Power Purchase Agreement Programs

Overview

In mid-2010, we began offering our Energy Servers through our Bloom Electrons program, which we denote as Power Purchase Agreement Programs, financed via investment entities. Under these arrangements, an operating entity is created (the "Operating Company") which purchases the Energy Server from us. The end customer then enters into a power purchase agreement ("PPA") with the Operating Company to purchase the power generated by the Energy Server(s) at a specified rate per kilowatt hour for a specified term which can range from 10 to 21 years. In some cases similar to direct purchases and leases, the standard one-year warranty and performance guaranties are included in the price of the product. The Operating Company also enters into a master services agreement ("MSA") with us following the first year of service to extend the warranty services and guaranties over the term of the PPA. In other cases, the MSA, including warranties and guaranties, are billed on a quarterly basis starting in the first quarter following the placed-in-service date of the Energy Servers and continuing over the term of the PPA. The first of such arrangements was considered a sales-type lease and the product revenue from that agreement was recognized up front in the same manner as direct purchase and lease transactions. Substantially all of our subsequent PPAs have been accounted for as operating leases with the related revenue under those agreements recognized ratably over the PPA term as electricity revenue. We recognize the cost of revenue, primarily product costs and maintenance service costs, over the shorter of the estimated useful life of the Energy Server or the term of the PPA.

We and our third-party equity investors (together "Equity Investors") contribute funds into a limited liability investment entity ("Investment Company") that owns and is parent to the Operating Company (together, the "PPA Entities"). The PPA Entities constitute variable investment entities ("VIEs") under U.S. GAAP. We have considered the provisions within the contractual agreements which grant us power to manage and make decisions affecting the operations of these VIEs. We consider that the rights granted to the Equity Investors under the contractual agreements are more protective in nature rather than participating. Therefore, we have determined under the power and benefits criterion of ASC 810 - Consolidations that we are the primary beneficiary of these VIEs. On June 14, 2019, we entered into a PPA II upgrade of Energy Servers transaction, and as a result we determined that we no longer retained a controlling interest in PPA II and therefore, it was no longer consolidated as a VIE into our condensed consolidated financial statements as of June 30, 2019. See further discussion below.

As the primary beneficiary of these VIEs, we consolidate in our financial statements the financial position, results of operations and cash flows of the PPA Entities, and all intercompany balances and transactions between us and the PPA Entities are eliminated in the condensed consolidated financial statements.

The Operating Company acquires Energy Servers from us for cash payments that are made on a similar schedule as if the Operating Company were a customer purchasing an Energy Server from us outright. In the condensed consolidated financial statements, the sales of our Energy Servers to the Operating Company are treated as intercompany transactions after the elimination of intercompany balances. The acquisition of Energy Servers by the Operating Company is accounted for as a non-cash reclassification from inventory to Energy Servers within property, plant and equipment, net on our condensed consolidated balance sheets. In arrangements qualifying for sales-type leases, we reduce these recorded assets by amounts received from U.S. Treasury Department cash grants and from similar state incentive rebates.

The Operating Company sells the electricity to end customers under PPAs. Cash generated by the electricity sales, as well as receipts from any applicable government incentive program, is used to pay operating expenses (including the management and services we provide to maintain the Energy Servers over the term of the PPA) and to service the non-recourse debt with the remaining cash flows distributed to the Equity Investors. In transactions accounted for as sales-type leases, we recognize subsequent customer billings as electricity revenue over the term of the PPA and amortize any applicable government incentive program grants as a reduction to depreciation expense of the Energy Server over the term of the PPA. In transactions accounted for as operating leases, we recognize subsequent customer payments and any applicable government incentive program grants as electricity revenue over the term of the PPA.

Upon sale or liquidation of a PPA Entity, distributions would occur in the order of priority specified in the contractual agreements.

We have established six different PPA Entities to date. The contributed funds are restricted for use by the Operating Company to the purchase of Energy Servers manufactured by us in our normal course of operations. All six PPA Entities utilized their entire available financing capacity and have completed the purchase of their Energy Servers. Any debt incurred by the Operating Companies is non-recourse to us. Under these structures, each Investment Company is treated as a partnership for U.S. federal income tax purposes. Equity Investors receive investment tax credits and accelerated tax depreciation benefits. In 2016, we purchased the tax equity investor’s interest in PPA I, which resulted in a change in our ownership interest in PPA I while we continued to hold the controlling financial interest in this company.

