 1,392 |
Short-term lease costs | 538 | 625 | 699 | 951 |
Total lease costs | $ 6,918 | $ 4,815 | $ 19,571 | $ 12,963 |
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Weighted average remaining lease term: | ||
Operating leases | 9 years 1 month 6 days | 8 years 10 months 24 days |
Finance leases | 3 years 1 month 6 days | 3 years 6 months |
Weighted average discount rate: | ||
Operating leases | 10.00% | 9.60% |
Finance leases | 7.60% | 7.60% |
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Operating Leases | ||
Remainder of 2022 | $ 6,365 | |
2023 | 24,688 | |
2024 | 23,028 | |
2025 | 23,504 | |
2026 | 23,332 | |
Thereafter | 54,170 | |
Total minimum lease payments | 155,087 | |
Less: amounts representing interest or imputed interest | (20,004) | |
Present value of lease liabilities | 135,083 | $ 119,288 |
Finance Leases | ||
Remainder of 2022 | 281 | |
2023 | 1,121 | |
2024 | 948 | |
2025 | 461 | |
2026 | 222 | |
Thereafter | 73 | |
Total minimum lease payments | 3,106 | |
Less: imputed interest | (219) | |
Present value of net minimum lease payments | 2,887 | 3,020 |
Less: current financing obligations | (988) | (863) |
Non-current finance lease liabilities | 1,899 | $ 2,157 |
Managed Services | Variable Interest Entity, Primary Beneficiary | ||
Finance Leases | ||
Remainder of 2022 | 10,889 | |
2023 | 44,124 | |
2024 | 42,051 | |
2025 | 41,025 | |
2026 | 36,426 | |
Thereafter | 55,508 | |
Total minimum lease payments | 230,023 | |
Less: imputed interest | (128,150) | |
Present value of net minimum lease payments | 101,873 | |
Less: current financing obligations | (16,682) | |
Non-current finance lease liabilities | $ 85,191 |
Leases - Sales-Type Leases (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Net Investment in Lease [Abstract] | ||||
Lease payment receivables, net | $ 0 | $ 44,378,000 | ||
Estimated residual value of leased assets (unguaranteed) | 0 | 890,000 | ||
Net investment in sales-type leases | 0 | 45,268,000 | ||
Less: current portion | [1] | 0 | (5,784,000) | |
Non-current portion of net investment in sales-type leases | [1] | $ 0 | 39,484,000 | |
Current estimated credit losses | $ 100,000 | |||
|
Leases - Payment to be Received (Details) - Variable Interest Entity, Primary Beneficiary - Portfolio Financing $ in Thousands |
Sep. 30, 2022
USD ($)
|
---|---|
Lessor, Lease, Description [Line Items] | |
Remainder of 2022 | $ 9,582 |
2023 | 37,608 |
2024 | 40,067 |
2025 | 42,589 |
2026 | 43,761 |
Thereafter | 197,868 |
Total minimum lease payments | $ 371,475 |
Stock-Based Compensation Expense and Employee Benefit Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 24,031 | $ 20,966 | $ 82,938 | $ 57,309 |
Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 4,982 | 2,945 | 13,609 | 9,749 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 4,818 | 5,678 | 25,113 | 15,876 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 3,948 | 4,391 | 13,528 | 12,486 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 10,283 | $ 7,952 | $ 30,688 | $ 19,198 |
Stock-Based Compensation Expense and Employee Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Outstanding Options/RSUs, Number of Shares | ||
Outstanding, beginning (in shares) | 10,737,295 | |
Exercised (in shares) | (468,821) | |
Forfeited (in shares) | (42,742) | |
Expired (in Shares) | (1,229,091) | |
Outstanding, ending (in shares) | 8,996,641 | 10,737,295 |
Vested and expected to vest (in shares) | 8,985,005 | |
Exercisable (in shares) | 8,598,209 | |
Outstanding Options Weighted Average Exercise Price | ||
Outstanding, beginning (in dollars per share) | $ 21.23 | |
Exercised (in dollar per shares) | 7.52 | |
Forfeited (in dollars per share) | 6.97 | |
Expired (in dollar per shares) | 30.38 | |
Outstanding, ending (in dollars per share) | 20.77 | $ 21.23 |
