Balance Sheet Components

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Balance Sheet Components

Inventories

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

	December 31,
	2021		2020
Raw materials	$	80,809	$	79,090
Work-in-progress	31,893		29,063
Finished goods	30,668		33,906
	$	143,370	$	142,059

The inventory reserves were $13.9 million and $14.0 million as of December 31, 2021 and 2020, respectively.

Prepaid Expenses and Other Current Assets

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

	December 31,
	2021		2020
Prepaid hardware and software maintenance	$	3,494	$	5,227
Receivables from employees	5,463		5,160
Other prepaid expenses and other current assets	21,704		20,331
	$	30,661	$	30,718

Property, Plant and Equipment, Net

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

	December 31,
	2021		2020
Energy Servers	$	674,799	$	669,422
Computers, software and hardware	21,276		20,432
Machinery and equipment	110,600		106,644
Furniture and fixtures	8,607		8,455
Leasehold improvements	52,936		37,497
Building	48,934		46,730
Construction-in-progress	43,544		21,118
	960,696		910,298
Less: accumulated depreciation	(356,590)		(309,670)
	$	604,106	$	600,628

Depreciation expense related to property, plant and equipment was $53.4 million and $52.2 million for the years ended December 31, 2021 and 2020, respectively.

Property, plant and equipment under operating leases by the PPA Entities was $368.0 million and $368.0 million and accumulated depreciation for these assets was $139.4 million and $115.9 million as of December 31, 2021 and 2020,

respectively. Depreciation expense for these assets was $23.5 million and $23.8 million for the years ended December 31, 2021 and 2020, respectively.

Other Long-Term Assets

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

	December 31,
	2021		2020
Prepaid insurance	$	9,534	$	11,792
Deferred commissions	7,569		6,732
Long-term lease receivable	7,953		6,995
Prepaid and other long-term assets	14,060		8,992
	$	39,116	$	34,511

Accrued Warranty

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

	December 31,
	2021		2020
Product warranty	$	961	$	1,549
Product performance	10,785		8,605
Maintenance services contracts	—		109
	$	11,746	$	10,263

Changes in the product warranty and product performance liabilities were as follows (in thousands):

Balances at December 31, 2019	$	9,881
Accrued warranty, net	5,944
Warranty expenditures during the year	(5,671)
Balances at December 31, 2020	10,154
Accrued warranty, net	11,049
Warranty expenditures during the year-to-date period	(9,457)
Balances at December 31, 2021	$	11,746

Accrued Expenses and Other Current Liabilities

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

	December 31,
	2021		2020
Compensation and benefits	$	38,222	$	28,343
Current portion of derivative liabilities	6,059		19,116
Sales-related liabilities	6,040		14,479
Accrued installation	13,968		16,468
Sales tax liabilities	1,491		2,732
Interest payable	2,159		2,224
Other	46,198		28,642
	$	114,138	$	112,004

Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):

	December 31,
	2021		2020
Delaware grant	$	9,495	$	9,212
Other	7,277		8,056
	$	16,772	$	17,268

We recorded a long-term liability for the potential future repayment of the incentive grant received from the Delaware Economic Development Authority of $9.5 million and $9.2 million as of December 31, 2021 and December 31, 2020, respectively. See Note 13 - Commitments and Contingencies for a full description of the grant.