PPA II Upgrade of Energy Servers

Transaction Overview

On June 14, 2019, we entered into a transaction with SP Diamond State Class B Holdings, LLC (“SPDS”), a wholly owned subsidiary of Southern Power Company, in which SPDS purchased a majority interest in Diamond State Generation Partners ("DSGP"), also known as PPA II, which operates in Delaware providing alternative energy generation for state tariff rate payers (the "PPA II upgrade of Energy Servers"). DSGP used the funds received from SPDS to purchase current generation Bloom Energy Servers to upgrade 19.0 megawatts of its existing Bloom Energy Servers with 17.7 megawatts of new Bloom Energy Servers while maintaining comparable output.

In connection with the closing of this transaction, SPDS was admitted as a member of Diamond State Generation Partners, LLC ("DSGP"). DSGP, an operating company, is now owned by Diamond State Generation Holdings, LLC ("DSGH") and SPDS. SPDS made capital contributions to DSGP, which funds were used to purchase 17.7 megawatts of Energy Servers from us. Prior to selling the new generation Energy Servers to DSGP, we repurchased a proportionate number of DSGP’s existing Energy Servers and removed such existing Energy Servers from PPA II's site. In the future, subject to our ability to secure additional capital commitments from sources yet to be identified, the remaining 11.0 megawatts of existing Energy Servers that constitute PPA II may be repurchased by Bloom and replaced by up to approximately 9.8 megawatts of new Energy Servers to be sold by us to DSGP. We estimate that we will need to secure approximately $92 million of additional funding in order to complete the upgrade of the PPA II Energy Servers. In the event that we are unable to secure financing to fund the deployment of the additional 9.8 megawatts of new Energy Servers as part of the PPA II upgrade of Energy Servers, we expect to continue to operate the existing Energy Servers, in which case we may need to amend certain operating permits that had been issued for PPA II assuming all 27 megawatts of Bloom Energy Servers were upgraded. We will continue to operate and service the Energy Servers, but management of DSGP will transfer to SPDS as of the date we have completed the repurchase of all of the interests of the current equity holder in DSGH, Mehetia, Inc., a wholly-owned subsidiary of Credit Suisse AG (“Mehetia”). This repurchase will occur on the earlier of the upgrade of the remaining 11 megawatts with new Energy Servers or March 31, 2020.

Obligations to the PPA II Financiers

After giving effect to the admission of SPDS as a member of DSGP at the closing and the retirement of the existing debt, there are three investors in PPA II: Bloom Energy, Mehetia, and SPDS.

At closing, we made a partial payment for repurchase of the existing Energy Servers owned by DSGP in the amount of approximately $72.3 million, all of which was used by DSGP (along with additional DSGP's cash reserves) to prepay all of its existing indebtedness associated with PPA II. We also agreed to purchase all of the equity interests in DSGH currently held by Mehetia for an estimated purchase price of $57.5 million. The purchase of Mehetia’s equity interests in DSGH will be effected via multiple payments by us with the final payment to be made no later than March 31, 2020.

In connection with the admission of SPDS as a member of DSGP, the DSGP limited liability company agreement was amended to provide, among other things, for the allocation of revenues, benefits and expenses between us, Mehetia and SPDS. Under the amended limited liability company agreement, until such time as all of Mehetia’s equity interests in DSGH have been repurchased, Mehetia is entitled to 100% of the revenues generated from the operation of the 11 megawatts of existing Energy Servers and we are entitled to none of such revenues. From and after the date that all of Mehetia’s equity interests in DSGH have been repurchased, we will be entitled to 100% of the revenues generated by the existing Energy Servers. Additionally, SPDS is entitled to 100% of the revenues generated from the operation of the 17.7 megawatts of new Energy Servers. SPDS is also entitled to 100% of any tax attributes, income and loss associated with the new Energy Servers.