Vested and expected to vest (in dollars per share) | 20.78 | |
Exercisable (in dollars per share) | $ 21.46 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Outstanding, remaining contractual life | 4 years 9 months 18 days | 5 years 2 months 12 days |
Outstanding, aggregate intrinsic value | $ 45,054 | $ 60,304 |
Vested and expected to vest, remaining contractual life | 4 years 9 months 18 days | |
Exercisable, remaining contractual life | 4 years 8 months 12 days | |
Vested and expected to vest, aggregate intrinsic value | $ 44,901 | |
Exercisable, aggregate intrinsic value | $ 39,364 |
Stock-Based Compensation Expense and Employee Benefit Plans - Stock Options Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||||
Unrecognized compensation cost related to unvested stock options | $ 0.8 | $ 0.8 | $ 6.2 | ||
Expense expected to be recognized over remaining weighted-average period | 6 months | 10 months 24 days | |||
Cash received from stock options exercised | $ 3.6 | $ 62.1 | |||
Class A common stock | |||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||||
Granted (in shares) | 0 | 0 | 0 | 0 | |
Employee Stock Option | |||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||||
Allocated share-based compensation expense | $ 1.2 | $ 2.7 | $ 6.7 | $ 10.0 |
Stock-Based Compensation Expense and Employee Benefit Plans - Stock Award Activity (Details) - Restricted Stock Units |
9 Months Ended |
---|---|
Sep. 30, 2022
$ / shares
shares
| |
Number of Awards Outstanding | |
Unvested balance (in shares) | shares | 8,367,664 |
Granted (in shares) | shares | 4,945,001 |
Vested (in shares) | shares | (2,328,713) |
Forfeited (in shares) | shares | (900,629) |
Unvested balance (in shares) | shares | 10,083,323 |
Weighted Average Grant Date Fair Value | |
Unvested balance (in dollars per share) | $ / shares | $ 20.52 |
Granted (in dollars per share) | $ / shares | 19.69 |
Vested (in dollars per share) | $ / shares | 17.59 |
Forfeited (in dollars per share) | $ / shares | 21.76 |
Unvested balance (in dollars per share) | $ / shares | $ 19.99 |
Stock-Based Compensation Expense and Employee Benefit Plans - Stock Awards Narrative (Details) - Restricted Stock Units - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated share-based compensation expense | $ 18.4 | $ 15.8 | $ 64.4 | $ 40.6 | |
Unrecognized stock-based compensation cost | $ 155.2 | $ 155.2 | $ 114.9 | ||
Expense expected to be recognized over a weighted-average period | 2 years 1 month 6 days | 2 years 3 months 18 days |
Stock-Based Compensation Expense and Employee Benefit Plans - Number of Shares Available for Grant (Details) |
9 Months Ended |
---|---|
Sep. 30, 2022
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Available for Grant [Roll Forward] | |
Beginning balance (in shares) | 24,146,784 |
Added to plan (in shares) | 8,384,460 |
Granted (in shares) | (4,981,732) |
Cancelled/Forfeited (in shares) | 2,062,177 |
Expired (in shares) | (1,196,565) |
Ending Balance (in shares) | 28,415,124 |
Stock-Based Compensation Expense and Employee Benefit Plans - Employee Stock Purchase Plan (Details) - 2018 ESPP - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock ownership plan (ESOP), compensation expense | $ 11.2 | $ 4.5 | |
Number of shares issued (in shares) | 759,744 | 1,945,305 | |
Number of additional shares authorized (in shares) | 12,055,792 | 1,902,572 | |
Number of common stock reserved for issuance (in shares) | 13,840,716 | 2,544,668 | |
Unrecognized stock-based compensation cost | $ 10.4 | $ 9.8 | |
Expense expected to be recognized over a weighted-average period | 1 year 1 month 6 days | 6 months |
Portfolio Financings - Narrative (Details) $ in Thousands |
1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 14, 2022
MW
|
Jun. 13, 2022 |
