Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Bloom Energy Corp | |
Entity Central Index Key | 0001664703 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | true | |
Entity Small Business | false | |
Entity Ex Transition Period | false | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 60,021,168 | |
Class B common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 53,543,216 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Current assets: | |||
Cash and cash equivalents | [1] | $ 320,414 | $ 220,728 |
Restricted cash | [1] | 18,419 | 28,657 |
Short-term investments | 0 | 104,350 | |
Accounts receivable | [1] | 84,070 | 84,887 |
Inventories | 116,544 | 132,476 | |
Deferred cost of revenue | 66,316 | 62,147 | |
Customer financing receivable | [1] | 5,717 | 5,594 |
Prepaid expense and other current assets | [1] | 28,362 | 33,742 |
Total current assets | 639,842 | 672,581 | |
Property, plant and equipment, net | [1] | 475,385 | 481,414 |
Customer financing receivable, non-current | [1] | 65,620 | 67,082 |
Restricted cash, non-current | [1] | 31,101 | 31,100 |
Deferred cost of revenue, non-current | 72,516 | 102,699 | |
Other long-term assets | [1] | 34,386 | 34,792 |
Total assets | 1,318,850 | 1,389,668 | |
Current liabilities: | |||
Accounts payable | [1] | 64,425 | 66,889 |
Accrued warranty | 16,736 | 19,236 | |
Accrued other current liabilities | [1] | 67,966 | 69,535 |
Deferred revenue and customer deposits | [1] | 89,557 | 94,158 |
Current portion of recourse debt | 15,683 | 8,686 | |
Current portion of non-recourse debt | [1] | 19,486 | 18,962 |
Current portion of non-recourse debt from related parties | [1] | 2,341 | 2,200 |
Total current liabilities | 276,194 | 279,666 | |
Derivative liabilities, net of current portion | [1] | 11,166 | 10,128 |
Deferred revenue and customer deposits, net of current portion | [1] | 201,863 | 241,794 |
Long-term portion of recourse debt | 357,876 | 360,339 | |
Long-term portion of non-recourse debt | [1] | 284,541 | 289,241 |
Long-term portion of recourse debt from related parties | 27,734 | 27,734 | |
Long-term portion of non-recourse debt | [1] | 33,417 | 34,119 |
Other long-term liabilities | [1] | 58,032 | 55,937 |
Total liabilities | 1,250,823 | 1,298,958 | |
Commitments and contingencies (Note 13) | |||
Redeemable noncontrolling interest | 58,802 | 57,261 | |
Total stockholders’ deficit | (105,439) | (91,661) | |
Noncontrolling interest | 114,664 | 125,110 | |
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest | $ 1,318,850 | $ 1,389,668 | |
[1] | We have variable interest entities which represent a portion of the consolidated balances are recorded within the "Cash and cash equivalents," "Restricted cash," "Accounts receivable," "Customer financing receivable," "Prepaid expenses and other current assets," "Property and equipment, net," "Customer financing receivable, non-current," "Restricted cash, non-current," "Other long-term assets," "Accounts payable," "Accrued other current liabilities," "Deferred revenue and customer deposits," "Current portion of non-recourse debt from related parties," "Derivative liabilities, net of current portion," "Deferred revenue and customer deposits, net of current portion," "Long-term portion of non-recourse debt," and "Other long-term liabilities" financial statement line items in the Condensed Consolidated Balance Sheets (see Note 12). |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | $ 200,707 | $ 169,361 |
Cost of revenue | 184,952 | 125,695 |
Gross profit | 15,755 | 43,666 |
Operating expenses: | ||
Research and development | 28,859 | 14,731 |
Sales and marketing | 20,463 | 8,262 |
General and administrative | 39,074 | 14,988 |
Total operating expenses | 88,396 | 37,981 |
Gain (loss) from operations | (72,641) | 5,685 |
Interest income | 1,885 | 415 |
Interest expense | (15,962) | (21,379) |
Interest expense to related parties | (1,612) | (2,627) |
Other income (expense), net | 265 | (75) |
Loss on revaluation of warrant liabilities and embedded derivatives | 0 | (4,034) |
Net loss before income taxes | (88,065) | (22,015) |
Income tax provision | 208 | 333 |
Net loss | (88,273) | (22,348) |
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (3,832) | (4,632) |
Net loss attributable to Class A and Class B common stockholders | $ (84,441) | $ (17,716) |
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share) | $ (0.76) | $ (1.70) |
Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in shares) | 111,842 | 10,403 |
Product | ||
Revenue | $ 141,734 | $ 121,307 |
Cost of revenue | 124,000 | 80,355 |
Installation | ||
Revenue | 22,258 | 14,118 |
Cost of revenue | 24,166 | 10,438 |
Service | ||
Revenue | 23,290 | 19,907 |
Cost of revenue | 27,557 | 24,253 |
Electricity | ||
Revenue | 13,425 | 14,029 |
Cost of revenue | $ 9,229 | $ 10,649 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss attributable to Class A and Class B stockholders | $ (84,441) | $ (17,716) |
Other comprehensive income (loss), net of taxes: | ||
Unrealized gain (loss) on available-for-sale securities | 17 | (9) |
Change in derivative instruments designated and qualifying in cash flow hedges | (2,191) | |
Change in derivative instruments designated and qualifying in cash flow hedges | 2,867 | |
Other comprehensive income (loss), net of taxes | (2,174) | 2,858 |
Comprehensive loss | (86,615) | (14,858) |
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | (2,048) | (2,579) |
Comprehensive loss attributable to Class A and Class B stockholders | $ (88,663) | $ (17,437) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Redeemable Preferred Stock, Redeemable Noncontrolling Interest, Stockholders' Deficit and Noncontrolling Interest (unaudited) - USD ($) $ in Thousands | Total | Stockholders' Deficit | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Gain (Loss) | Accumulated Deficit | Redeemable Noncontrolling Interest | Noncontrolling Interest | Convertible Redeemable Preferred Stock | ||
Beginning balance (in shares) at Dec. 31, 2017 | [1] | 10,353,269 | |||||||||
Beginning balance at Dec. 31, 2017 | $ (2,180,005) | $ 1 | [1] | $ 150,803 | $ (162) | $ (2,330,647) | |||||
Beginning balance at Dec. 31, 2017 | $ 58,154 | $ 155,372 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of restricted stock awards (in shares) | [1] | 68,098 | |||||||||
Issuance of restricted stock awards | 120 | 120 | |||||||||
Exercise of stock options (in shares) | [1] | 3,615 | |||||||||
Exercise of stock options | 67 | 67 | |||||||||
Stock-based compensation expense | 7,614 | 7,614 | |||||||||
Excess fair value of consideration paid over the noncontrolling interest reduction | $ (9) | (9) | (9) | ||||||||
Change in effective and ineffective portion of interest rate swap agreement | 2,867 | 288 | 288 | 3 | 2,576 | ||||||
Distributions to noncontrolling interests | (1,472) | (2,066) | |||||||||
Net income (loss) | (22,348) | 1,491 | (6,123) | ||||||||
Net loss attributable to Class A and Class B common stockholders | (17,716) | (17,716) | (17,716) | ||||||||
Ending balance (in shares) at Mar. 31, 2018 | [1] | 10,424,982 | |||||||||
Ending balance at Mar. 31, 2018 | (2,189,641) | $ 1 | [1] | 158,604 | 117 | (2,348,363) | |||||
Ending balance at Mar. 31, 2018 | 58,176 | 149,759 | |||||||||
Beginning balance (in shares) at Dec. 31, 2017 | 71,740,162 | ||||||||||
Beginning balance at Dec. 31, 2017 | $ 1,465,841 | ||||||||||
Ending balance (in shares) at Mar. 31, 2018 | 71,740,162 | ||||||||||
Ending balance at Mar. 31, 2018 | $ 1,465,841 | ||||||||||
Beginning balance (in shares) at Dec. 31, 2018 | 109,421,183 | ||||||||||
Beginning balance at Dec. 31, 2018 | (91,661) | (91,661) | $ 11 | 2,480,597 | 131 | (2,572,400) | |||||
Beginning balance at Dec. 31, 2018 | 57,261 | 125,110 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of restricted stock awards (in shares) | 2,960,462 | ||||||||||
ESPP purchase (in shares) | 696,036 | ||||||||||
ESPP purchase | 6,916 | 6,916 | |||||||||
Exercise of stock options (in shares) | 136,382 | ||||||||||
Exercise of stock options | 577 | 577 | |||||||||
Stock-based compensation expense | 63,166 | 63,166 | |||||||||
Excess fair value of consideration paid over the noncontrolling interest reduction | 17 | 17 | 17 | ||||||||
Change in effective and ineffective portion of interest rate swap agreement | (2,191) | (143) | (143) | (2,048) | |||||||
Distributions to noncontrolling interests | (282) | (2,613) | |||||||||
Net income (loss) | (88,273) | 1,823 | (5,655) | ||||||||
Net loss attributable to Class A and Class B common stockholders | (84,441) | (84,441) | (84,441) | ||||||||
Ending balance (in shares) at Mar. 31, 2019 | 113,214,063 | ||||||||||
Ending balance at Mar. 31, 2019 | $ (105,439) | $ (105,439) | $ 11 | $ 2,551,256 | $ 5 | $ (2,656,711) | |||||
Ending balance at Mar. 31, 2019 | $ 58,802 | $ 114,664 | |||||||||
Beginning balance (in shares) at Dec. 31, 2018 | 0 | ||||||||||
Beginning balance at Dec. 31, 2018 | $ 0 | ||||||||||
Ending balance (in shares) at Mar. 31, 2019 | 0 | ||||||||||
Ending balance at Mar. 31, 2019 | $ 0 | ||||||||||
[1] | Common Stock issued and converted to Class A Common and Class B Common effective July 2018. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (88,273) | $ (22,348) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and Amortization | 11,271 | 10,847 |
Write-off of property, plant and equipment, net | 1 | 0 |
Revaluation of derivative contracts | (453) | 7,157 |
Stock-based compensation | 63,882 | 7,956 |
Loss on long-term REC purchase contract | 59 | 12 |
Revaluation of stock warrants | 0 | (3,271) |
Common stock warrant valuation | 0 | (100) |
Amortization of debt issuance cost | 5,152 | 7,168 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 816 | (28,203) |
Inventories | 15,932 | (6,818) |
Deferred cost of revenue | 26,014 | 16,282 |
Customer financing receivable and other | 1,339 | 1,306 |
Prepaid expenses and other current assets | 5,194 | (446) |
Other long-term assets | 83 | 1,266 |
Accounts payable | (2,464) | (827) |
Accrued warranty | (2,500) | (87) |
Accrued other current liabilities | 823 | (10,083) |
Deferred revenue and customer deposits | (44,533) | (22,347) |
Other long-term liabilities | 3,487 | 8,049 |
Net cash used in operating activities | (4,170) | (34,487) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (8,543) | (223) |
Payments for acquisition of intangible assets | (848) | 0 |
Purchase of marketable securities | 0 | (8,991) |
Proceeds from maturity of marketable securities | 104,500 | 15,750 |
Net cash provided by investing activities | 95,109 | 6,536 |
Cash flows from financing activities: | ||
Repayment of debt | (5,016) | (4,489) |
Repayment of debt to related parties | (778) | (290) |
Distributions to noncontrolling and redeemable noncontrolling interests | (3,189) | (3,832) |
Proceeds from issuance of common stock | 7,493 | 120 |
Payments of initial public offering issuance costs | 0 | (578) |
Net cash used in financing activities | (1,490) | (9,069) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 89,449 | (37,020) |
Beginning of period | 280,485 | 180,612 |
End of period | 369,934 | 143,592 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 14,545 | 11,216 |
Cash paid during the period for taxes | 222 | 401 |
Non-cash investing and financing activities: | ||
Liabilities recorded for property, plant and equipment | 2,067 | 65 |
Liabilities recorded for intangible assets | 0 | 362 |
Issuance of restricted stock | 0 | 242 |
Accrued distributions to Equity Investors | 282 | 282 |
Accrued interest and issuance for notes | 439 | 7,808 |
Accrued interest and issuance for notes to related parties | $ 0 | $ 1,165 |
Nature of Business and Liquidit
Nature of Business and Liquidity | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Liquidity | Nature of Business and Liquidity Nature of Business We design, manufacture, sell and, in certain cases, install solid-oxide fuel cell systems, or Energy Servers, for on-site power generation. Our Energy Servers utilize an innovative fuel cell technology. The Energy Servers provide efficient energy generation with reduced operating costs and lower greenhouse gas emissions. By generating power where it is consumed, our energy producing systems offer increased electrical reliability and improved energy security while providing a path to energy independence. We were originally incorporated in Delaware under the name of Ion America Corporation on January 18, 2001 and were renamed on September 16, 2006 to Bloom Energy Corporation. Throughout this Quarterly Report on Form 10-Q, unless the context otherwise requires, the terms “Bloom Energy,” “we,” “us” and “our” refer to Bloom Energy Corporation and its consolidated subsidiaries. Liquidity We have incurred operating losses and negative cash flows from operations since our inception. Our ability to achieve our long-term business objectives is dependent upon, among other things, raising additional capital, acceptance of our products and attaining future profitability. We believe we will be successful in raising additional financing from our stockholders or from other sources, in expanding operations and in gaining market share. For example, in July 2018, we successfully completed an initial public stock offering ("IPO") with the sale of 20,700,000 shares of Class A common stock at a price of $15.00 per share, resulting in net cash proceeds of $282.3 million net of underwriting discounts, commissions and offering costs. We believe that our existing cash and cash equivalents and short-term investments will be sufficient to meet our operating and capital cash flow requirements and other cash flow needs for at least the next 12 months from the date of this quarterly report on Form 10-Q. However, there can be no assurance that in the event we require additional financing, such financing will be available on terms which are favorable or at all. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 , the consolidated statements of operations, the consolidated statements of comprehensive loss, the consolidated statements of convertible redeemable preferred stock, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest, and the consolidated statements of cash flows for the three months ended March 31, 2019 and 2018 , as well as other information disclosed in the accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles as applied in the United States ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. However, we believe that the disclosures herein are adequate to ensure the information presented is not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 . We believe that all necessary adjustments, which consisted only of normal recurring items, have been included in the accompanying financial statements to fairly state the results of the interim periods. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for our fiscal year ending December 31, 2019. Principles of Consolidation These condensed consolidated financial statements reflect our accounts and operations and those of our subsidiaries in which we have a controlling financial interest. We use a qualitative approach in assessing the consolidation requirement for each of our variable interest entities, which we refer to as our power purchase agreement entities ("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. For all periods presented, we have determined that we are the primary beneficiary in all of its operational PPA Entities. We evaluate our relationships with the PPA Entities on an ongoing basis to ensure that we continues to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. For additional information, see Note 12 - Power Purchase Agreement Programs . Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Significant estimates include assumptions used to compute the best estimate of selling-prices, the fair value of lease and non-lease components such as estimated output, efficiency and residual value of the Energy Servers, estimates for inventory write-downs, estimates for future cash flows and the economic useful lives of property, plant and equipment, the valuation of other long-term assets, the valuation of certain accrued liabilities such as derivative valuations, estimates for accrued warranty and extended maintenance, estimates for recapture of U.S. Treasury grants and similar grants, estimates for income taxes and deferred tax asset valuation allowances, warrant liabilities, stock-based compensation costs and estimates for the allocation of profit and losses to the noncontrolling interests. Actual results could differ materially from these estimates under different assumptions and conditions. Concentration of Risk Geographic Risk - The majority of our revenue and long-lived assets are attributable to operations in the United States for all periods presented. Additionally, we sell our Energy Servers in Japan, China, India, and the Republic of Korea, collectively our Asia Pacific region. In the three months ended March 31, 2019 and 2018, total revenue in the Asia Pacific region was 24.0% and 17.3% , respectively, of our total revenue. Credit Risk - At March 31, 2019 , customer A and customer B accounted for 58.0% and 12.1% , respectively, of accounts receivable. At December 31, 2018 , customer A accounted for 66.8% of accounts receivable. At March 31, 2019 and December 31, 2018 , we did not maintain any allowances for doubtful accounts as we deemed all of our receivables fully collectible. To date, we have neither provided an allowance for uncollectible accounts nor experienced any credit loss. Customer Risk - In the three months ended March 31, 2019 , revenue from customer A, customer B and customer C represented 24% , 25% ,and 23% , respectively, of our total revenue. Customer A wholly owns a Third-Party PPA which purchases Energy Servers from us, however, such purchases and resulting revenue are made on behalf of various customers of this Third-Party PPA. In the three months ended March 31, 2018 , revenue from customer B and customer D represented 53% and 17% , respectively, of our total revenue. Fair Value Measurement Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820 - Fair Value Measurements and Disclosures ("ASC 820"), defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The guidance describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities. Financial assets utilizing Level 1 inputs typically include money market securities and U.S. Treasury securities. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Financial instruments utilizing Level 2 inputs include interest rate swaps. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial liabilities utilizing Level 3 inputs include natural gas fixed price forward contract derivatives. Derivative liability valuations are performed based on a binomial lattice model and adjusted for illiquidity and/or nontransferability and such adjustments are generally based on available market evidence. Recent Accounting Pronouncements Accounting Guidance Implemented in Fiscal Year 2019 Other than the adoption of accounting guidances mentioned below, there have been no other significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements. There have been no changes to our significant accounting policies that were disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 that have had a significant impact on our condensed consolidated financial statements or notes thereto as of and for the three months ended March 31, 2019. Hedging Activities - During the first three months of fiscal 2019, we adopted Accounting Standards Update ("ASU") 2017-12 Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12") to help entities recognize the economic results of their hedging strategies in the financial statements so that stakeholders can better interpret and understand the effect of hedge accounting on reported results. It is intended to more clearly disclose an entity’s risk exposures and how we manage those exposures through hedging, and it is expected to simplify the application of hedge accounting guidance. The new guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. We adopted this standard on January 1, 2019. There was not a material impact to our condensed consolidated financial statements upon adoption. Income Taxes - During the first three months of fiscal 2019, we adopted ASU 2016-16, Income Taxes—Intra-Entity Transfers of Assets Other Than Inventory (Topic 740) , which requires that entities recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The standard is effective for us in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and is required to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the adoption period. Adoption of this standard had no impact on our consolidated financial statements. Income Taxes - During the first three months of fiscal 2019, we adopted ASU 2018-02 Income Statement—Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"), which permits reclassification of certain tax effects in Other Comprehensive Income ("OCI") caused by the U.S. tax reform enacted in December 2017 to retained earnings. We do not have any tax effect (due to full valuation allowance) in our OCI account, thus this guidance has no impact on us. New Accounting Guidance to be Implemented Revenue Recognition - In May 2014, the FASB issued ASU 2014-14, Revenue From Contracts With Customers, as amended ("ASU 2014-14" ) . The guidance provides principles for recognizing revenue for the transfer of promised goods or services to customers with the consideration to which the entity expects to be entitled in exchange for those goods or services, as well as guidance on the recognition of costs related to obtaining and fulfilling customer contracts. The guidance also requires expanded disclosures about the nature, amount, timing, and uncertainty of revenues and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-14 is effective for our annual period beginning January 1, 2019, and for our interim periods beginning on January 1, 2020. ASU 2014-14 can be adopted using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within the guidance (“full retrospective method”); or (ii) retrospective with the cumulative effect of initially applying the guidance recognized at the date of initial application and providing certain additional disclosures as defined per the guidance (“modified retrospective method”). We will adopt ASU 2014-14 for our fiscal year ended December 31, 2019 using the modified retrospective method, resulting in a cumulative-effect adjustment to retained earnings on January 1, 2019. We are currently evaluating whether ASU 2014-14 will have a material impact on our consolidated financial statements and expect its adoption to have an impact related to the costs of obtaining our contracts, customer deposits, and deferred revenue. Further, in preparation for ASU 2014-14, we are in the process of updating our accounting policies, processes, internal controls over financial reporting, and system requirements. Leases - In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , as amended, which provides new authoritative guidance on lease accounting. Among its provisions, the standard requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for operating leases and also requires additional qualitative and quantitative disclosures about lease arrangements. In March 2019 the FASB issued further guidance in ASU 2019-01, Leases (Topic 842) , which provides clarifications to certain lessor transactions and other reporting matters. This guidance will be effective for us beginning January 1, 2020, and requires the modified retrospective method of adoption. Early adoption is permitted. We expect to adopt this guidance on January 1, 2020 and expect to recognize right of use assets and lease liabilities for contracts currently recognized as operating leases where we are the lessee. Cloud Computing - In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15") , to clarify the guidance on the costs of implementing a cloud computing hosting arrangement that is a service contract. Under ASU 2018-15, the entity is required to follow the guidance in Subtopic 350-40, Internal-Use Software , to determine which implementation costs under the service contract to be capitalized as an asset and which costs to expense. ASU 2018-15 is effective for us for the annual periods beginning in 2021 and the interim periods in 2022 on a retrospective or prospective basis and early adoption is permitted. We are currently evaluating the timing of adoption and impact of ASU 2018-15 on our consolidated financial statements and related disclosures. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Financial Instruments | Financial Instruments Cash, Cash Equivalents and Restricted Cash The carrying value of cash and cash equivalents approximate fair value and are as follows (in thousands): March 31, December 31, 2019 2018 As held: Cash $ 152,676 $ 136,642 Money market funds 217,258 143,843 $ 369,934 $ 280,485 As reported: Cash and cash equivalents $ 320,414 $ 220,728 Restricted cash 49,520 59,757 $ 369,934 $ 280,485 Restricted cash consisted of the following (in thousands): March 31, December 31, 2019 2018 Current Restricted cash $ 13,379 $ 25,740 Restricted cash related to PPA Entities 5,040 2,917 Restricted cash, current 18,419 28,657 Non-current Restricted cash 3,250 3,246 Restricted cash related to PPA Entities 27,851 27,854 Restricted cash, non-current 31,101 31,100 $ 49,520 $ 59,757 Short-Term Investments As of March 31, 2019 and December 31, 2018 , we had no short-term investments and $104.4 million in U.S. Treasury Bills , respectively. Derivative Instruments We have derivative financial instruments related to natural gas forward contracts and interest rate swaps. See Note 7 - Derivative Financial Instruments for a full description of our derivative financial instruments. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below sets forth, by level, our financial assets that were accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands): Fair Value Measured at Reporting Date Using March 31, 2019 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 217,258 $ — $ — $ 217,258 Interest rate swap agreements — 27 — 27 $ 217,258 $ 27 $ — $ 217,285 Liabilities Accrued other current liabilities $ 1,723 $ — $ — $ 1,723 Derivatives: Natural gas fixed price forward contracts — — 8,796 8,796 Interest rate swap agreements 1 — 5,719 — 5,719 $ 1,723 $ 5,719 $ 8,796 $ 16,238 1 As of March 31, 2019 , $0.1 million of the gain on the interest rate swaps accumulated in other comprehensive income (loss) is expected to be reclassified into earnings in the next twelve months. Fair Value Measured at Reporting Date Using December 31, 2018 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 143,843 $ — $ — $ 143,843 Short-term investments 104,350 — — 104,350 Interest rate swap agreements — 82 — 82 $ 248,193 $ 82 $ — $ 248,275 Liabilities Accrued other current liabilities $ 1,331 $ — $ — $ 1,331 Derivatives: Natural gas fixed price forward contracts — — 9,729 9,729 Interest rate swap agreements — 3,630 — 3,630 $ 1,331 $ 3,630 $ 9,729 $ 14,690 The following table provides the fair value of our natural gas fixed price contracts (dollars in thousands): March 31, December 31, 2019 2018 Number of Contracts (MMBTU)² Fair Value Number of Fair Value Liabilities ¹ Natural gas fixed price forward contracts (not under hedging relationships) 2,873 $ 8,796 3,096 $ 9,729 ¹ Recorded in current liabilities and derivative liabilities in the condensed consolidated balance sheets. ² One MMBTU, or one million British Thermal Units, is a traditional unit of energy used to describe the heat value (energy content) of fuels. For the three months ended March 31, 2019 and 2018 , we marked-to-market the fair value of its fixed price natural gas forward contracts and recorded a gain of $0.4 million and a loss of $0.9 million , respectively, and recorded gains on the settlement of these contracts of $0.5 million and $1.1 million , respectively, in cost of revenue on the condensed consolidated statement of operations. Embedded Derivative on 6% Convertible Promissory Notes - Between December 2015 and September 2016, we issued $260.0 million convertible promissory notes due December 2020 ("6% Notes") to certain investors. The 6% Notes bore a 5% fixed interest rate, payable monthly either in cash or in kind, at our election. We amended the terms of the 6% Notes in June 2017 to reduce the collateral securing the notes and to increase the interest rate from 5% to 6% . The 6% Notes are convertible at the option of the holders at a conversion price of $11.25 per share. Upon the IPO, the final value of the conversion feature was $177.2 million and was reclassified from a derivative liability to additional paid-in capital. There were no transfers between fair value measurement classifications during the periods ended March 31, 2019 and 2018 . The changes in the Level 3 financial assets were as follows (in thousands): Natural Gas Fixed Price Forward Contracts Preferred Stock Warrants Embedded Derivative Liability Total Balances at December 31, 2018 $ 9,729 $ — $ — $ 9,729 Settlement of natural gas fixed price forward contracts (527 ) — — (527 ) Changes in fair value (406 ) — — (406 ) Balances at March 31, 2019 $ 8,796 $ — $ — $ 8,796 Natural Preferred Embedded Total Balances at December 31, 2017 $ 15,368 $ 9,825 $ 140,771 $ 165,964 Settlement of natural gas fixed price forward contracts (1,102 ) — — (1,102 ) Changes in fair value 855 (3,271 ) 9,732 7,316 Balances at March 31, 2018 $ 15,121 $ 6,554 $ 150,503 $ 172,178 Significant changes in any assumption input in isolation can result in a significant change in fair value measurement. Generally, an increase in the market price of our shares of common stock, an increase in natural gas prices, an increase in the volatility of ours shares of common stock and an increase in the remaining term of the conversion feature would each result in a directionally similar change in the estimated fair value of our derivative liability. Increases in such assumption values would increase the associated liability while decreases in these assumption values would decrease the associated liability. An increase in the risk-free interest rate or a decrease in the market price of our shares of common stock would result in a decrease in the estimated fair value measurement and thus a decrease in the associated liability. Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis Customer Receivables and Debt Instruments - We estimate fair value for customer financing receivables, senior secured notes, term loans and convertible promissory notes based on rates currently offered for instruments with similar maturities and terms (Level 3). The following table presents the estimated fair values and carrying values of customer receivables and debt instruments (in thousands): March 31, 2019 December 31, 2018 Net Carrying Value Fair Value Net Carrying Value Fair Value Customer receivables: Customer financing receivables $ 71,337 $ 51,312 $ 72,676 $ 51,541 Debt instruments: Recourse LIBOR + 4% term loan due November 2020 2,795 2,914 3,214 3,311 5% convertible promissory note due December 2020 35,136 33,832 34,706 31,546 6% convertible promissory notes due December 2020 267,289 418,999 263,284 353,368 10% notes due July 2024 96,073 99,598 95,555 99,260 Non-recourse 5.22% senior secured notes due March 2025 75,786 79,341 78,566 80,838 7.5% term loan due September 2028 35,758 41,759 36,319 39,892 LIBOR + 5.25% term loan due October 2020 23,734 25,679 23,916 25,441 6.07% senior secured notes due March 2030 81,806 88,715 82,337 85,917 LIBOR + 2.5% term loan due December 2021 122,701 125,770 123,384 123,040 Long-Lived Assets - Our long-lived assets include property, plant and equipment. The carrying amounts of our long-lived assets are periodically reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated. No material impairment of any long-lived assets was identified in the three months ended March 31, 2019 and 2018 . |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Inventories The components of inventory consisted of the following (in thousands): March 31, December 31, 2019 2018 Raw materials $ 42,965 $ 53,273 Work-in-progress 23,672 22,303 Finished goods 49,907 56,900 $ 116,544 $ 132,476 Prepaid Expense and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, 2019 2018 Government incentives receivable $ 960 $ 1,001 Prepaid expenses and other current assets 27,402 32,741 $ 28,362 $ 33,742 Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following (in thousands): March 31, December 31, 2019 2018 Energy Servers $ 511,485 $ 511,485 Computers, software and hardware 18,796 16,536 Machinery and equipment 100,311 99,209 Furniture and fixtures 8,669 4,337 Leasehold improvements 34,126 18,629 Building 40,512 40,512 Construction in progress 10,496 29,084 724,395 719,792 Less: Accumulated depreciation (249,010 ) (238,378 ) $ 475,385 $ 481,414 Our construction in progress decreased $18.6 million, as compared to December 31, 2018, primarily due to our investment in leasehold improvements and furniture and fixtures related to our move to our new corporate headquarters. Our property, plant and equipment under operating leases by the PPA Entities was $397.5 million and $397.5 million as of March 31, 2019 and December 31, 2018 , respectively. The accumulated depreciation for these assets was $83.8 million and $77.4 million as of March 31, 2019 and December 31, 2018 , respectively. Depreciation expense related to our property, plant and equipment was $6.4 million and $6.4 million for the three months ended March 31, 2019 and 2018 , respectively. Customer Financing Leases, Receivable The components of investment in sales-type financing leases consisted of the following (in thousands): March 31, December 31, 2019 2018 Total minimum lease payments to be received $ 98,632 $ 100,816 Less: Amounts representing estimated executing costs (24,522 ) (25,180 ) Net present value of minimum lease payments to be received 74,110 75,636 Estimated residual value of leased assets 1,051 1,051 Less: Unearned income (3,824 ) (4,011 ) Net investment in sales-type financing leases 71,337 72,676 Less: Current portion (5,717 ) (5,594 ) Non-current portion of investment in sales-type financing leases $ 65,620 $ 67,082 The future scheduled customer payments from sales-type financing leases were as follows as of March 31, 2019 (in thousands): Remainder of 2019 2020 2021 2022 2023 Thereafter Future minimum lease payments, less interest $ 4,256 $ 6,022 $ 6,415 $ 6,853 $ 7,310 $ 39,430 Other Long-Term Assets Other long-term assets consisted of the following (in thousands): March 31, December 31, 2019 2018 Prepaid and other long-term assets $ 26,321 $ 27,086 Equity-method investments 6,292 6,046 Long-term deposits 1,773 1,660 $ 34,386 $ 34,792 Equity-method investments In May 2013, we entered into a joint venture with Softbank Corp., and established Bloom Energy Japan limited which is accounted for as an equity method investment. Under this arrangement, we sell Energy Servers and provide maintenance services to the joint venture. Accounts receivable from this joint venture was $2.7 million and $2.4 million as of March 31, 2019 and December 31, 2018 , respectively. Accrued Warranty Accrued warranty liabilities consisted of the following (in thousands): March 31, December 31, 2019 2018 Product warranty $ 9,183 $ 10,935 Operations and maintenance services agreements 7,553 8,301 $ 16,736 $ 19,236 Changes during the current period in the standard product warranty liability were as follows (in thousands): Balances at December 31, 2018 $ 10,935 Accrued warranty, net 629 Warranty expenditures during period (2,381 ) Balances at March 31, 2019 $ 9,183 Accrued Other Current Liabilities Accrued other current liabilities consisted of the following (in thousands): March 31, December 31, 2019 2018 Compensation and benefits $ 18,327 $ 16,742 Current portion of derivative liabilities 3,349 3,232 Managed services liabilities 4,633 5,091 Accrued installation 6,408 6,859 Sales tax liabilities 2,202 1,700 Interest payable 3,631 4,675 Other 29,416 31,236 $ 67,966 $ 69,535 Other Long-Term Liabilities Accrued other long-term liabilities consisted of the following (in thousands): March 31, December 31, 2019 2018 Delaware grant $ 10,469 $ 10,469 Managed services liabilities 29,062 29,741 Other 18,501 15,727 $ 58,032 $ 55,937 We have entered into managed services agreements that provide for the payment of property taxes and insurance premiums on behalf of customers. These obligations are included in each agreements' contract value and are recorded as short-term or long-term liabilities based on the estimated payment dates. The long-term managed services liabilities accrued were $29.1 million and $29.7 million as of March 31, 2019 and December 31, 2018 , respectively. |
Outstanding Loans and Security
Outstanding Loans and Security Agreements | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Outstanding Loans and Security Agreements | Outstanding Loans and Security Agreements The following is a summary of our debt as of March 31, 2019 (in thousands): Unpaid Net Carrying Value Unused Current Long- Total LIBOR + 4% term loan due November 2020 $ 2,857 $ 1,683 $ 1,112 $ 2,795 $ — 5% convertible promissory note due December 2020 33,104 — 35,136 35,136 — 6% convertible promissory notes due December 2020 296,233 — 267,289 267,289 — 10% notes due July 2024 100,000 14,000 82,073 96,073 — Total recourse debt 432,194 15,683 385,610 401,293 — 5.22% senior secured term notes due March 2025 76,827 12,151 63,635 75,786 — 7.5% term loan due September 2028 39,759 2,341 33,417 35,758 — LIBOR + 5.25% term loan due October 2020 24,438 926 22,808 23,734 — 6.07% senior secured notes due March 2030 82,889 2,634 79,172 81,806 — LIBOR + 2.5% term loan due December 2021 124,593 3,775 118,926 122,701 — Letters of Credit due December 2021 — — — — 1,220 Total non-recourse debt 348,506 21,827 317,958 339,785 1,220 Total debt $ 780,700 $ 37,510 $ 703,568 $ 741,078 $ 1,220 The following is a summary of our debt as of December 31, 2018 (in thousands): Unpaid Principal Balance Net Carrying Value Unused Borrowing Capacity Current Long- Term Total LIBOR + 4% term loan due November 2020 $ 3,286 $ 1,686 $ 1,528 $ 3,214 $ — 5% convertible promissory notes due December 2020 33,104 — 34,706 34,706 — 6% convertible promissory notes due December 2020 296,233 — 263,284 263,284 — 10% notes due July 2024 100,000 7,000 88,555 95,555 — Total recourse debt 432,623 8,686 388,073 396,759 — 5.22% senior secured term notes due March 2025 79,698 11,994 66,572 78,566 — 7.5% term loan due September 2028 40,538 2,200 34,119 36,319 — LIBOR + 5.25% term loan due October 2020 24,723 827 23,089 23,916 — 6.07% senior secured notes due March 2030 83,457 2,469 79,868 82,337 — LIBOR + 2.5% term loan due December 2021 125,456 3,672 119,712 123,384 — Letters of Credit due December 2021 — — — — 1,220 Total non-recourse debt 353,872 21,162 323,360 344,522 1,220 Total debt $ 786,495 $ 29,848 $ 711,433 $ 741,281 $ 1,220 Recourse debt refers to debt that Bloom Energy Corporation has an obligation to pay. Non-recourse debt refers to debt that is recourse to only specified assets or our subsidiaries. The differences between the unpaid principal balances and the net carrying values apply to debt discounts and deferred financing costs. We were in compliance with all financial covenants as of March 31, 2019 and December 31, 2018 . Recourse Debt Facilities LIBOR + 4% Term Loan due November 2020 - In May 2013, we entered into a $5.0 million credit agreement and a $12.0 million financing agreement to help fund the building of a new facility in Newark, Delaware. The $5.0 million credit agreement expired in December 2016. The $12.0 million financing agreement has a term of 90 months, payable monthly at a variable rate equal to one-month LIBOR plus the applicable margin. The weighted average interest rate as of March 31, 2019 and December 31, 2018 was 6.5% and 5.9% , respectively. The loan requires monthly payments and is secured by the manufacturing facility. In addition, the credit agreements also include a cross-default provision which provides that the remaining balance of borrowings under the agreements will be due and payable immediately if a lien is placed on the Newark facility in the event we default on any indebtedness in excess of $100,000 individually or $300,000 in the aggregate. Under the terms of these credit agreements, we are required to comply with various restrictive covenants. As of March 31, 2019 and December 31, 2018 , the debt outstanding was $2.9 million and $3.3 million , respectively. 5% Convertible Promissory Notes due 2020 (Originally 8% Convertible Promissory Notes due December 2018) - Between December 2014 and June 2016, we issued $193.2 million of three -year convertible promissory notes ("8% Notes") to certain investors. The 8% Notes had a fixed interest rate of 8% compounded monthly, due at maturity or at the election of the investor with accrued interest due in December of each year. On January 18, 2018, amendments were finalized to extend the maturity dates for all the 8% Notes to December 2019. At the same time, the portion of the notes that was held by Constellation NewEnergy, Inc. (Constellation) was extended to December 2020 and the interest rate decreased from 8% to 5% ("5% Notes"). Investors held the right to convert the unpaid principal and accrued interest of both the 8% and 5% notes to Series G convertible preferred stock at any time at the price of $38.64 . In July 2018, upon the Company’s IPO, the $221.6 million of principal and accrued interest of outstanding 8% Notes automatically converted into additional paid-in capital, the conversion of which included all the related-party noteholders. The 8% Notes converted to shares of Series G convertible preferred stock and, concurrently, each such share of Series G convertible preferred stock converted automatically into one share of Class B common stock. Upon the IPO, conversions of 5,734,440 shares of Class B common stock were issued and the 8% Notes were retired. Constellation, the holder of the 5% Notes, had not elected to convert as of March 31, 2019 . The outstanding unpaid principal and accrued interest debt balance of the 5% Notes of $35.1 million was classified as non-current as of March 31, 2019 , and the outstanding unpaid principal and accrued interest debt balances of the 5% Notes of $34.7 million as of December 31, 2018 . 6% Convertible Promissory Notes due December 2020 - Between December 2015 and September 2016, we issued $260.0 million convertible promissory notes due December 2020 ("6% Notes") to certain investors. The 6% Notes bore a 5% fixed interest rate, payable monthly either in cash or in kind, at our election. We amended the terms of the 6% Notes in June 2017 to reduce the collateral securing the notes and to increase the interest rate from 5% to 6% . As of March 31, 2019 and 2018 , the amount outstanding on the 6% Notes, which includes interest paid in kind through the IPO date, was $296.2 million and $290.4 million , respectively. Upon the IPO, the debt was convertible at the option of the holders at the conversion price of $11.25 per share into common stock at any time through the maturity date. In January 2018, we amended the terms of the 6% Notes to extend the convertible put option, which investors could elect only if the IPO did not occur prior to December 2019. After the IPO, we paid the interest in cash when due and no additional interest accrued on the consolidated balance sheet on the 6% Notes. On or after July 27, 2020, we may redeem, at our option, all or part of the 6% Notes if the last reported sale price of our common stock has been at least $22.50 for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending within the three trading days immediately preceding the date on which we provide written notice of redemption. In certain circumstances, the 6% Notes are also redeemable at our option in connection with a change of control. Under the terms of the indenture governing the 6% Notes, we are required to comply with various restrictive covenants, including meeting reporting requirements, such as the preparation and delivery of audited consolidated financial statements, and restrictions on investments. In addition, we are required to maintain collateral which secures the 6% Notes in an amount equal to 200% of the principal amount of and accrued and unpaid interest on the outstanding notes. This minimum collateral test is not a negative covenant and does not result in a default if not met. However, the minimum collateral test does restrict us with respect to investing in non-PPA subsidiaries. If we do not meet the minimum collateral test, we cannot invest cash into any non-PPA subsidiary that is not a guarantor of the notes. The 6% Notes also include a cross-acceleration provision which provides that the holders of at least 25% of the outstanding principal amount of the 6% Notes may cause such notes to become immediately due and payable if we or any of our subsidiaries default on any indebtedness in excess of $15.0 million such that the repayment of such indebtedness is accelerated. In connection with the issuance of the 6% Notes, we agreed to issue to J.P. Morgan and CPPIB, upon the occurrence of certain conditions, warrants to purchase our common stock up to a maximum of 146,666 shares and 166,222 shares, respectively. On August 31, 2017, J.P. Morgan transferred its rights to CPPIB. Upon completion of the IPO, the 312,888 warrants were net exercised for 312,575 shares of Class B Common stock. 