Obligations to DSGP

At closing, we and DSGP entered into two primary commercial contracts: first, a contract for the purchase, sale and installation of the new Energy Servers (the “EPC Agreement”), and second, a contract for the operation and maintenance of both the existing Energy Servers and the new Energy Servers (the “O&M Agreement”). Both the upfront purchase price for the new Energy Servers under the EPC Agreement and the ongoing fees for our operations and maintenance of the Energy Servers under the O&M Agreement are paid on a fixed dollar per kilowatt basis.

Our obligations to DSGP pursuant to the EPC Agreement include: (i) designing, manufacturing, and installing the new Energy Servers (ii) obtaining all necessary permits and other governmental approvals necessary for the installation and operation of the new Energy Servers; and (iii) commissioning each of the new Energy Servers upon the completion of installation.

Our obligations to DSGP pursuant to the O&M Agreement include: (i) maintaining all necessary permits and other governmental approvals necessary for the operation of the Energy Servers, and maintaining such permits and approvals throughout the term of the O&M Agreement; (ii) operating and maintaining the Energy Servers in compliance with all applicable laws, permits and regulations; (iii) satisfying the efficiency and output obligations set forth in such O&M Agreement (“Performance Requirements”); and (iv) complying with the requirements of the PPA II Tariff. The O&M Agreement obligates us to repurchase some or all of the Energy Servers in the event the Energy Servers fail to comply with the Performance Requirements and we fail to remedy such failure during the cure period.

The O&M Agreement for the Energy Servers provides for the following Performance Requirements and indemnity obligations:

Efficiency Guaranty. We warrant to DSGP that the new Energy Servers will operate at a cumulative average efficiency level of 50%. If the aggregate average efficiency falls below the specified threshold, we are obligated to make a payment to DSGP equal to the increased expense resulting from such efficiency shortfall, with our aggregate liability for such payments capped at the aggregate purchase price of the Energy Servers. During the period from September 2010 to September 30, 2019, no payments have been made pursuant to the Efficiency Guaranty.

Existing Energy Server Output Warranty. We warrant to DSGP that the existing Energy Servers will, in the aggregate, generate a minimum amount of electricity in each calendar quarter, and we are obligated to repair or replace Energy Servers if such Energy Servers fail to satisfy this warranty. If we determine that a repair or replacement is not feasible, we are obligated to repurchase such Energy Servers at the original purchase price. During the period from September 2010 to September 30, 2019, no Energy Servers have been repurchased pursuant to the existing Energy Server Output Warranty.

New Energy Server Output Warranty. We warrant to DSGP that the new Energy Servers purchased by DSGP will, in the aggregate, generate a minimum amount of electricity on a cumulative basis, and we are obligated to repair or replace Energy Servers if such Energy Servers fail to satisfy this warranty. If we determine that a repair or replacement is not feasible, we are obligated to repurchase such Energy Servers at the original purchase price. During the period from the closing of the upgrade to September 30, 2019, no Energy Servers have been repurchased pursuant to the New Energy Server Output Warranty.

New Energy Server Output Guaranty. We warrant to DSGP that the new Energy Servers purchased by DSGP in connection with the PPA II upgrade of Energy Servers will, in the aggregate, generate a minimum amount of electricity on a cumulative basis, and we are obligated to make a payment to DSGP for lost revenues resulting from the shortfall below the guaranteed level if such Energy Servers fail to satisfy this warranty, with our aggregate liability for such payments capped at our customary limitation of liability for output guarantees. During the period from the closing of the upgrade to September 30, 2019, no payments have been made pursuant to the New Energy Server Output Guaranty.