Jun. 30, 2022
USD ($)
|
Jun. 13, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
MW
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
|||
Variable Interest Entity [Line Items] | |||||||||||
Repayment of debt of PPA IIIa | $ 30,212 | $ 0 | |||||||||
Loss on extinguishment of debt | $ 0 | $ 0 | 4,233 | 0 | |||||||
Customer financing receivable | [1] | 0 | 0 | $ 5,784 | |||||||
Non-current portion of net investment in sales-type leases | [1] | 0 | 0 | 39,484 | |||||||
Write-off of assets related to PPA IIIa | 44,800 | 0 | |||||||||
Depreciation and amortization | 15,500 | 46,182 | 40,079 | ||||||||
Increase in contract assets | 567 | 24,418 | |||||||||
Decrease in inventories | (110,797) | (39,953) | |||||||||
Total revenue | 292,274 | 207,228 | 736,549 | 629,705 | |||||||
Cost of revenue | 241,330 | 170,345 | 659,638 | 500,827 | |||||||
Net cash provided by financing activities | 305,211 | 53,130 | |||||||||
Debt extinguishment cost | 2,413 | 0 | |||||||||
Electricity | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Total revenue | 19,002 | 17,255 | 56,158 | 51,273 | |||||||
Cost of revenue | 13,029 | 11,439 | 83,819 | 32,913 | |||||||
Product | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Total revenue | 213,243 | 128,550 | 520,415 | 413,347 | |||||||
Cost of revenue | 158,176 | 93,704 | 393,337 | 289,889 | |||||||
Installation | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Total revenue | 22,682 | 22,172 | 48,964 | 53,710 | |||||||
Cost of revenue | 28,333 | 25,616 | 57,836 | 66,756 | |||||||
Variable Interest Entity, Primary Beneficiary | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Customer financing receivable | 0 | 0 | 5,784 | ||||||||
Non-current portion of net investment in sales-type leases | 0 | 0 | 39,484 | ||||||||
Property, plant and equipment, net | 208,208 | $ 208,208 | $ 228,546 | ||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company IIIA | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Energy servers power | MW | 9.8 | 9.8 | |||||||||
Repayment of debt of PPA IIIa | $ 30,600 | ||||||||||
Loss on extinguishment of debt | 4,200 | ||||||||||
Write-off of debt discount | 1,800 | ||||||||||
Make-whole payment | $ 2,400 | ||||||||||
Net cash provided by financing activities | $ 32,600 | ||||||||||
Repayments of debt | 30,200 | ||||||||||
Debt extinguishment cost | 2,400 | ||||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company IIIA | PPA 3A Upgrade | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Repayment of debt of PPA IIIa | 30,600 | ||||||||||
Loss on extinguishment of debt | 4,200 | ||||||||||
Cash and cash equivalents decrease from project | $ 17,700 | ||||||||||
Cash receipts from sale of energy | 54,700 | ||||||||||
Customer financing receivable | 5,900 | 5,900 | |||||||||
Non-current portion of net investment in sales-type leases | 36,900 | 36,900 | |||||||||
Property, plant and equipment, net | 2,200 | 2,200 | |||||||||
Write-off of assets related to PPA IIIa | 44,800 | ||||||||||
Depreciation and amortization | 200 | ||||||||||
Estimated depreciable life | 6 months | 15 years | |||||||||
Increase in contract assets | 5,000 | ||||||||||
Decrease in inventories | 24,100 | ||||||||||
Increase in other liabilities | $ 4,700 | ||||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company IIIA | Electricity | PPA 3A Upgrade | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Write-off of assets related to PPA IIIa | 44,800 | ||||||||||
Depreciation and amortization | 0 | 200 | |||||||||