10% Notes due July 2024 - In June 2017, we issued $100.0 million of senior secured notes ("10% Notes"). The 10% Notes mature between 2019 and 2024 and bear a 10% fixed rate of interest, payable semi-annually. The 10% Notes have a continuing security interest in the cash flows payable to us as servicing, operations and maintenance fees and administrative fees from the five active power purchase agreements in our Bloom Electrons program. Under the terms of the indenture governing the notes, we are required to comply with various restrictive covenants including, among other things, to maintain certain financial ratios such as debt service coverage ratios, to incur additional debt, issue guarantees, incur liens, make loans or investments, make asset dispositions, issue or sell share capital of our subsidiaries and pay dividends, meet reporting requirements, including the preparation and delivery of audited consolidated financial statements, or maintain certain restrictions on investments and requirements in incurring new debt. In addition, we are required to maintain collateral which secures the 10% Notes based on debt ratio analyses. This minimum collateral test is not a negative covenant and does not result in a default if not met. However, the minimum collateral test does restrict us with respect to investing in non-PPA subsidiaries. If we do not meet the minimum collateral test, we cannot invest cash into any non-PPA subsidiary that is not a guarantor of the notes. Non-recourse Debt Facilities 5.22% Senior Secured Term Notes - In March 2013, PPA Company II refinanced its existing debt by issuing 5.22% Senior Secured Notes due March 30, 2025. The total amount of the loan proceeds was $144.8 million , including $28.8 million to repay outstanding principal of existing debt, $21.7 million for debt service reserves and transaction costs and $94.3 million to fund the remaining system purchases. The loan is a fixed rate term loan that bears an annual interest rate of 5.22% payable quarterly. The loan has a fixed amortization schedule of the principal, payable quarterly, which began March 30, 2014 that requires repayment in full by March 30, 2025. The Note Purchase Agreement requires the Company to maintain a debt service reserve, the balance of which was $11.2 million and $11.2 million as of March 31, 2019 and December 31, 2018 , respectively, and which was included as part of long-term restricted cash in the condensed consolidated balance sheets. The notes are secured by all the assets of PPA II. 7.5% Term Loan due September 2028 - In December 2012 and later amended in August 2013, PPA IIIa entered into a $46.8 million credit agreement to help fund the purchase and installation of Energy Servers. The loan bears a fixed interest rate of 7.5% payable quarterly. The loan requires quarterly principal payments which began in March 2014. The credit agreement requires us to maintain a debt service reserve for all funded systems, the balance of which was $3.7 million and $3.7 million as of March 31, 2019 and December 31, 2018 , respectively, and which was included as part of long-term restricted cash in the condensed consolidated balance sheets. The loan is secured by all assets of PPA IIIa. LIBOR + 5.25% Term Loan due October 2020 - In September 2013, PPA IIIb entered into a credit agreement to help fund the purchase and installation of Energy Servers. In accordance with that agreement, PPA IIIb issued floating rate debt based on LIBOR plus a margin of 5.2% , paid quarterly. The aggregate amount of the debt facility is $32.5 million . The loan is secured by all assets of PPA IIIb and requires quarterly principal payments which began in July 2014. The credit agreement requires us to maintain a debt service reserve for all funded systems, the balance of which was $1.7 million and $1.7 million March 31, 2019 and December 31, 2018 , respectively, and which was included as part of long-term restricted cash in the condensed consolidated balance sheets. In September 2013, PPA IIIb entered into pay-fixed, receive-float interest rate swap agreement to convert the floating-rate loan into a fixed-rate loan. 6.07% Senior Secured Notes due March 2025 - In July 2014, PPA IV issued senior secured notes amounting to $99.0 million to third parties to help fund the purchase and installation of Energy Servers. The notes bear a fixed interest rate of 6.07% payable quarterly which began in December 2015 and ends in March 2030. The notes are secured by all the assets of the PPA IV. The Note Purchase Agreement requires us to maintain a debt service reserve, the balance of which was $7.6 million as of March 31, 2019 and $7.5 million as of December 31, 2018 , and which was included as part of long-term restricted cash in the condensed consolidated balance sheets. LIBOR + 2.5% Term Loan due December 2021 - In June 2015, PPA V entered into a $131.2 million credit agreement to fund the purchase and installation of Energy Servers. The lenders are a group of five financial institutions and the terms included commitments to a letter of credit facility (see below). The loan was initially advanced as a construction loan during the development of the PPA V Project and converted into a term loan on February 28, 2017 (the “Term Conversion Date”). As part of the term loan’s conversion, the LC facility commitments were adjusted. In accordance with the credit agreement, PPA V was issued a floating rate debt based on LIBOR plus a margin, paid quarterly. The applicable margins used for calculating interest expense are 2.25% for years 1-3 following the Term Conversion Date and 2.5% thereafter. For the Lenders’ commitments to the loan and the commitments to the LC loan, the PPA V also pays commitment fees at 0.50% per annum over the outstanding commitments, paid quarterly. The loan is secured by all the assets of the PPA V and requires quarterly principal payments which began in March 2017. In connection with the floating-rate credit agreement, in July 2015 the PPA V entered into pay-fixed, receive-float interest rate swap agreements to convert its floating-rate loan into a fixed-rate loan. Letters of Credit due December 2021 - In connection with the June 2015 PPA V credit agreement, the agreement also included commitments to a letter of credit facility with the aggregate principal amount of $6.4 million , later adjusted down to $6.2 million . The amount reserved under the letter of credit as of March 31, 2019 and December 31, 2018 was $5.0 million and $5.0 million , respectively. The unused letter of credit borrowing capacity was $1.2 million as of March 31, 2019 and December 31, 2018. Debt Repayment Schedule and Interest Expense The following table presents our total outstanding debt's unpaid principal balance repayment schedule as of March 31, 2019 (in thousands): Remainder of 2019 $ 24,082 2020 391,442 2021 153,639 2022 40,059 2023 44,209 Thereafter 127,269 $ 780,700 Interest expense of $17.6 million and $24.0 million for the three months ended March 31, 2019 and 2018 , respectively, was recorded in interest expense on the condensed consolidated statements of operations. Related Party Debt Portions of the above described recourse and non-recourse debt is held by various related parties. See Note 15 - Related Party Transactions for a full description. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Interest Rate Swaps We use various financial instruments to minimize the impact of variable market conditions on its results of operations. We use interest rate swaps to minimize the impact of fluctuations of interest rate changes on its outstanding debt where LIBOR is applied. We do not enter into derivative contracts for trading or speculative purposes. The fair values of the derivatives related to interest rate swap agreements applied to two of our PPA companies designated as cash flow hedges as of March 31, 2019 and December 31, 2018 on our consolidated balance sheets were as follows (in thousands): March 31, December 31, 2019 2018 Assets Prepaid expenses and other current assets $ — $ 42 Other long-term assets 27 40 $ 27 $ 82 Liabilities Accrued other current liabilities $ 108 $ 4 Derivative liabilities 5,611 3,626 $ 5,719 $ 3,630 PPA Company IIIb - In September 2013, PPA Company IIIb entered into an interest rate swap arrangement to convert a variable interest rate debt to a fixed rate. We designated and documented our interest rate swap arrangement as a cash flow hedge. The swap’s term ends on October 1, 2020, which is concurrent with the final maturity of the debt floating interest rates reset on a quarterly basis. We evaluate and calculate the effectiveness of the hedge at each reporting date. The effective change was recorded in accumulated other comprehensive income (loss) and was recognized as interest expense on settlement. The notional amounts of the swap were $24.4 million and $25.4 million as of March 31, 2019 and March 31, 2018 , respectively. We measure the swap at fair value on a recurring basis. Fair value is determined by discounting future cash flows using LIBOR rates with appropriate adjustment for credit risk. We recorded a loss of $12,000 and a loss of $37,000 during the three months ended March 31, 2019 and 2018 , respectively, attributable to the change in swap’s fair value. These gains and losses were included in gain (loss) on revaluation of warrant liabilities and embedded derivatives in the condensed consolidated statement of operations. PPA Company V - In July 2015, PPA Company V entered into nine interest rate swap agreements to convert a variable interest rate debt to a fixed rate. The loss on the swaps prior to designation was recorded in current-period earnings. In July 2015, we designated and documented its interest rate swap arrangements as cash flow hedges. Three of these swaps matured in 2016, three will mature on December 21, 2021 and the remaining three will mature on September 30, 2031. We evaluate and calculate the effectiveness of the hedge at each reporting date. The effective change was recorded in accumulated other comprehensive income (loss) and was recognized as interest expense on settlement. The notional amounts of the swaps were $186.1 million and $188.1 million as of March 31, 2019 and March 31, 2018 , respectively. We measure the swaps at fair value on a recurring basis. Fair value is determined by discounting future cash flows using LIBOR rates with appropriate adjustment for credit risk. We recorded a gain of $24,000 and a gain of $54,000 attributable to the change in valuation during the three months ended March 31, 2019 and 2018 , respectively. These gains were included in gain (loss) on revaluation of warrant liabilities and embedded derivatives in the condensed consolidated statement of operations. The changes in fair value of the derivative contracts designated as cash flow hedges and the amounts recognized in accumulated other comprehensive income (loss) and in earnings for the three months ended March 31, 2019 and 2018 were as follows (in thousands): Three Months Ended March 31, 2019 March 31, 2018 Beginning balance $ 3,548 $ 5,853 Loss (gain) recognized in other comprehensive income (loss) 2,130 (2,640 ) Amounts reclassified from other comprehensive income (loss) to earnings 61 (212 ) Net loss (gain) recognized in other comprehensive income (loss) 2,191 (2,852 ) Gain recognized in earnings (47 ) (92 ) Ending balance $ 5,692 $ 2,909 Natural Gas Derivatives On September 1, 2011, we entered into a fixed price fixed quantity fuel forward contract with a gas supplier. This fuel forward contract is used as part of our program to manage the risk for controlling the overall cost of natural gas. Our PPA Company I is the only PPA Company for which natural gas was provided by us. The fuel forward contract meets the definition of a derivative under U.S. GAAP. We have not elected to designate this contract as a hedge and, accordingly, any changes in its fair value is recorded within cost of revenue in the condensed consolidated statements of operations. The fair value of the contract is determined using a combination of factors including the counterparty’s credit rate and estimates of future natural gas prices. For the three months ended March 31, 2019 and 2018 , we marked-to-market the fair value of our fixed price natural gas forward contract and recorded a gain of $0.4 million and a loss of $0.9 million , respectively. For the three months ended March 31, 2019 and 2018 , we recorded gains of $0.5 million and $1.1 million , respectively, on the settlement of these contracts. Gains and losses are recorded in cost of revenue - electricity in the condensed consolidated statements of operations. 6% Convertible Promissory Notes On December 15, 2015, January 29, 2016, and September 10, 2016, we issued $160.0 million , $25.0 million , and $75.0 million , respectively, of 6% Convertible Promissory Notes (" 6% Notes") that mature in December 2020. The 6% Notes are contractually convertible at the option of the holders at a conversion price per share equal to the lower of $20.61 or 75% of the offering price of our common stock sold in an initial public offering. Upon the IPO, the options are convertible at the option of the holders at the conversion price of $11.25 per share. The valuation of this embedded put feature was recorded as a derivative liability in the consolidated balance sheet, measured each reporting period. Fair value was determined using the binomial lattice method. We recorded $0 and a loss of $7.5 million attributable to the change in valuation for the three months ended March 31, 2019 and 2018 , respectively. These gains and losses were included within loss on revaluation of warrant liabilities and embedded derivatives in gain (loss) on revaluation of warrant liabilities and embedded derivatives in the condensed consolidated statements of operations. Upon the IPO, the final value of the conversion feature was $177.2 million and was reclassified from a derivative liability to additional paid-in capital. |
Common Stock Warrants
Common Stock Warrants | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Common Stock Warrants | Common Stock Warrant s During 2018, all of the preferred and common stock warrants we issued in connection with loan agreements and a dispute settlement converted to warrants to purchase shares of Class B common stock. As of March 31, 2019 and December 31, 2018, we had Class B common stock warrants outstanding to purchase 481,182 and 312,939 shares of Class B common stock at exercise prices of $27.78 and $38.64 , respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended March 31, 2019 and 2018, we recorded a provision for income taxes of $0.2 million on a pre-tax loss of $88.1 million , and a provision for income taxes of $0.3 million on a pre-tax loss of $22.0 million , respectively. The effective tax impact for the three month periods presented is lower than the statutory federal tax rate primarily due to a full valuation allowance against U.S. deferred tax assets. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders Net loss per share (basic) attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Net loss per share (diluted) is computed by using the "if-converted" method when calculating the potential dilutive effect, if any, of convertible shares whereby net loss attributable to common stockholders is adjusted by the effect of dilutive securities such as awards under equity compensation plans and inducement awards under separate restricted stock unit ("RSU") award agreements. Net loss per share (diluted) attributable to common stockholders is then calculated by dividing the resulting adjusted net loss attributable to common stockholders by the combined weighted-average number of fully diluted common shares outstanding. In July 2018 , the Company completed an initial public offering of its common shares wherein 20,700,000 shares of Class A common stock were sold into the market. Added to existing shares of Class B common stock were shares mandatorily converted from various financial instruments as a result of the IPO. There were no adjustments to net loss attributable to common stockholders in determining net loss attributable to common stockholders (diluted). Equally, there were no adjustments to the weighted average number of outstanding shares of common stock (basic) in arriving at the weighted average number of outstanding shares (diluted), as such adjustments would have been antidilutive. Net loss per share is the same for each class of common stock as they are entitled to the same liquidation and dividend rights with the exception of voting rights. As a result, net loss per share (basic) and net loss per share (diluted) attributed to common stockholders are the same for both Class A and Class B common stock and are combined for presentation. The following table sets forth the computation of the Company's net loss per share (basic) and net loss per share (diluted) attributable to common stockholders (in thousands, except per share amounts): Three Months Ended 2019 2018 Numerator: Net loss attributable to Class A and Class B common stockholders $ (84,441 ) $ (17,716 ) Denominator: Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 111,842 10,403 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.76 ) $ (1.70 ) The following common stock equivalents (in thousands) were excluded from the computation of net loss per share attributable to common shareholders (diluted) for the periods presented as their inclusion would have been antidilutive: Three Months Ended 2019 2018 Convertible and non-convertible redeemable preferred stock and convertible notes 27,241 85,708 Stock options to purchase common stock 5,190 3,177 Convertible redeemable preferred stock warrants — 60 Convertible redeemable common stock warrants — 312 32,431 89,257 |
