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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents [1] $ 557,384 $ 348,498
Restricted cash, short-term [1] 42,614 51,515
Accounts receivable less allowance for doubtful accounts of $119 as of September 30, 2023 and December 31, 2022 [1],[2] 334,495 250,995
Contract assets [3] 143,875 46,727
Inventories [1] 475,649 268,394
Deferred cost of revenue, current [4] 62,212 46,191
Prepaid expenses and other current assets [1] 66,243 43,643
Total current assets 1,682,472 1,055,963
Property, plant and equipment, net [1] 490,535 600,414
Operating lease right-of-use assets [1] 127,973 126,955
Restricted cash, long-term [1] 37,698 118,353
Deferred cost of revenue 4,286 4,737
Other long-term assets [1] 33,208 40,205
Total assets 2,376,172 1,946,627
Current liabilities:    
Accounts payable [1] 153,793 161,770
Accrued warranty 16,537 17,332
Accrued expenses and other current liabilities [1],[5] 116,480 144,183
Deferred revenue and customer deposits [1],[6] 119,157 159,048
Operating lease liabilities [1] 16,666 16,227
Financing obligations 39,093 17,363
Recourse debt 0 12,716
Non-recourse debt, current [1] 0 13,307
Total current liabilities 461,726 541,946
Deferred revenue and customer deposits, current [1] 14,499 56,392
Operating lease liabilities [1] 133,602 132,363
Financing obligations 410,365 442,063
Recourse debt 840,492 273,076
Non-recourse debt, noncurrent [1] 1,483 112,480
Other long-term liabilities 8,805 9,491
Total liabilities 1,870,972 1,567,811
Commitments and contingencies
Stockholders’ equity:    
Common stock: $0.0001 par value; Class A shares - 600,000,000 shares authorized and 223,860,870 shares and 189,864,722 shares issued and outstanding and Class B shares - 600,000,000 shares authorized and 0 shares and 15,799,968 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 21 20
Additional paid-in capital 4,360,080 3,906,491
Accumulated other comprehensive loss (2,378) (1,251)
Accumulated deficit (3,871,110) (3,564,483)
Total equity attributable to common stockholders 486,613 340,777
Noncontrolling interest 18,587 38,039
Total stockholders’ equity 505,200 378,816
Total liabilities and stockholders’ equity $ 2,376,172 $ 1,946,627
[1] We have a variable interest entity related to PPA V (see Note 10 - Portfolio Financings) and a joint venture in the Republic of Korea (see Note 16 - SK ecoplant Strategic Investment), which represent a portion of the consolidated balances recorded within these financial statement line items.In August 2023, we sold the PPA V entity as a result of the PPA V Repowering of Energy Servers (see Note 10 - Portfolio Financings), as such the consolidated balances recorded within these financial statement line items as of September 30, 2023 exclude PPA V balances.
[2] Including amounts from related parties of $247.9 million and $4.3 million as of September 30, 2023 and December 31, 2022, respectively.
[3] Including amounts from related parties of $3.4 million as of September 30, 2023. There was no respective related party amounts as of December 31, 2022.
[4] Including amounts from related parties of $23.4 million as of September 30, 2023. There was no respective related party amounts as of December 31, 2022
[5] Including amounts from related parties of $5.7 million as of September 30, 2023. There was no respective related party amounts as of December 31, 2022.
[6] Including amounts from related parties of $11.1 million as of September 30, 2023. There was no respective related party amounts as of December 31, 2022.