Cost of revenue | 0 | 45,000 | |||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company IIIA | Product | PPA 3A Upgrade | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Cost of revenue | 5,700 | 21,600 | |||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company IIIA | Installation | PPA 3A Upgrade | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Total revenue | 1,700 | $ 2,500 | |||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company IIIA | Net Product | PPA 3A Upgrade | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Total revenue | 12,700 | $ 49,600 | |||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company IIIA | Net Installation | PPA 3A Upgrade | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Total revenue | $ 2,100 | $ 3,200 | |||||||||
Variable Interest Entity, Primary Beneficiary | PPA Company IIIA | Sale Of Project Company | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Percent interest sold | 100.00% | ||||||||||
|
Portfolio Financings - Schedule of PPA Entities' Assets and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Current assets: | ||||
Cash and cash equivalents | [1] | $ 492,120 | $ 396,035 | |
Restricted cash | [1] | 42,104 | 92,540 | |
Accounts receivable | [1] | 71,184 | 87,789 | |
Customer financing receivable | [1] | 0 | 5,784 | |
Prepaid expenses and other current assets | [1] | 46,489 | 30,661 | |
Total current assets | 964,372 | 806,420 | ||
Customer financing receivable | [1] | 0 | 39,484 | |
Restricted cash | [1] | 135,098 | 126,539 | |
Other long-term assets | [1] | 38,316 | 41,073 | |
Total assets | 1,902,069 | 1,725,571 | ||
Current liabilities: | ||||
Accrued expenses and other current liabilities | [1] | 102,010 | 114,138 | |
Deferred revenue and customer deposits | [1] | 98,841 | 89,975 | |
Non-recourse debt | [1] | 15,943 | 17,483 | |
Total current liabilities | 392,727 | 342,479 | ||
Deferred revenue and customer deposits | [1] | 68,727 | 90,310 | |
Non-recourse debt | [1] | 179,955 | 217,416 | |
Total liabilities | 1,491,145 | 1,518,547 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Current assets: | ||||
Cash and cash equivalents | 1,265 | 1,541 | ||
Restricted cash | 980 | 3,078 | ||
Accounts receivable | 3,170 | 5,112 | ||
Customer financing receivable | 0 | 5,784 | ||
Prepaid expenses and other current assets | 2,766 | 3,071 | ||
Total current assets | 8,181 | 18,586 | ||
Property, plant and equipment, net | 208,208 | 228,546 | ||
Customer financing receivable | 0 | 39,484 | ||
Restricted cash | 17,508 | 23,239 | ||
Other long-term assets | 1,994 | 2,362 | ||
Total assets | 235,891 | 312,217 | ||
Current liabilities: | ||||
Accrued expenses and other current liabilities | 111 | 194 | ||
Deferred revenue and customer deposits | 662 | 662 | ||
Non-recourse debt | 15,943 | 17,483 | ||
Total current liabilities | 16,716 | 18,339 | ||
Deferred revenue and customer deposits | 4,915 | 5,410 | ||
Non-recourse debt | 179,955 | 217,417 | ||
Total liabilities | $ 201,586 | $ 241,166 | ||
|
Related Party Transactions - Schedule of Related Party Transactions and Outstanding Related Party (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Related Party Transaction [Line Items] | |||||
Total revenue from related parties | $ 12,532 | $ 3,333 | $ 30,231 | $ 8,227 | |
Accounts receivable | 12,500 | 12,500 | $ 4,400 | ||
Equity Method Investee | |||||
Related Party Transaction [Line Items] | |||||
Total revenue from related parties | $ 0 | $ 0 |
Commitments and Contingencies (Details) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Apr. 22, 2019
class_action_case
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2021
USD ($)
|
Mar. 31, 2012
USD ($)
|
|||
Operating Leased Assets [Line Items] | ||||||||
Restricted cash | $ 177,202 | $ 219,079 | ||||||
Restricted cash | [1] | 42,104 | 92,540 | |||||
Restricted cash | [1] | 135,098 | 126,539 | |||||
Grants receivable | $ 16,500 | |||||||
Delaware grant | 9,500 | 9,500 | ||||||
Number of cases | class_action_case | 2 | |||||||