Stock-Based Compensation and Em
Stock-Based Compensation and Employee Benefit Plan | 3 Months Ended |
Mar. 31, 2019 | |
Compensation Related Costs [Abstract] | |
Stock-Based Compensation and Employee Benefit Plan | Stock-Based Compensation and Employee Benefit Plan 2002 Stock Plan Our 2002 Stock Plan (the "2002 Plan") was approved in April 2002 and amended in June 2011. In August 2012 and in connection with the adoption of the 2012 Equity Incentive Plan (the "2012 Plan"), shares authorized for issuance under the 2002 Plan were cancelled, except for those shares reserved for issuance upon exercise of outstanding stock options. As of March 31, 2019 , options to purchase 2,232,865 shares of Class B common stock were outstanding and the weighted average exercise price of outstanding options was $21.16 per share. 2012 Equity Incentive Plan Our 2012 Plan was approved in August 2012. In April 2018 and in connection with the adoption of the 2018 Equity Incentive Plan (the "2018 Plan"), any reserved shares not issued were carried over to the 2018 Equity Incentive Plan. As of March 31, 2019 , options to purchase 10,873,302 shares of Class B common stock were outstanding under the 2012 Plan and the weighted average exercise price of outstanding options under the 2012 Plan was $27.12 per share. As of March 31, 2019 , we had outstanding RSU awards that may be settled for 12,267,679 shares of Class B common stock under the 2012 Plan. 2018 Equity Incentive Plan The 2018 Plan was approved in April 2018. The 2018 Plan became effective upon the IPO and will serve as the successor to the 2012 Plan. The 2018 Plan authorizes the award of stock options, restricted stock awards, stock appreciation rights, RSUs, performance awards and stock bonuses. The 2018 Plan provides for the grant of awards to employees, directors, consultants, independent contractors and advisors provided the consultants, independent contractors, directors and advisors render services not in connection with the offer and sale of securities in a capital-raising transaction. The exercise price of stock options is at least equal to the fair market value of Class A common stock on the date of grant. As of March 31, 2019 , options to purchase 1,947,883 shares of Class A common stock were outstanding under the 2018 Plan and the weighted average exercise price of outstanding options was $20.74 per share. As of March 31, 2019 , we had outstanding RSUs that may be settled for 3,980,837 shares of Class A common stock and 20,063,687 shares of Class A common stock were available for future grant. 2018 Employee Stock Purchase Plan In April 2018, we adopted the 2018 Employee Stock Purchase Plan ("ESPP"). The ESPP is qualified under Section 423 of the Internal Revenue Code. As of March 31, 2019, there were 4,052,804 shares of Class A common stock were available for future grant. Stock Option Activity The following table summarizes the stock option activity under our stock plans during the reporting period: Outstanding Options Number of Weighted Remaining Aggregate (in thousands) Balances at December 31, 2018 14,558,420 $ 25.93 6.78 $ 3,084 Granted 743,705 11.38 Exercised (136,382 ) 4.23 Cancelled (111,693 ) 25.44 Balances at March 31, 2019 15,054,050 25.41 6.62 4,686 Vested and expected to vest at March 31, 2019 14,690,193 25.56 6.56 4,645 Exercisable at March 31, 2019 8,555,962 28.18 4.97 3,586 RSUs Activity A summary of our RSUs activity and related information is as follows: Number of Awards Outstanding Weighted Average Grant Date Fair Value Unvested Balance at December 31, 2018 16,784,800 $ 18.74 Granted 2,525,755 12.43 Vested (2,960,462 ) 20.17 Forfeited (101,577 ) 16.44 Unvested Balance at March 31, 2019 16,248,516 17.52 Stock-Based Compensation Expense We used the following weighted-average assumptions in applying the Black-Scholes valuation model: Three Months Ended 2019 2018 Risk-free interest rate 2.60% - 2.64% 2.49% Expected term (years) 6.3 - 6.6 6.2 - 6.5 Expected dividend yield — — Expected volatility 50.20% 55.10% Stock-based Compensation - No stock-based compensation costs were capitalized in the three months ended March 31, 2019 and 2018 . The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations (in thousands): Three Months Ended 2019 2018 Cost of revenue $ 14,372 $ 1,898 Research and development 14,230 1,638 Sales and marketing 11,512 952 General and administrative 23,768 3,468 Total stock-based compensation $ 63,882 $ 7,956 During the three months ended March 31, 2019 and 2018, we recognized $63.9 million and $8.0 million of stock-based compensation expense, respectively. Our stock-based compensation expense is associated with stock options, restricted stock units, or RSUs, and our employee stock purchase plan, or ESPP. As of March 31, 2019 , there was unrecognized compensation expense related to unvested stock options of $65.8 million . This expense is expected to be recognized over the remaining weighted-average period of 2.74 years . We had no excess tax benefits in the three months ended March 31, 2019 and 2018 . As of March 31, 2019 , there was $145.5 million of unrecognized stock-based compensation cost related to unvested RSUs. This expense is expected to be recognized over a weighted average period of 1.27 years . As of March 31, 2019, there was $8.8 million of unrecognized stock-based compensation cost related to the stock purchase plan or ESPP. This expense is expected to be recognized over a weighted average period of 1.16 years . |
Power Purchase Agreement Progra
Power Purchase Agreement Programs | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Power Purchase Agreement Programs | Power Purchase Agreement Programs Overview In mid-2010, we began offering our Energy Servers through its 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 server(s) 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. As the primary beneficiary of these VIEs, we consolidate in its 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 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 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 amortizes 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 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 Company I ("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. 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. 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 reaches its 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 Company II, PPA Company IIIa and PPA Company IIIb are redeemable as a result of the put option held by the Equity Investors. The redemption value is the put amount. At March 31, 2019 , and December 31, 2018 , the carrying value of redeemable noncontrolling interests of $58.8 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 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 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 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 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Operating Leases During the three months ended March 31, 2019 and 2018 , rent expense for our facilities was $2.0 million and $1.4 million , respectively. At March 31, 2019 , future minimum lease payments under operating leases were as follows (in thousands): Remainder of 2019 $ 13,491 2020 18,785 2021 16,169 2022 15,673 2023 15,335 Thereafter 57,310 $ 136,763 Equipment Leases - Beginning in December 2015, the Company is a party to master lease agreements that provide for the sale of Energy Servers to third parties and the simultaneous leaseback of the systems which we then subleases to customers. The lease agreements expire on various dates through 2025 and there was no recorded rent expense for the three months ended March 31, 2019 and 2018 . Purchase Commitments with Suppliers and Contract Manufacturers - In order to reduce manufacturing lead-times and to ensure an adequate supply of inventories, we have agreements with our component suppliers and contract manufacturers to allow long lead-time component inventory procurement based on a rolling production forecast. We are contractually obligated to purchase long lead-time component inventory procured by certain manufacturers in accordance with our forecasts. We can generally give notice of order cancellation at least 90 days prior to the delivery date. However, we may also issue purchase orders to certain of our component suppliers and third-party manufacturers that may not be cancelable. As of March 31, 2019 and 2018 , we had no material open purchase orders with our component suppliers and third-party manufacturers that are not cancelable. Power Purchase Agreement Program - Under the terms of the Bloom Electrons program (see Note 12 - Power Purchase Agreement Programs ), customers agree to purchase power from our Energy Servers at negotiated rates, generally for periods of up to twenty-one years. We are responsible for all operating costs necessary to maintain, monitor and repair these Energy Servers, including the fuel necessary to operate the systems under certain PPA contracts. The risk associated with the future market price of fuel purchase obligations is mitigated with commodity contract futures. The PPA Entities guarantee the performance of Energy Servers at certain levels of output and efficiency to its customers over the contractual term. The PPA Entities monitor the need for any accruals arising from such guaranties, which are calculated as the difference between committed and actual power output or between natural gas consumption at warranted efficiency levels and actual consumption, multiplied by the contractual rates with the customer. Amounts payable under these guaranties are accrued in periods when the guaranties are not met and are recorded in cost of service revenue in the consolidated statements of operations. We paid $3.5 million and $0.9 million for the three months ended March 31, 2019 and 2018 , respectively. In June 2015, PPA V entered into a $131.2 million credit agreement to fund the purchase and installation of Energy Servers. The lenders have commitments to an LC facility with the aggregate principal amount of $6.2 million . The LC facility is to fund the Debt Service Reserve Account. The amount reserved under the LC as of March 31, 2019 and 2018 was $5.0 million and $5.0 million , respectively. Contingencies Indemnification Agreements - We enter into standard indemnification agreements with our customers and certain other business partners in the ordinary course of business. Our exposure under these agreements is unknown because it involves future claims that may be made against us but have not yet been made. To date, we have not paid any claims or been required to defend any action related to its indemnification obligations. However, we may record charges in the future as a result of these indemnification obligations. Warranty Costs - We generally warrant our products sold to our direct customers for one year following the date of acceptance of the products under a standard one-year warranty. As part of its MSAs, we provide output and efficiency guaranties (collectively “performance guaranties”) to our customers when systems operate below contractually specified levels of efficiency and output. Such amounts have not been material to date. The standard one-year warranty covers defects in materials and workmanship under normal use and service conditions, and against manufacturing or performance defects. We accrue this warranty expense using our best estimate of the amount necessary to settle future and existing warranty claims as of the balance sheet date. Our obligations under its standard one-year warranty and MSA agreements are generally in the form of product replacement, repair or reimbursement for higher customer electricity costs. Further, if the Energy Servers run at a lower efficiency or power output than we committed under our performance guaranty, we will reimburse the customer for the underperformance. Our aggregate reimbursement obligation for this performance guaranty for each order is capped at a portion of the purchase price. Prior to fiscal year 2014, certain MSAs with direct customers were accounted for as separately-priced warranty contracts under ASC 605-20-25 Separately Priced Extended Warranty and Product Maintenance Contracts (formerly FTB 90-1), in which we recorded an accrual for any expected costs that exceed the contracted revenues for that one-year service renewal arrangement, and is included as a component of the accrued warranty liability. Customers may renew the MSAs leading to future expense that is not recognized under GAAP until the renewal occurs. Over time, as our service offering evolved and we began managing the Energy Servers taking into consideration individual customer arrangements as well as our Bloom Energy Server fleet management objectives, our service offering evolved to the point that our services changed, becoming a more strategic offering for both us and our customers. Additionally, virtually all of our sales arrangements included bundled sales of maintenance service agreements along with the Energy Servers. The result is that we allocate a certain portion of the contractual revenue related to the Energy Servers to the MSAs based on our BESP compared to the stated amount in the service contracts. Delaware Economic Development Authority - In March 2012, we entered into an agreement with the Delaware Economic Development Authority to provide a grant of $16.5 million as an incentive to establish a new manufacturing facility in Delaware and to provide employment for full time workers at the facility over a certain period of time. The grant contains two types of milestones that