Other Obligations

In addition to the rights and obligations set forth above, the transaction documents related to the upgrade of the PPA II Energy Servers contain certain representations, warranties and covenants of Bloom, DSGH, DSGP, Mehetia and SPDS, including representations and warranties of Bloom and DSGP relating to the conduct of their respective businesses prior to the closing of the transaction, as well as indemnity obligations related to the breach of such representations, warranties and covenants. In addition, we have agreed to indemnify SPDS for losses that may be incurred in the event of certain regulatory, legal or legislative development in an aggregate amount of up to $97.2 million. For this purpose, as of June 30, 2019, we established a cash-collateralized letter of credit of $20.0 million under this obligation. The Equity Capital Contribution Agreement required that in the event our shares of common stock traded at a specified price for a specified period, Southern had the right to require that Bloom either (a) provide supplemental Tariff Damages Collateral (as defined in the agreement) in the amount of the difference between the then-applicable Tariff Damages and the Tariff Damages Collateral then-available to Southern pursuant to the LLC Agreement, or (b) make a payment to Southern in the amount of such difference. During the third quarter of 2019, we were required under the transaction to increase collateralization of our obligation by $20.0 million; in addition, the trading price of our common stock triggered Southern’s right to obtain additional collateralization equal to the difference between the Tariff Damage Collateral and Tariff Damage, or $57.2 million, which together resulted in us funding an additional cash-collateralized letter of credit of $77.2 million. In addition, we have also agreed to indemnify SPDS for losses that may be incurred in connection with the loss or disallowance of certain tax benefits that we expect the upgrade of the PPA II Energy Servers to generate, in an incremental amount of up to $7.5 million.

Obligations Under the PPA II Tariff Agreement

In the event that DSGP claims that a Forced Outage Event, defined under the PPA II tariff agreement as the inability of DSGP to obtain a replacement component part or a service necessary for the operation of the Energy Servers at their nameplate capacity, has occurred under the PPA II tariff, DSGP is obligated to purchase and retire, on behalf of Delmarva Power & Light Company, replacement renewable energy credits ("RECs") in an amount equal to the number of megawatt hours for which it receives compensation under the ‘forced outage’ provisions of the tariff, but only if such replacement RECs are available in sufficient quantities and can be purchased for less than $45 per REC. The PPA II tariff agreement provides for payments to DSGP in the event of a Forced Outage Event lasting in excess of 90 days. For the first 90 days following the occurrence of a Forced Outage Event, no payments are made under this provision of the tariff. Thereafter, DSGP is entitled to payments equal to 70% of the payments that would have been made under the tariff but for the occurrence of the Forced Outage Event-that is, the “Forced Outage Event” provision of the PPA II tariff agreement provides for payments to DSGP under the tariff equal to the amount that would be paid were the upgraded PPA II Energy Servers operating at 70% of their nameplate capacity, irrespective of actual output. The PPA II tariff agreement also provides that the “Forced Outage Event” protections afforded thereunder shall automatically terminate in the event that we obtain an investment grade rating.

Impact of PPA II Upgrade of Energy Servers on Consolidated Financial Statements

As described above, the PPA II upgrade of Energy Servers documents contain certain representations, warranties and covenants of Bloom, DSGH, DSGP, Mehetia and SPDS, including representations and warranties of Bloom and DSGP relating to the conduct of their respective businesses prior to the closing of the transaction, as well as indemnity obligations related to the breach of such representations, warranties and covenants. In addition, we have agreed to indemnify SPDS for losses that may be incurred in the event of certain regulatory, legal or legislative development in an aggregate amount of up to $97.2 million. As of September 30, 2019, we believe these events to be remote and therefore, no liability has been recorded on our condensed consolidated financial statements.

As a result of the transaction with SPDS, we reconsidered whether we should continue to consolidate DSGP. We use a qualitative approach in assessing the consolidation requirement for each of our PPA Entities. This approach focuses on determining whether we have the power to direct those activities of the PPA Entities that most significantly affect their economic performance and whether we have the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the PPA Entities. As a result of the PPA II upgrade of Energy Servers, we determined that we no longer retain a controlling interest in PPA II and therefore it will no longer be consolidated as a VIE into our condensed consolidated financial statements as of June 30, 2019. We determined that, as of June 30, 2019, we have retained significant influence over DSGP and consequently continue to recognize our remaining interest in DSGP as an equity investment included in other long-term assets on our condensed consolidated balance sheet as of September 30, 2019.