Variable Interest Entity, Primary Beneficiary | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Restricted cash | 980 | 3,078 | ||||||
Restricted cash | 17,508 | 23,239 | ||||||
PPA II | Variable Interest Entity, Primary Beneficiary | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Restricted cash | 69,000 | 99,400 | ||||||
Restricted cash | 33,300 | 41,700 | ||||||
Restricted cash | 35,700 | 57,700 | ||||||
PPA IIIB | Variable Interest Entity, Primary Beneficiary | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Restricted cash | $ 20,000 | |||||||
Restricted cash | 1,100 | 1,200 | ||||||
Restricted cash | 6,700 | $ 6,700 | ||||||
Pledged assets, term | 7 years | |||||||
Period to meet criteria | 5 years | |||||||
Additional period to fund release | 2 years | |||||||
PPA Company 5 | ||||||||
Operating Leased Assets [Line Items] | ||||||||
PPA expenses | 1,300 | $ 200 | ||||||
NetJets | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Purchase obligation | $ 3,400 | |||||||
|
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 336 | $ 158 | $ 888 | $ 595 |
Pre-tax loss | $ 60,056 | $ 56,504 | $ 263,416 | $ 144,269 |
Effective income tax rate | (0.60%) | (0.30%) | (0.30%) | (0.40%) |
Net Loss per Share Available to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 30,632,000 | 19,602,000 | 29,690,000 | 21,185,000 |
Convertible notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 14,187,000 | 14,187,000 | 14,187,000 | 14,187,000 |
Redeemable convertible preferred stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 10,000,000 | 0 | 10,000,000 | 0 |
Stock options and awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 6,445,000 | 5,415,000 | 5,503,000 | 6,998,000 |
Common Class A | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 13,491,701 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2020-06 [Member] |
@ZYX7W)S0^,5G*>:IN-=I!LLZ:!F5\ M$A\JZT%I/I060&DAE!8-W5TQ5#:1R3JV->FQ41O:,$Z$-@:7*U.ITZ#1#2AM M!J6Y4)IGB-$-XAB.5>]1D_]B!DUO0&DAE!9!:3&4EJ!H79NVZ0WC1'I#6:XL MMZ:81J@79;;P=0V:XI"H$IM.'/XUKU!5[TCKW-]P>!])TAF60VQ^$B2 =BV4 MR)X3DW]'?"1;C)G$9H2O689V+Y&-$L>8]+S>VVSC$J8Z+C'J[7C2\:L6&'MJ M@=)F4)H+I7FF[$D8$X
ALIXYX)$8DJXQ.C$H__R9 -JU4+I%
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ME#)^MDNM.-II0S1=J*8'I?F#UB" :H906@2EQ5!:@J)U_=.&.TQUN.,I- 5JWF\G%,>L3"Z6#P>ZD?L2!2EW-@=28OWTF)OYUR5_X.Y-0SP
MO@5_5+1-4=4B:$;-ZJZZ+E0O;M7\@-%^M[*L_]0VLYD-Q\4%_19RD=-*KB%48)AG>I\E>:^(?;FTSU]U5
M"_#K@?BV48X-$YE8/T]2$K.)2-LJ(9S@&M.]QM2K\=^Y&D9-T.4PUL"S;J0:
M4_WSJV!3YTVOFUC\L:TV:FABTE-+U#RF4^6V48C+SO:R,Z_LWV75BWF[7"K-
M>=<)F#92U!H5,%%N;Z^"FYN;'!. L-BT<>>$H\^\4
MY3=2_B&09"?SN[#/15?U$2_R2GN^-NG'/[N[WBMJ?'XUZ6DW-R!RBR]0'R
MB?*1$<='?3K5NOMZO_5.#%%DTU@]:QLY@S.$N)?X\MY]W'DW)<%YRV57)FM-
M]"SE=!O*;/;I7*$SS:E\*:E FJ/J-A;U ;@H6HYY9%Q+:N(0
R%:HA[R#2?S3B5F;- 10DJ#?R0EC3QF0*KB256NTR$%"+3D-%_@:->)Z9,K
M<7H=2I_0Z]*!)8H?KK8+=1WJM=:]$&>\.?X)4UHNE?J2\F4?7Y4 [B CQR%HG8Y'7<;.3#K"
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MV#[I3?<#0-*,@3Q\>SR5_EPP?N[^(U44VW
M%#;T2=2DJRI,M\*%*@$LW9VZ[NXT9/E
W< ?-!M@M%&;5:/+4V=RA8IJ>%X.2JUZ)_(Z2G'TTC5MW['U30KDO/T=
M$RHYHKJ2SRK\!.T)"P/.9"#E,_K"R
JPH.P*M$J2FK54/?%B1L+3C681_O0.D'YX!Z
MS?SI^->4?76-C5I@EA(NGV'$UL_S&0Y\X^]*!#G4S>):EM+2.#"TG[!GNS?4_J*N*\8K"SSE*6E'54YSF6
[==A>4] 9E>B)&G OD4'=. -=
M'*',1[C'-5261^*WDL\[MI*A,< G2K,2F@3G#Y5M@4H725F;M8CB-E_C.6U]
MGT29PQG)W7K;] U2)&S#81@B?ZX8_+0+3.>13[JF5%5D7-,%XNE4NI58@!(<
MDR@ R:.B!\26"E[/!PJPNE;AGFJZXQ:ZS$5D8L\Z >C9)6O$O&9U2IU>:AQP
MC9""H:NV0F4*PQ*UEII;XU(5#SF)E-I*D*W\\.'L,VMKQ&]-H2(G4D6P!D4
M/I#<'-VJLFI&R^;@(Y1;=&=^3N21M)TA_$$:VTX6IQ7W])1UL"PC[3.VT1]U
M4**]N9-X=\HCB@LZ?J-!W/H?QZ>BT[&PO=V]R:W-H
M965T0QL>B*XUTKU#^&Q6 R=#"]!-O:=55):<0#-VLB;>>DRIKZ@Y1!HB.1?L08
M1Z (2/^9WM$K2^+_R0*3$. =-0H9 %KV20'(M.*UR4K1"F"7]RL=5RC>EE[R
MYH_.4E8KO.72R)J/*6YN/>K_'*XU-*B$R%"LT$*E6\*!FVY095#_T*204.W:
M*:)%Z8>]FOX7QK?