we must complete to retain the entire amount of the grant proceeds. The first milestone was to provide employment for 900 full time workers in Delaware by the end of the first recapture period of September 30, 2017 . The second milestone was to pay these full time workers a cumulative total of $108.0 million in compensation by September 30, 2017 . There are two additional recapture periods at which time we must continue to employ 900 full time workers and the cumulative total compensation paid by us is required to be at least $324.0 million by September 30, 2023 . As of March 31, 2019 , we had 334 full time workers in Delaware and paid $99.3 million in cumulative compensation. As of December 31, 2018 , we had 338 full time workers in Delaware and paid $92.0 million in cumulative compensation. We have so far received $12.0 million of the grant which is contingent upon meeting the milestones through September 30, 2023 . In the event that we do not meet the milestones, we may have to repay the Delaware Economic Development Authority, including up to $5.0 million on September 30, 2021 and up to an additional $2.5 million on September 30, 2023 . As of March 31, 2019 we had cumulatively paid $1.5 million for recapture provisions and recorded $10.5 million in other long-term liabilities for potential recapture. Self-Generation Incentive Program ("SGIP") - Our PPA Entities’ customers receive payments under the SGIP which is a program specific to the State of California that provides financial incentives for the installation of qualifying new self-generation equipment that we own. The SGIP program issues 50% of the fully anticipated amount in the first year the equipment is placed into service. The remaining incentive is then paid based on the size of the equipment (i.e., nameplate kilowatt capacity) over the subsequent five years . The SGIP program has operational criteria primarily related to fuel mixture and minimum output for the first five years after the qualified equipment is placed in service. If the operational criteria are not fulfilled, it could result in a partial refund of funds received. However, for certain PPA Entities, we make SGIP reservations on behalf of the PPA Entity and, therefore, the PPA Entity bears the risk of loss if these funds are not paid. Investment Tax Credits ("ITCs") - Our Energy Servers are eligible for federal ITCs that accrued to qualified property under Internal Revenue Code Section 48 when placed into service. However, the ITC program has operational criteria that extend for five years. If the energy property is disposed or otherwise ceases to be qualified investment credit property before the close of the five year recapture period is fulfilled, it could result in a partial reduction of the incentives. The purchase of Energy Servers were made by the PPA Entities and, therefore, the PPA Entities bear the risk of repayment if the assets placed in service do not meet the ITC operational criteria in the future. Legal Matters - From time to time, we are involved in disputes, claims, litigation, investigations, proceedings and/or other legal actions consisting of commercial, securities and employment matters that arise in the ordinary course of business. We review all legal matters at least quarterly and assesses whether an accrual for loss contingencies needs to be recorded. The assessment reflects the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular situation. We record an accrual for loss contingencies when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Legal matters are subject to uncertainties and are inherently unpredictable, so the actual liability in any such matters may be materially different from our estimates. If an unfavorable resolution were to occur, there exists the possibility of a material adverse impact on the consolidated financial condition, results of operations or cash flows for the period in which the resolution occurs or on future periods. In July 2018, two former executives of Advanced Equities, Inc., Keith Daubenspeck and Dwight Badger, filed a Statement of Claim with the American Arbitration Association in Santa Clara, CA, against us, Kleiner Perkins, Caufield & Byers, LLC (“KPCB”), New Enterprise Associates, LLC (“NEA”) and affiliated entities of both KPCB and NEA seeking to compel arbitration and alleging a breach of a confidential agreement executed between the parties on June 27, 2014 (“Confidential Agreement”). This Statement of Claim sought, among other things, to void the indemnification and confidentiality provisions under the Confidential Agreement and to recover attorneys’ fees and costs. The Statement of Claim was dismissed without prejudice on July 22, 2018. On September 19, 2018, an Amended Statement of Claim was filed by Messrs. Daubenspeck and Badger with the American Arbitration Association in Santa Clara, CA, against the parties. The Amended Statement of Claim alleges a breach of the Confidentiality Agreement and fraud in the inducement, securities fraud, racketeering and other claims. On May 7, 2019, KPCB and NEA were dismissed with prejudice. No date has yet been set for our response. We believe the Amended Statement of Claim to be without merit and as a result, we have recorded no loss contingency related to this claim. In March of 2019, the Lincolnshire Police Pension fund filed a class action complaint in the Superior Court of the State of California, County of Santa Clara against us, certain members of our senior management, certain of our directors and the underwriters in our initial public offering alleging violations under Sections 11 and 15 of the Securities Act of 1933, as amended, for misleading statements or omissions in our Form S-1 Registration Statement in connection with our July 25, 2018 initial public offering. Two related class action cases were subsequently filed in the Santa Clara County Superior Court against the same defendants containing the same allegations; Rodriquez vs Bloom Energy et al was filed on April 22, 2019 and Evan vs Bloom Energy et al. was filed on May 7, 2019. As related cases, we expect they will be consolidated and a case management schedule set. Discovery is currently stayed. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Segment Information | Segment Information Segments and the Chief Operating Decision Maker The Company’s chief operating decision makers ("CODMs"), the Chief Executive Officer and the Chief Financial Officer, review financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The CODMs allocate resources and make operational decisions based on direct involvement with the Company’s operations and product development efforts. The Company is managed under a functionally-based organizational structure with the head of each function reporting to the Chief Executive Officer. The CODMs assess performance, including incentive compensation, based upon consolidated operations performance and financial results on a consolidated basis. As such, the Company has a single reporting segment and operating unit structure. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Our results of operations included the following related party transactions (in thousands): Three Months Ended 2019 2018 Total revenue from related parties $ 813 $ 29,269 Consulting expenses paid to related parties (included in general and administrative expense) 50 51 Interest expense on debt to related parties 1,612 2,627 Bloom Energy Japan Limited In May 2013, we entered into a joint venture with Softbank Corp., which is accounted for as an equity method investment. Under this arrangement, we sell Energy Servers and provide maintenance services to the joint venture. Accounts receivable from this joint venture was $2.7 million as of March 31, 2019 and $2.4 million as of December 31, 2018. Consulting Arrangement In January 2009, we entered into a consulting agreement with General Colin L. Powell, a member of our board of directors, pursuant to which General Powell performs certain strategic planning and advisory services for us. Pursuant to this consulting agreement, General Powell receives compensation of $125,000 per year and reimbursement for reasonable expenses. Debt to Related Parties The following is a summary of our debt and convertible notes from investors considered to be related parties as of March 31, 2019 (in thousands): Unpaid Net Carrying Value Current Long- Total Recourse debt from related parties: 6% convertible promissory notes due December 2020 from related parties $ 27,734 $ — $ 27,734 $ 27,734 Non-recourse debt from related parties: 7.5% term loan due September 2028 from related parties 39,759 2,341 33,417 35,758 Total debt from related parties $ 67,493 $ 2,341 $ 61,151 $ 63,492 The following is a summary of our debt and convertible notes from investors considered to be related parties as of December 31, 2018 (in thousands): Unpaid Net Carrying Value Current Long- Total Recourse debt from related parties: 6% convertible promissory notes due December 2020 from related parties $ 27,734 $ — $ 27,734 $ 27,734 Non-recourse debt from related parties: 7.5% term loan due September 2028 from related parties 40,538 2,200 34,119 36,319 Total debt from related parties $ 68,272 $ 2,200 $ 61,853 $ 64,053 Regarding non-recourse debt from related parties, we repaid $0.8 million and $0.8 million of principal and interest, respectively, in the three months ended March 31, 2019 . No other significant changes have occurred in total debt from related parties since December 31, 2018. See Note 6 - Outstanding Loans and Security Agreements for additional information on our debt facilities. During the three months ended March 31, 2019 and 2018, interest expense on debt from related parties was $1.6 million and $2.6 million , respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events There have been no other subsequent events that occurred during the period subsequent to the date of these financial statements that would require adjustment to, or disclosure in, the financial statements as presented. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Unaudited Interim Consolidated Financial Statements | We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 , the consolidated statements of operations, the consolidated statements of comprehensive loss, the consolidated statements of convertible redeemable preferred stock, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest, and the consolidated statements of cash flows for the three months ended March 31, 2019 and 2018 , as well as other information disclosed in the accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles as applied in the United States ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. However, we believe that the disclosures herein are adequate to ensure the information presented is not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 . We believe that all necessary adjustments, which consisted only of normal recurring items, have been included in the accompanying financial statements to fairly state the results of the interim periods. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for our fiscal year ending December 31, 2019. |
Principles of Consolidation | Principles of Consolidation These condensed consolidated financial statements reflect our accounts and operations and those of our subsidiaries in which we have a controlling financial interest. We use a qualitative approach in assessing the consolidation requirement for each of our variable interest entities, which we refer to as our power purchase agreement entities ("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. For all periods presented, we have determined that we are the primary beneficiary in all of its operational PPA Entities. We evaluate our relationships with the PPA Entities on an ongoing basis to ensure that we continues to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Significant estimates include assumptions used to compute the best estimate of selling-prices, the fair value of lease and non-lease components such as estimated output, efficiency and residual value of the Energy Servers, estimates for inventory write-downs, estimates for future cash flows and the economic useful lives of property, plant and equipment, the valuation of other long-term assets, the valuation of certain accrued liabilities such as derivative valuations, estimates for accrued warranty and extended maintenance, estimates for recapture of U.S. Treasury grants and similar grants, estimates for income taxes and deferred tax asset valuation allowances, warrant liabilities, stock-based compensation costs and estimates for the allocation of profit and losses to the noncontrolling interests. Actual results could differ materially from these estimates under different assumptions and conditions. |
Fair Value Measurement | Fair Value Measurement Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820 - Fair Value Measurements and Disclosures ("ASC 820"), defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The guidance describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities. Financial assets utilizing Level 1 inputs typically include money market securities and U.S. Treasury securities. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Financial instruments utilizing Level 2 inputs include interest rate swaps. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial liabilities utilizing Level 3 inputs include natural gas fixed price forward contract derivatives. Derivative liability valuations are performed based on a binomial lattice model and adjusted for illiquidity and/or nontransferability and such adjustments are generally based on available market evidence. