Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventories

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


	June 30,		December 31,
	2023		2022

Raw materials	$	223,526	$	165,446
Finished goods	188,803		58,288
Work-in-progress	55,937		44,660
	$	468,266	$	268,394

The inventory reserves were $16.8 million and $17.2 million as of June 30, 2023 and December 31, 2022, respectively.

Prepaid Expenses and Other Current Assets

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


	June 30,		December 31,
	2023		2022

Receivables from employees	$	10,922	$	6,553
Deferred expenses (Note 15)	8,182		—
Tax receivables	4,422		3,676
Prepaid hardware and software maintenance	3,306		4,290
Prepaid managed services	2,773		4,405
Advance income tax provision	1,998		783
Deposits made	1,683		1,409
Prepaid workers compensation	1,163		5,536
Prepaid deferred commissions	832		1,002
Other prepaid expenses and other current assets	14,542		15,989
	$	49,823	$	43,643

Property, Plant and Equipment, Net

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


	June 30,		December 31,
	2023		2022

Energy Servers	$	545,047	$	538,912
Machinery and equipment	159,171		145,555
Leasehold improvements	105,888		104,528
Construction-in-progress	92,896		72,174
Buildings	49,424		49,240
Computers, software and hardware	26,359		24,608
Furniture and fixtures	9,722		9,581
	988,507		944,598
Less: accumulated depreciation	(382,500)		(344,184)
	$	606,007	$	600,414

Depreciation expense related to property, plant and equipment for the three and six months ended June 30, 2023 was $17.5 million and $35.7 million, respectively. Depreciation expense related to property, plant and equipment for the three and six months ended June 30, 2022 was $16.3 million and $30.7 million, 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 $99.9 million and $92.7 million as of June 30, 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 $7.2 million for the three and six months ended June 30, 2023, respectively. Depreciation expense for these assets was $5.6 million and $11.5 million for the three and six months ended June 30, 2022, respectively.

Other Long-Term Assets

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


	June 30,		December 31,
	2023		2022

Deferred commissions	$	8,860	$	8,320
Long-term lease receivable	7,817		8,076
Deferred expenses (Note 15)	6,669		—
Prepaid insurance	3,541		4,047
Deposits made	2,695		2,672
Prepaid managed services	2,056		2,373
Deferred tax asset	1,399		1,151

Prepaid and other long-term assets	10,389		13,566
	$	43,426	$	40,205

Accrued Warranty

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


	June 30,		December 31,
	2023		2022

Product performance	$	13,926	$	16,901
Product warranty	980		431

	$	14,906	$	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	17,474
Warranty expenditures during the six-month period	(19,900)
Balances at June 30, 2023	$	14,906

Accrued Expenses and Other Current Liabilities

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


	June 30,		December 31,
	2023		2022

Compensation and benefits	$	43,833	$	48,156
General invoice and purchase order accruals	26,854		44,010
Delaware grant	9,495		9,495
Sales-related liabilities	6,522		7,147
Accrued installation	5,618		7,905
Sales tax liabilities	5,192		6,172
Interest payable	4,581		3,128
Accrued legal expenses	3,724		4,403
Accrued consulting expenses	2,431		1,390
Provision for income tax	1,995		1,140
Finance lease liabilities	1,136		1,024
VAT interim liability	968		418
PPA IV upgrade financing obligations	247		6,076
Current portion of derivative liabilities	—		2,596
Other	1,252		1,123
	$	113,848	$	144,183

Preferred Stock

As of June 30, 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 June 30, 2023 and December 31, 2022, respectively.