The PPA II upgrade of Energy Servers completed through September 30, 2019 occurred in two phases, phase 1 where initially SPDS had its purchased interest in 9.7 megawatts of Energy Servers installed during June 2019, and its remaining phase 2 purchased interest in 8.0 megawatts of Energy Servers installed during July and August of 2019. During the three and nine months ended September 30, 2019, we have sold 8.0 megawatts and 17.7 megawatts of our current generation Energy Servers for $71.5 million and $159.3 million, respectively, to DSGP subsequent to its deconsolidation, which is included in product revenue, and recognized installation services of $3.2 million and $7.1 million, respectively, which is included in installation revenue, in our condensed consolidated statements of operations for the three and nine months ended September 30, 2019. Concurrently, we wrote-off 9.0 megawatts and 19.0 megawatts of our earlier generation Energy Servers for $14.6 million and $48.3 million, respectively, and installed 8.0 megawatts and 17.7 megawatts of Energy Servers at a cost of goods sold of $21.1 million and $47.4 million, which is included in cost of product revenue in our condensed consolidated statements of operations for the three and nine months ended September 30, 2019, respectively. In anticipation of replacing the remaining installed 9.0 megawatts of Energy Servers during 2019 under phase 2 which, as a result, reduced their previously expected useful lives, we recognized a one-time charge related to the decommissioning of PPA II Energy Servers of $14.6 million and $22.7 million, which is included in cost of electricity revenue in our condensed consolidated statements of operations for the three and nine months ended September 30, 2019, respectively. Additionally, in paying-off the outstanding debt and interest of PPA II amounting to $77.7 million, we incurred a debt payoff make-whole penalty of $5.9 million, which is included in general and administrative expense in our condensed consolidated statements of operations for the nine months ended September 30, 2019. Finally, we had PPA II debt issuance costs written-off of $1.0 million and additional interest expense incurred for PPA 2 debt payoff of $0.1 million, which is included in interest expense in our condensed consolidated statements of operations for the nine months ended September 30, 2019.

The PPA II upgrade of Energy Servers resulted in the following impacts on our condensed consolidated balance sheet as of September 30, 2019: (i) cash and cash equivalents decreased by $47.8 million, comprised of approximately $166.4 million cash receipts for the sale of new systems to PPA II, mostly offset by $77.7 million used for the repayment of all PPA II debt plus a make-whole payment fee of $5.9 million, a $43.7 million distribution to Credit Suisse related to the redemption of noncontrolling interest, and a $85.9 million net outflow into restricted cash for certain contingent indemnifications for SPDS under the PPA II upgrade of Energy Servers in the form of a letter of credit to SPDS; (ii) property, plant and equipment, net decreased $48.3 million due to the write-off of 19 megawatts of older Energy Servers from PPA II completed during August 2019; (iii) restricted cash long-term increased $85.9 million, comprised of $97.2 million for certain contingent indemnifications for SPDS under the PPA II upgrade of Energy Servers, partially offset by $11.3 million released after the repayment of debt; and (iv) noncontrolling interest decreased $55.4 million. This is comprised of $43.7 million of cash payments to Credit Suisse resulting from redemption of the noncontrolling interest in PPA II plus the unpaid balance to Credit Suisse of $11.7 million which was reclassified to accrued other current liabilities. Additionally, accrued other current liabilities increased by $0.7 million as a result of accretion, resulting in an ending balance of $12.4 million related to our commitment to mandatorily redeem their noncontrolling interest in DSGH by March 31, 2020 under the PPA II upgrade of Energy Servers.

PPA Entities' Activities Summary

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 II			PPA IIIa		PPA IIIb		PPA IV		PPA V
Overview:
Maximum size of installation (in megawatts)	30			10		6		21		40
Installed size (in megawatts)	11		⁴	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	March 31, 2020			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 September 30, 2019:
Distributions to Equity Investor	$	163,626		$	4,616	$	2,109	$	6,422	$	70,141
Debt repayment—principal	$	144,813		$	6,122	$	4,608	$	17,314	$	8,633
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.

⁴Installed base decreased from December 31, 2018 due to the repurchase of 19 megawatts of our Energy Servers during June, July and August 2019 under the PPA II upgrade of Energy Servers. See disclosures above.