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Guidance Implemented in Fiscal Year 2019 Other than the adoption of accounting guidances mentioned below, there have been no other significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements. There have been no changes to our significant accounting policies that were disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 that have had a significant impact on our condensed consolidated financial statements or notes thereto as of and for the three months ended March 31, 2019. Hedging Activities - During the first three months of fiscal 2019, we adopted Accounting Standards Update ("ASU") 2017-12 Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12") to help entities recognize the economic results of their hedging strategies in the financial statements so that stakeholders can better interpret and understand the effect of hedge accounting on reported results. It is intended to more clearly disclose an entity’s risk exposures and how we manage those exposures through hedging, and it is expected to simplify the application of hedge accounting guidance. The new guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. We adopted this standard on January 1, 2019. There was not a material impact to our condensed consolidated financial statements upon adoption. Income Taxes - During the first three months of fiscal 2019, we adopted ASU 2016-16, Income Taxes—Intra-Entity Transfers of Assets Other Than Inventory (Topic 740) , which requires that entities recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The standard is effective for us in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and is required to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the adoption period. Adoption of this standard had no impact on our consolidated financial statements. Income Taxes - During the first three months of fiscal 2019, we adopted ASU 2018-02 Income Statement—Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"), which permits reclassification of certain tax effects in Other Comprehensive Income ("OCI") caused by the U.S. tax reform enacted in December 2017 to retained earnings. We do not have any tax effect (due to full valuation allowance) in our OCI account, thus this guidance has no impact on us. New Accounting Guidance to be Implemented Revenue Recognition - In May 2014, the FASB issued ASU 2014-14, Revenue From Contracts With Customers, as amended ("ASU 2014-14" ) . The guidance provides principles for recognizing revenue for the transfer of promised goods or services to customers with the consideration to which the entity expects to be entitled in exchange for those goods or services, as well as guidance on the recognition of costs related to obtaining and fulfilling customer contracts. The guidance also requires expanded disclosures about the nature, amount, timing, and uncertainty of revenues and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-14 is effective for our annual period beginning January 1, 2019, and for our interim periods beginning on January 1, 2020. ASU 2014-14 can be adopted using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within the guidance (“full retrospective method”); or (ii) retrospective with the cumulative effect of initially applying the guidance recognized at the date of initial application and providing certain additional disclosures as defined per the guidance (“modified retrospective method”). We will adopt ASU 2014-14 for our fiscal year ended December 31, 2019 using the modified retrospective method, resulting in a cumulative-effect adjustment to retained earnings on January 1, 2019. We are currently evaluating whether ASU 2014-14 will have a material impact on our consolidated financial statements and expect its adoption to have an impact related to the costs of obtaining our contracts, customer deposits, and deferred revenue. Further, in preparation for ASU 2014-14, we are in the process of updating our accounting policies, processes, internal controls over financial reporting, and system requirements. Leases - In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , as amended, which provides new authoritative guidance on lease accounting. Among its provisions, the standard requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for operating leases and also requires additional qualitative and quantitative disclosures about lease arrangements. In March 2019 the FASB issued further guidance in ASU 2019-01, Leases (Topic 842) , which provides clarifications to certain lessor transactions and other reporting matters. This guidance will be effective for us beginning January 1, 2020, and requires the modified retrospective method of adoption. Early adoption is permitted. We expect to adopt this guidance on January 1, 2020 and expect to recognize right of use assets and lease liabilities for contracts currently recognized as operating leases where we are the lessee. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The carrying value of cash and cash equivalents approximate fair value and are as follows (in thousands): March 31, December 31, 2019 2018 As held: Cash $ 152,676 $ 136,642 Money market funds 217,258 143,843 $ 369,934 $ 280,485 As reported: Cash and cash equivalents $ 320,414 $ 220,728 Restricted cash 49,520 59,757 $ 369,934 $ 280,485 |
Restrictions on Cash and Cash Equivalents | The carrying value of cash and cash equivalents approximate fair value and are as follows (in thousands): March 31, December 31, 2019 2018 As held: Cash $ 152,676 $ 136,642 Money market funds 217,258 143,843 $ 369,934 $ 280,485 As reported: Cash and cash equivalents $ 320,414 $ 220,728 Restricted cash 49,520 59,757 $ 369,934 $ 280,485 Restricted cash consisted of the following (in thousands): March 31, December 31, 2019 2018 Current Restricted cash $ 13,379 $ 25,740 Restricted cash related to PPA Entities 5,040 2,917 Restricted cash, current 18,419 28,657 Non-current Restricted cash 3,250 3,246 Restricted cash related to PPA Entities 27,851 27,854 Restricted cash, non-current 31,101 31,100 $ 49,520 $ 59,757 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below sets forth, by level, our financial assets that were accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands): Fair Value Measured at Reporting Date Using March 31, 2019 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 217,258 $ — $ — $ 217,258 Interest rate swap agreements — 27 — 27 $ 217,258 $ 27 $ — $ 217,285 Liabilities Accrued other current liabilities $ 1,723 $ — $ — $ 1,723 Derivatives: Natural gas fixed price forward contracts — — 8,796 8,796 Interest rate swap agreements 1 — 5,719 — 5,719 $ 1,723 $ 5,719 $ 8,796 $ 16,238 1 As of March 31, 2019 , $0.1 million of the gain on the interest rate swaps accumulated in other comprehensive income (loss) is expected to be reclassified into earnings in the next twelve months. Fair Value Measured at Reporting Date Using December 31, 2018 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 143,843 $ — $ — $ 143,843 Short-term investments 104,350 — — 104,350 Interest rate swap agreements — 82 — 82 $ 248,193 $ 82 $ — $ 248,275 Liabilities Accrued other current liabilities $ 1,331 $ — $ — $ 1,331 Derivatives: Natural gas fixed price forward contracts — — 9,729 9,729 Interest rate swap agreements — 3,630 — 3,630 $ 1,331 $ 3,630 $ 9,729 $ 14,690 |
Schedule of Natural Gas Forward Contracts | The following table provides the fair value of our natural gas fixed price contracts (dollars in thousands): March 31, December 31, 2019 2018 Number of Contracts (MMBTU)² Fair Value Number of Fair Value Liabilities ¹ Natural gas fixed price forward contracts (not under hedging relationships) 2,873 $ 8,796 3,096 $ 9,729 ¹ Recorded in current liabilities and derivative liabilities in the condensed consolidated balance sheets. ² One MMBTU, or one million British Thermal Units, is a traditional unit of energy used to describe the heat value (energy content) of fuels. |
Change in Level 3 Financial Liabilities | The changes in the Level 3 financial assets were as follows (in thousands): Natural Gas Fixed Price Forward Contracts Preferred Stock Warrants Embedded Derivative Liability Total Balances at December 31, 2018 $ 9,729 $ — $ — $ 9,729 Settlement of natural gas fixed price forward contracts (527 ) — — (527 ) Changes in fair value (406 ) — — (406 ) Balances at March 31, 2019 $ 8,796 $ — $ — $ 8,796 Natural Preferred Embedded Total Balances at December 31, 2017 $ 15,368 $ 9,825 $ 140,771 $ 165,964 Settlement of natural gas fixed price forward contracts (1,102 ) — — (1,102 ) Changes in fair value 855 (3,271 ) 9,732 7,316 Balances at March 31, 2018 $ 15,121 $ 6,554 $ 150,503 $ 172,178 |
Schedule of Fair Values and Carrying Values of Customer Receivables and Debt Instruments | The following table presents the estimated fair values and carrying values of customer receivables and debt instruments (in thousands): March 31, 2019 December 31, 2018 Net Carrying Value Fair Value Net Carrying Value Fair Value Customer receivables: Customer financing receivables $ 71,337 $ 51,312 $ 72,676 $ 51,541 Debt instruments: Recourse LIBOR + 4% term loan due November 2020 2,795 2,914 3,214 3,311 5% convertible promissory note due December 2020 35,136 33,832 34,706 31,546 6% convertible promissory notes due December 2020 267,289 418,999 263,284 353,368 10% notes due July 2024 96,073 99,598 95,555 99,260 Non-recourse 5.22% senior secured notes due March 2025 75,786 79,341 78,566 80,838 7.5% term loan due September 2028 35,758 41,759 36,319 39,892 LIBOR + 5.25% term loan due October 2020 23,734 25,679 23,916 25,441 6.07% senior secured notes due March 2030 81,806 88,715 82,337 85,917 LIBOR + 2.5% term loan due December 2021 122,701 125,770 123,384 123,040 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Inventory, net | The components of inventory consisted of the following (in thousands): March 31, December 31, 2019 2018 Raw materials $ 42,965 $ 53,273 Work-in-progress 23,672 22,303 Finished goods 49,907 56,900 $ 116,544 $ 132,476 |
Prepaid Expense and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, 2019 2018 Government incentives receivable $ 960 $ 1,001 Prepaid expenses and other current assets 27,402 32,741 $ 28,362 $ 33,742 |
Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following (in thousands): March 31, December 31, 2019 2018 Energy Servers $ 511,485 $ 511,485 Computers, software and hardware 18,796 16,536 Machinery and equipment 100,311 99,209 Furniture and fixtures 8,669 4,337 Leasehold improvements 34,126 18,629 Building 40,512 40,512 Construction in progress 10,496 29,084 724,395 719,792 Less: Accumulated depreciation (249,010 ) (238,378 ) $ 475,385 $ 481,414 |
Other Long-Term Assets | Other long-term assets consisted of the following (in thousands): March 31, December 31, 2019 2018 Prepaid and other long-term assets $ 26,321 $ 27,086 Equity-method investments 6,292 6,046 Long-term deposits 1,773 1,660 $ 34,386 $ 34,792 |
Accrued Warranty | Accrued warranty liabilities consisted of the following (in thousands): March 31, December 31, 2019 2018 Product warranty $ 9,183 $ 10,935 Operations and maintenance services agreements 7,553 8,301 $ 16,736 $ 19,236 Changes during the current period in the standard product warranty liability were as follows (in thousands): Balances at December 31, 2018 $ 10,935 Accrued warranty, net 629 Warranty expenditures during period (2,381 ) Balances at March 31, 2019 $ 9,183 |
Accrued Other Current Liabilities | Accrued other current liabilities consisted of the following (in thousands): March 31, December 31, 2019 2018 Compensation and benefits $ 18,327 $ 16,742 Current portion of derivative liabilities 3,349 3,232 Managed services liabilities 4,633 5,091 Accrued installation 6,408 6,859 Sales tax liabilities 2,202 1,700 Interest payable 3,631 4,675 Other 29,416 31,236 $ 67,966 $ 69,535 |
Other Long-Term Liabilities | Accrued other long-term liabilities consisted of the following (in thousands): March 31, December 31, 2019 2018 Delaware grant $ 10,469 $ 10,469 Managed services liabilities 29,062 29,741 Other 18,501 15,727 $ 58,032 $ 55,937 |
Customer Financing Leases, Receivable | The components of investment in sales-type financing leases consisted of the following (in thousands): March 31, December 31, 2019 2018 Total minimum lease payments to be received $ 98,632 $ 100,816 Less: Amounts representing estimated executing costs (24,522 ) (25,180 ) Net present value of minimum lease payments to be received 74,110 75,636 Estimated residual value of leased assets 1,051 1,051 Less: Unearned income (3,824 ) (4,011 ) Net investment in sales-type financing leases 71,337 72,676 Less: Current portion (5,717 ) (5,594 ) Non-current portion of investment in sales-type financing leases $ 65,620 $ 67,082 |
Schedule of Customer Payments from Sales-Type Financing Leases | The future scheduled customer payments from sales-type financing leases were as follows as of March 31, 2019 (in thousands): Remainder of 2019 2020 2021 2022 2023 Thereafter Future minimum lease payments, less interest $ 4,256 $ 6,022 $ 6,415 $ 6,853 $ 7,310 $ 39,430 |
Outstanding Loans and Securit_2
Outstanding Loans and Security Agreements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The following is a summary of our debt as of March 31, 2019 (in thousands): Unpaid Net Carrying Value Unused Current Long- Total LIBOR + 4% term loan due November 2020 $ 2,857 $ 1,683 $ 1,112 $ 2,795 $ — 5% convertible promissory note due December 2020 33,104 — 35,136 35,136 — 6% convertible promissory notes due December 2020 296,233 — 267,289 267,289 — 10% notes due July 2024 100,000 14,000 82,073 96,073 — Total recourse debt 432,194 15,683 385,610 401,293 — 5.22% senior secured term notes due March 2025 76,827 12,151 63,635 75,786 — 7.5% term loan due September 2028 39,759 2,341 33,417 35,758 — LIBOR + 5.25% term loan due October 2020 24,438 926 22,808 23,734 — 6.07% senior secured notes due March 2030 82,889 2,634 79,172 81,806 — LIBOR + 2.5% term loan due December 2021 124,593 3,775 118,926 122,701 — Letters of Credit due December 2021 — — — — 1,220 Total non-recourse debt 348,506 21,827 317,958 339,785 1,220 Total debt $ 780,700 $ 37,510 $ 703,568 $ 741,078 $ 1,220 The following is a summary of our debt as of December 31, 2018 (in thousands): Unpaid Principal Balance Net Carrying Value Unused Borrowing Capacity Current Long- Term Total LIBOR + 4% term loan due November 2020 $ 3,286 $ 1,686 $ 1,528 $ 3,214 $ — 5% convertible promissory notes due December 2020 33,104 — 34,706 34,706 — 6% convertible promissory notes due December 2020 296,233 — 263,284 263,284 — 10% notes due July 2024 100,000 7,000 88,555 95,555 — Total recourse debt 432,623 8,686 388,073 396,759 — 5.22% senior secured term notes due March 2025 79,698 11,994 66,572 78,566 — 7.5% term loan due September 2028 40,538 2,200 34,119 36,319 — LIBOR + 5.25% term loan due October 2020 24,723 827 23,089 23,916 — 6.07% senior secured notes due March 2030 83,457 2,469 79,868 82,337 — LIBOR + 2.5% term loan due December 2021 125,456 3,672 119,712 123,384 — Letters of Credit due December 2021 — — — — 1,220 Total non-recourse debt 353,872 21,162 323,360 344,522 1,220 Total debt $ 786,495 $ 29,848 $ 711,433 $ 741,281 $ 1,220 |
Schedule of repayment | The following table presents our total outstanding debt's unpaid principal balance repayment schedule as of March 31, 2019 (in thousands): Remainder of 2019 $ 24,082 2020 391,442 2021 153,639 2022 40,059 2023 44,209 Thereafter 127,269 $ 780,700 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Derivatives | The fair values of the derivatives related to interest rate swap agreements applied to two of our PPA companies designated as cash flow hedges as of March 31, 2019 and December 31, 2018 on our consolidated balance sheets were as follows (in thousands): March 31, December 31, 2019 2018 Assets Prepaid expenses and other current assets $ — $ 42 Other long-term assets 27 40 $ 27 $ 82 Liabilities Accrued other current liabilities $ 108 $ 4 Derivative liabilities 5,611 3,626 $ 5,719 $ 3,630 |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The changes in fair value of the derivative contracts designated as cash flow hedges and the amounts recognized in accumulated other comprehensive income (loss) and in earnings for the three months ended March 31, 2019 and 2018 were as follows (in thousands): Three Months Ended March 31, 2019 March 31, 2018 Beginning balance $ 3,548 $ 5,853 Loss (gain) recognized in other comprehensive income (loss) 2,130 (2,640 ) Amounts reclassified from other comprehensive income (loss) to earnings 61 (212 ) Net loss (gain) recognized in other comprehensive income (loss) 2,191 (2,852 ) Gain recognized in earnings (47 ) (92 ) Ending balance $ 5,692 $ 2,909 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of the Company's net loss per share (basic) and net loss per share (diluted) attributable to common stockholders (in thousands, except per share amounts): Three Months Ended 2019 2018 Numerator: Net loss attributable to Class A and Class B common stockholders $ (84,441 ) $ (17,716 ) Denominator: Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 111,842 10,403 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.76 ) $ (1.70 ) |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following common stock equivalents (in thousands) were excluded from the computation of net loss per share attributable to common shareholders (diluted) for the periods presented as their inclusion would have been antidilutive: Three Months Ended 2019 2018 Convertible and non-convertible redeemable preferred stock and convertible notes 27,241 85,708 Stock options to purchase common stock 5,190 3,177 Convertible redeemable preferred stock warrants — 60 Convertible redeemable common stock warrants — 312 32,431 89,257 |
