Balance Sheet Components

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventories

The components of inventory consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022

Raw materials	$	195,680	$	165,446
Finished goods	147,004		58,288
Work-in-progress	55,005		44,660
	$	397,689	$	268,394

The inventory reserves were $16.5 million and $17.2 million as of March 31, 2023 and December 31, 2022, respectively.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022

Receivables from employees	$	13,548	$	6,553
Deferred expenses (Note 15)	8,215		—
Prepaid hardware and software maintenance	4,094		4,290
Tax receivables	3,783		3,676
Prepaid managed services	3,607		4,405
Advance income tax provision	3,343		783
Prepaid workers compensation	3,265		5,536
Prepaid rent	1,811		965
Deposits made	1,723		1,409
Prepaid deferred commissions	905		1,002
State incentive receivable	186		204
Other prepaid expenses and other current assets	11,904		14,820
	$	56,384	$	43,643

Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022

Energy Servers	$	538,912	$	538,912
Machinery and equipment	146,710		145,555
Leasehold improvements	104,758		104,528
Construction-in-progress	87,042		72,174
Buildings	49,419		49,240
Computers, software and hardware	25,286		24,608
Furniture and fixtures	9,794		9,581
	961,921		944,598
Less: accumulated depreciation	(358,960)		(344,184)
	$	602,961	$	600,414

Depreciation expense related to property, plant and equipment was $18.2 million and $14.4 million for the three months ended March 31, 2023 and 2022, respectively.

Property, plant and equipment under operating leases by PPA V was $226.0 million and $226.0 million and accumulated depreciation for these assets was $96.3 million and $92.7 million as of March 31, 2023 and December 31, 2022, respectively. Depreciation expense for property, plant and equipment under operating leases by PPA V and PPA IV (sold in November 2022) was $3.6 million and $5.9 million for the three months ended March 31, 2023 and 2022, respectively.

Other Long-Term Assets

Other long-term assets consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022

Deferred commissions	$	8,980	$	8,320
Long-term lease receivable	7,971		8,076
Deferred expenses (Note 15)	6,636		—
Prepaid insurance	3,772		4,047
Deposits made	2,672		2,672
Prepaid managed services	2,215		2,373
Deferred tax asset	1,398		1,151

Prepaid and other long-term assets	13,326		13,566
	$	46,970	$	40,205

Accrued Warranty

Accrued warranty liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022

Product performance	$	9,075	$	16,901
Product warranty	381		431

	$	9,456	$	17,332

Changes in the product warranty and product performance liabilities were as follows (in thousands):





Balances at December 31, 2022	$	17,332
Accrued warranty, net	7,924
Warranty expenditures during the quarter	(15,800)
Balances at March 31, 2023	$	9,456

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022

General invoice and purchase order accruals	$	35,635	$	44,010
Compensation and benefits	30,474		48,156
Delaware grant	9,495		9,495
Accrued installation	8,930		7,905
Sales-related liabilities	6,387		7,147
Provision for income tax	3,970		1,140
Accrued legal expenses	3,896		4,403
Current portion of derivative liabilities	3,160		2,596
PPA IV Upgrade financing obligations	2,958		6,076
Accrued consulting expenses	1,950		1,390
Sales tax liabilities	1,612		6,172
Finance lease liabilities	1,062		1,024
Interest payable	719		3,128
Other	1,513		1,541
	$	111,761	$	144,183

Preferred Stock

As of March 31, 2023, we had 20,000,000 shares of preferred stock authorized, of which 13,491,701 shares were designated as Series B redeemable convertible preferred stock. As of December 31, 2022, we had 20,000,000 shares of preferred stock authorized, of which 10,000,000 shares were designated as Series A redeemable convertible preferred stock. The preferred stock had $0.0001 par value. There were 13,491,701 shares and no shares of preferred stock issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.