Balance Sheet Components

3 Months Ended

Mar. 31, 2022

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):

	March 31,		December 31,
	2022		2021
Raw materials	$	98,417	$	80,809
Work-in-progress	41,345		31,893
Finished goods	43,304		30,668
	$	183,066	$	143,370

The inventory reserves were $14.0 million and $13.9 million as of March 31, 2022 and 2021, respectively.

Prepaid Expenses and Other Current Assets

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

	March 31,		December 31,
	2022		2021
Prepaid hardware and software maintenance	$	3,691	$	3,494
Receivables from employees	8,410		5,463
Other prepaid expenses and other current assets	24,899		21,704
	$	37,000	$	30,661

Property, Plant and Equipment, Net

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

	March 31,		December 31,
	2022		2021
Energy Servers	$	674,799	$	674,799
Computers, software and hardware	22,382		21,276
Machinery and equipment	123,938		110,600
Furniture and fixtures	8,684		8,607
Leasehold improvements	63,852		52,936
Building	49,226		48,934
Construction-in-progress	36,619		43,544
	979,500		960,696
Less: accumulated depreciation	(370,588)		(356,590)
	$	608,912	$	604,106

Depreciation expense related to property, plant and equipment was $14.4 million and $13.4 million for the three months ended March 31, 2022 and 2021, 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 $145.3 million and $139.4 million as of March 31, 2022 and December 31, 2021, respectively. Depreciation expense for these assets was $5.9 million and $5.8 million for the three months ended March 31, 2022 and 2021, respectively.

Other Long-Term Assets

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

	March 31,		December 31,
	2022		2021
Prepaid insurance	$	9,006	$	9,534
Deferred commissions	7,448		7,569
Long-term lease receivable	8,063		7,953
Prepaid and other long-term assets	13,895		14,060
	$	38,412	$	39,116

Accrued Warranty

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

	March 31,		December 31,
	2022		2021
Product warranty	$	1,089	$	961
Product performance	13,582		10,785
	$	14,671	$	11,746

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

Balances at December 31, 2021	$	11,746
Accrued warranty, net	3,229
Warranty expenditures during the year-to-date period	(304)
Balances at March 31, 2022	$	14,671

Accrued Expenses and Other Current Liabilities

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

	March 31,		December 31,
	2022		2021
Compensation and benefits	$	24,099	$	38,222
Current portion of derivative liabilities	3,654		6,059
Sales-related liabilities	5,523		6,040
Accrued installation	5,094		13,968
Sales tax liabilities	1,176		1,491
Interest payable	719		2,159
Other	51,905		46,198
	$	92,170	$	114,138

Other Long-Term Liabilities

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

	March 31,		December 31,
	2022		2021
Delaware grant	$	9,495	$	9,495
Other	8,861		7,277
	$	18,356	$	16,772

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 $9.5 million as of March 31, 2022 and December 31, 2021, respectively. See Note 13 - Commitments and Contingencies for a full description of the grant.