Power Purchase Agreement Programs (Tables)

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The table below shows the details of the five continuing Investment Companies and their cumulative activities from inception to the periods indicated (dollars in thousands):



	PPA Company II		PPA Company IIIa		PPA Company IIIb		PPA Company IV		PPA Company V
Overview:
Maximum size of installation (in megawatts)	30		10		6		21		40
Installed size (in megawatts)	30		10		5		19		37
Term of power purchase agreements (years)	21		15		15		15		15
First system installed	Jun-12		Feb-13		Aug-13		Sep-14		Jun-15
Last system installed	Nov-13		Jun-14		Jun-15		Mar-16		Dec-16
Income (loss) and tax benefits allocation to Equity Investor	99%		99%		99%		90%		99%
Cash allocation to Equity Investor	99%		99%		99%		90%		90%
Income (loss), tax and cash allocations to Equity Investor after the flip date	5%		5%		5%		No flip		No flip
Equity Investor ¹	Credit Suisse		US Bank		US Bank		Exelon Corporation		Exelon Corporation
Put option date ²	10th anniversary of initial funding date		1st anniversary of flip point		1st anniversary of flip point		N/A		N/A
Company cash contributions	$	22,442	$	32,223	$	22,658	$	11,669	$	27,932
Company non-cash contributions ³	$	—	$	8,655	$	2,082	$	—	$	—
Equity Investor cash contributions	$	139,993	$	36,967	$	20,152	$	84,782	$	227,344
Debt financing	$	144,813	$	44,968	$	28,676	$	99,000	$	131,237
Cumulative Activity as of March 31, 2019:
Distributions to Equity Investor	$	116,942	$	4,246	$	1,907	$	4,982	$	68,944
Debt repayment—principal	$	67,985	$	5,209	$	4,238	$	16,111	$	6,644
Cumulative Activity as of December 31, 2018:
Distributions to Equity Investor	$	116,942	$	4,063	$	1,807	$	4,568	$	66,745
Debt repayment—principal	$	65,114	$	4,431	$	3,953	$	15,543	$	5,780

¹ Investor name represents ultimate parent of subsidiary financing the project.
² Investor right on the certain date, upon giving us advance written notice, to sell the membership interests to us or resign or withdraw from the investment partnership.
³ Non-cash contributions consisted of warrants that were issued by us to respective lenders to each PPA Entity, as required by such entity’s credit agreements. The corresponding values are amortized using the effective interest method over the debt term.

The following table shows Bloom Energy's stand-alone, the PPA Entities combined and these consolidated balances as of March 31, 2019, and December 31, 2018 (in thousands):



	March 31, 2019						December 31, 2018
	Bloom		PPA Entities		Consolidated		Bloom		PPA Entities		Consolidated

Assets
Current assets	$	609,411	$	30,431	$	639,842	$	646,350	$	26,231	$	672,581
Long-term assets	191,802		487,206		679,008		220,399		496,688		717,087
Total assets	$	801,213	$	517,637	$	1,318,850	$	866,749	$	522,919	$	1,389,668
Liabilities
Current liabilities	$	236,372	$	2,312	$	238,684	$	246,866	$	2,952	$	249,818
Current portion of debt	15,683		21,827		37,510		8,686		21,162		29,848
Long-term liabilities	255,010		16,051		271,061		293,739		14,120		307,859
Long-term portion of debt	385,610		317,958		703,568		388,073		323,360		711,433
Total liabilities	$	892,675	$	358,148	$	1,250,823	$	937,364	$	361,594	$	1,298,958

The aggregate carrying values of the PPA Entities’ assets and liabilities in the consolidated balance sheets, after eliminations of intercompany transactions and balances, were as follows (in thousands):



	March 31,		December 31,
	2019		2018

Assets
Current assets:
Cash and cash equivalents	$	9,071	$	5,295
Restricted cash	5,040		2,917
Accounts receivable	7,431		7,516
Customer financing receivable	5,717		5,594
Prepaid expenses and other current assets	3,172		4,909
Total current assets	30,431		26,231
Property and equipment, net	391,121		399,060
Customer financing receivable, non-current	65,620		67,082
Restricted cash	27,851		27,854
Other long-term assets	2,614		2,692
Total assets	$	517,637	$	522,919
Liabilities
Current liabilities:
Accounts payable	$	426	$	724
Accrued other current liabilities	1,100		1,442
Deferred revenue and customer deposits	786		786
Current portion of debt	21,827		21,162
Total current liabilities	24,139		24,114
Derivative liabilities, net of current portion	5,611		3,626
Deferred revenue, net of current portion	8,502		8,696
Long-term portion of debt	317,958		323,360
Other long-term liabilities	1,938		1,798
Total liabilities	$	358,148	$	361,594

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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