Some of our PPA Entities contain structured provisions whereby the allocation of income and equity to the Equity Investors changes at some point in time after the formation of the PPA Entity. The change in allocations to Equity Investors (or the "flip") occurs based either on a specified future date or once the Equity Investors reach their targeted rate of return. For PPA Entities with a specified future date for the flip, the flip occurs January 1 of the calendar year immediately following the year that includes the fifth anniversary of the date the last site achieves commercial operation.

The noncontrolling interests in PPA IIIa and PPA IIIb are redeemable as a result of the put option held by the Equity Investors as of September 30, 2019. The noncontrolling interests in PPA II, IIIa and PPA IIIb are redeemable as a result of the put option held by the Equity Investors as of December 31, 2018. The redemption value is the put amount. At September 30, 2019 and December 31, 2018, the carrying value of redeemable noncontrolling interests of $0.6 million and $57.3 million, respectively, exceeded the maximum redemption value.

PPA Entities’ Aggregate Assets and Liabilities

Generally, Operating Company assets can be used to settle only the Operating Company obligations and Operating Company creditors do not have recourse to us. The aggregate carrying values of the PPA Entities’ assets and liabilities in the condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, were as follows (in thousands):



	September 30,			December 31,
	2019 ¹			2018

Assets
Current assets:
Cash and cash equivalents	$	4,960		$	5,295
Restricted cash	1,803			2,917
Accounts receivable	5,217			7,516
Customer financing receivable	5,919			5,594
Prepaid expenses and other current assets	5,178			4,909
Total current assets	23,077			26,231
Property and equipment, net	300,939			399,060
Customer financing receivable, non-current	62,616			67,082
Restricted cash	114,213		²	27,854
Other long-term assets	29,589			2,692
Total assets	$	530,434		$	522,919
Liabilities
Current liabilities:
Accounts payable	$	393		$	724
Accrued other current liabilities	14,396			1,442
Deferred revenue and customer deposits	786			786
Current portion of debt	11,483			21,162
Total current liabilities	27,058			24,114
Derivative liabilities, net of current portion	10,654			3,626
Deferred revenue, net of current portion	8,108			8,696
Long-term portion of debt	249,115			323,360
Other long-term liabilities	2,216			1,798
Total liabilities	$	297,151		$	361,594

¹ These amounts include PPA II financial statement balances. See discussion above.

² The increase in restricted cash from December 31, 2018 is primarily due to $97.2 million of cash collateral used to back a Letter of Credit required for the PPA II upgrade.

As stated above, we are a minority shareholder in the PPA Entities for the administration of our Bloom Electrons program. PPA Entities contain debt that is non-recourse to us. The PPA Entities also own Energy Server assets for which we do not have title. Although we will continue to have Power Purchase Agreement Program entities in the future and offer customers the ability to purchase electricity without the purchase of Energy Servers, we do not intend to be a minority investor in any new Power Purchase Agreement Program entities.

We believe that by presenting assets and liabilities separate from the PPA Entities, we provide a better view of the true operations of our core business. The table below provides detail into the assets and liabilities of Bloom Energy separate from the PPA Entities. The following table shows Bloom Energy's stand-alone, the PPA Entities combined and these consolidated balances as of September 30, 2019 and December 31, 2018 (in thousands):



	September 30, 2019						December 31, 2018
	Bloom		PPA Entities		Consolidated		Bloom		PPA Entities		Consolidated

Assets
Current assets	$	467,282	$	23,077	$	490,359	$	646,350	$	26,231	$	672,581
Long-term assets	172,211		507,357		679,568		220,399		496,688		717,087
Total assets	$	639,493	$	530,434	$	1,169,927	$	866,749	$	522,919	$	1,389,668
Liabilities
Current liabilities	$	250,990	$	15,575	$	266,565	$	246,866	$	2,952	$	249,818
Current portion of debt	15,678		11,483		27,161		8,686		21,162		29,848
Long-term liabilities	229,499		20,978		250,477		293,739		14,120		307,859
Long-term portion of debt	387,693		249,115		636,808		388,073		323,360		711,433
Total liabilities	$	883,860	$	297,151	$	1,181,011	$	937,364	$	361,594	$	1,298,958