Power Purchase Agreement Programs (Tables)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.

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

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

- 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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