Stock-Based Compensation and _2
Stock-Based Compensation and Employee Benefit Plan (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Compensation Related Costs [Abstract] | |
Stock Option and RSU Activity | The following table summarizes the stock option activity under our stock plans during the reporting period: Outstanding Options Number of Weighted Remaining Aggregate (in thousands) Balances at December 31, 2018 14,558,420 $ 25.93 6.78 $ 3,084 Granted 743,705 11.38 Exercised (136,382 ) 4.23 Cancelled (111,693 ) 25.44 Balances at March 31, 2019 15,054,050 25.41 6.62 4,686 Vested and expected to vest at March 31, 2019 14,690,193 25.56 6.56 4,645 Exercisable at March 31, 2019 8,555,962 28.18 4.97 3,586 |
RSU Activity and Related Information | A summary of our RSUs activity and related information is as follows: Number of Awards Outstanding Weighted Average Grant Date Fair Value Unvested Balance at December 31, 2018 16,784,800 $ 18.74 Granted 2,525,755 12.43 Vested (2,960,462 ) 20.17 Forfeited (101,577 ) 16.44 Unvested Balance at March 31, 2019 16,248,516 17.52 |
Weighted-Average Valuation Assumptions | We used the following weighted-average assumptions in applying the Black-Scholes valuation model: Three Months Ended 2019 2018 Risk-free interest rate 2.60% - 2.64% 2.49% Expected term (years) 6.3 - 6.6 6.2 - 6.5 Expected dividend yield — — Expected volatility 50.20% 55.10% |
Employee and Non-Employee Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations (in thousands): Three Months Ended 2019 2018 Cost of revenue $ 14,372 $ 1,898 Research and development 14,230 1,638 Sales and marketing 11,512 952 General and administrative 23,768 3,468 Total stock-based compensation $ 63,882 $ 7,956 |
Power Purchase Agreement Prog_2
Power Purchase Agreement Programs (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | 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 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | At March 31, 2019 , future minimum lease payments under operating leases were as follows (in thousands): Remainder of 2019 $ 13,491 2020 18,785 2021 16,169 2022 15,673 2023 15,335 Thereafter 57,310 $ 136,763 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Our results of operations included the following related party transactions (in thousands): Three Months Ended 2019 2018 Total revenue from related parties $ 813 $ 29,269 Consulting expenses paid to related parties (included in general and administrative expense) 50 51 Interest expense on debt to related parties 1,612 2,627 The following is a summary of our debt and convertible notes from investors considered to be related parties as of March 31, 2019 (in thousands): Unpaid Net Carrying Value Current Long- Total Recourse debt from related parties: 6% convertible promissory notes due December 2020 from related parties $ 27,734 $ — $ 27,734 $ 27,734 Non-recourse debt from related parties: 7.5% term loan due September 2028 from related parties 39,759 2,341 33,417 35,758 Total debt from related parties $ 67,493 $ 2,341 $ 61,151 $ 63,492 The following is a summary of our debt and convertible notes from investors considered to be related parties as of December 31, 2018 (in thousands): Unpaid Net Carrying Value Current Long- Total Recourse debt from related parties: 6% convertible promissory notes due December 2020 from related parties $ 27,734 $ — $ 27,734 $ 27,734 Non-recourse debt from related parties: 7.5% term loan due September 2028 from related parties 40,538 2,200 34,119 36,319 Total debt from related parties $ 68,272 $ 2,200 $ 61,853 $ 64,053 |
Nature of Business and Liquid_2
Nature of Business and Liquidity - Liquidity (Additional Information) (Details) - IPO $ / shares in Units, $ in Millions | 1 Months Ended |
Jul. 31, 2018USD ($)$ / sharesshares | |
Subsidiary, Sale of Stock [Line Items] | |
Shares sold in offering (in shares) | shares | 20,700,000 |
Offering price per share (in dollars per share) | $ / shares | $ 15 |
Net proceeds from stock offering | $ | $ 282.3 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Concentration of Risk (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accounts Receivable | Customer Concentration Risk | Customer One | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 58.00% | 66.80% | |
Accounts Receivable | Customer Concentration Risk | Customer Two | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12.10% | ||
Sales Revenue, Net | Geographic Concentration Risk | Customer One | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 24.00% | 17.30% | |
Sales Revenue, Net | Customer Concentration Risk | Customer One | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 24.00% | ||
Sales Revenue, Net | Customer Concentration Risk | Customer Two | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 25.00% | 53.00% | |
Sales Revenue, Net | Customer Concentration Risk | Customer Three | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 23.00% | ||
Sales Revenue, Net | Customer Concentration Risk | Customer Four | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 17.00% |
Financial Instruments - Cash an
Financial Instruments - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and cash equivalents | [1] | $ 320,414 | $ 220,728 | ||
Cash, cash equivalents and restricted cash | 369,934 | 280,485 | $ 143,592 | $ 180,612 | |
Amortized Cost | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and cash equivalents | 320,414 | ||||
Restricted cash | 49,520 | ||||
Cash, cash equivalents and restricted cash | 369,934 | ||||
Amortized Cost | Cash | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash, cash equivalents and restricted cash | 152,676 | ||||
Amortized Cost | Money market funds | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash, cash equivalents and restricted cash | $ 217,258 | ||||
Fair Value | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and cash equivalents | 220,728 | ||||
Restricted cash | 59,757 | ||||
Cash, cash equivalents and restricted cash | 280,485 | ||||
Fair Value | Cash | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash, cash equivalents and restricted cash | 136,642 | ||||
Fair Value | Money market funds | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash, cash equivalents and restricted cash | $ 143,843 | ||||
[1] | We have variable interest entities which represent a portion of the consolidated balances are recorded within the "Cash and cash equivalents," "Restricted cash," "Accounts receivable," "Customer financing receivable," "Prepaid expenses and other current assets," "Property and equipment, net," "Customer financing receivable, non-current," "Restricted cash, non-current," "Other long-term assets," "Accounts payable," "Accrued other current liabilities," "Deferred revenue and customer deposits," "Current portion of non-recourse debt from related parties," "Derivative liabilities, net of current portion," "Deferred revenue and customer deposits, net of current portion," "Long-term portion of non-recourse debt," and "Other long-term liabilities" financial statement line items in the Condensed Consolidated Balance Sheets (see Note 12). |
Financial Instruments - Restric
Financial Instruments - Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Restricted cash, current | [1] | $ 18,419 | $ 28,657 |
Restricted cash, non-current | [1] | 31,101 | 31,100 |
Total restricted cash | 49,520 | 59,757 | |
Consolidated Entity, Excluding VIEs | |||
Variable Interest Entity [Line Items] | |||
Restricted cash, current | 13,379 | 25,740 | |
Restricted cash, non-current | 3,250 | 3,246 | |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Restricted cash, current | 5,040 | 2,917 | |
Restricted cash, non-current | $ 27,851 | $ 27,854 | |
[1] | We have variable interest entities which represent a portion of the consolidated balances are recorded within the "Cash and cash equivalents," "Restricted cash," "Accounts receivable," "Customer financing receivable," "Prepaid expenses and other current assets," "Property and equipment, net," "Customer financing receivable, non-current," "Restricted cash, non-current," "Other long-term assets," "Accounts payable," "Accrued other current liabilities," "Deferred revenue and customer deposits," "Current portion of non-recourse debt from related parties," "Derivative liabilities, net of current portion," "Deferred revenue and customer deposits, net of current portion," "Long-term portion of non-recourse debt," and "Other long-term liabilities" financial statement line items in the Condensed Consolidated Balance Sheets (see Note 12). |
Financial Instruments - Short-T
Financial Instruments - Short-Term Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Abstract] | ||
Short-term investments | $ 0 | $ 104,350 |
Fair Value - Financial Assets a
Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Total assets | $ 217,285 | $ 248,275 |
Liabilities | ||
Accrued other current liabilities | 1,723 | 1,331 |
Total liabilities | 16,238 | 14,690 |
Money market funds | ||
Assets | ||
Cash equivalents: | 217,258 | 143,843 |
Short-term investments | ||
Assets | ||
Short-term investments | 104,350 | |
Natural gas fixed price forward contracts | ||
Liabilities | ||
Derivatives: | 8,796 | 9,729 |
Interest rate swap agreements | ||
Assets | ||
Interest rate swap agreements | 27 | 82 |
Liabilities | ||
Derivatives: | 5,719 | 3,630 |
Level 1 | ||
Assets | ||
Total assets | 217,258 | 248,193 |
Liabilities | ||
Accrued other current liabilities | 1,723 | 1,331 |
Total liabilities | 1,723 | 1,331 |
Level 1 | Money market funds | ||
Assets | ||
Cash equivalents: | 217,258 | 143,843 |
Level 1 | Short-term investments | ||
Assets | ||
Short-term investments | 104,350 | |
Level 1 | Natural gas fixed price forward contracts | ||
Liabilities | ||
Derivatives: | 0 | 0 |
Level 1 | Interest rate swap agreements | ||
Assets | ||
Interest rate swap agreements | 0 | 0 |
Liabilities | ||
Derivatives: | 0 | 0 |
Level 2 | ||
Assets | ||
Total assets | 27 | 82 |
Liabilities | ||
Accrued other current liabilities | 0 | 0 |
Total liabilities | 5,719 | 3,630 |
Level 2 | Money market funds | ||
Assets | ||
Cash equivalents: | 0 | 0 |
Level 2 | Short-term investments | ||
Assets | ||
Short-term investments | 0 | |
Level 2 | Natural gas fixed price forward contracts | ||
Liabilities | ||
Derivatives: | 0 | 0 |
Level 2 | Interest rate swap agreements | ||
Assets | ||
Interest rate swap agreements | 27 | 82 |
Liabilities | ||
Derivatives: | 5,719 | 3,630 |
Level 3 | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Accrued other current liabilities | 0 | 0 |
Total liabilities | 8,796 | 9,729 |
Level 3 | Money market funds | ||
Assets | ||
Cash equivalents: | 0 | 0 |
Level 3 | Short-term investments | ||
Assets | ||
Short-term investments | 0 | |
Level 3 | Natural gas fixed price forward contracts | ||
Liabilities | ||
Derivatives: | 8,796 | 9,729 |
Level 3 | Interest rate swap agreements | ||
Assets | ||
Interest rate swap agreements | 0 | 0 |
Liabilities | ||
Derivatives: | $ 0 | $ 0 |
Fair Value - Natural Gas Deriva
Fair Value - Natural Gas Derivatives (Details) - Not designated as hedging instrument - Natural gas forward contract MMBTU in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($)MMBTU | Dec. 31, 2018USD ($)MMBTU | |
Derivatives, Fair Value [Line Items] | ||
Number of Contracts (MMBTU) | MMBTU | 2,873 | 3,096 |
Derivative liability | $ | $ 8,796 | $ 9,729 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) | 3 Months Ended | |||||||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 31, 2018 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 10, 2016 | Jan. 29, 2016 | Dec. 15, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Cash flow hedge gain to be reclassified within 12 months | $ 100,000 | |||||||
Not designated as hedging instrument | Natural gas forward contract | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Gain (loss) on derivative | 400,000 | $ (900,000) | ||||||
Gain on the settlement of contracts | $ 500,000 | $ 1,100,000 | ||||||
Convertible promissory notes | Convertible Promissory Notes due December 2020, Recourse | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Debt face amount | $ 75,000,000 | $ 25,000,000 | $ 160,000,000 | |||||
Interest rate percentage | 6.00% | 6.00% | ||||||
Convertible stock price (in dollars per share) | $ 20.61 | $ 11.25 | ||||||
Embedded derivative liability | $ 177,200,000 | |||||||
Affiliated entity | Convertible promissory notes | Convertible Promissory Notes due December 2020, Recourse | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Debt face amount | $ 260,000,000 | |||||||
Interest rate percentage | 6.00% | 6.00% | 5.00% |
Fair Value - Change in Level 3
Fair Value - Change in Level 3 Financial Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance | $ 9,729 | $ 165,964 |
Settlement of natural gas fixed price forward contracts | (527) | (1,102) |
Changes in fair value | (406) | 7,316 |
Balance | 8,796 | 172,178 |
Natural gas fixed price forward contract | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance | 9,729 | 15,368 |
Settlement of natural gas fixed price forward contracts | (527) | (1,102) |
Changes in fair value | (406) | 855 |
Balance | 8,796 | 15,121 |
Preferred stock warrants | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance | 0 | 9,825 |
Changes in fair value | 0 | (3,271) |
Balance | 0 | 6,554 |
Embedded Derivative Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance | 0 | 140,771 |
Changes in fair value | 0 | 9,732 |
Balance | $ 0 | $ 150,503 |
Fair Value - Estimated Fair Val
Fair Value - Estimated Fair Values and Carrying Values for Customer Receivables and Debt Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Notes due July 2024, Recourse | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 10.00% | |
Senior secured notes | Senior Secured Notes due March 2025, Non-Recourse | Net Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | $ 75,786 | $ 78,566 |
Senior secured notes | Senior Secured Notes due March 2025, Non-Recourse | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 79,341 | 80,838 |
Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse | Net Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 81,806 | 82,337 |
Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 88,715 | 85,917 |
Term loan | Term Loan due November 2020, Recourse | Net Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 2,795 | 3,214 |
Term loan | Term Loan due November 2020, Recourse | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 2,914 | 3,311 |
Term loan | Term Loan due September 2028, Non-Recourse | Net Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 35,758 | 36,319 |
Term loan | Term Loan due September 2028, Non-Recourse | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 41,759 | 39,892 |
Term loan | Senior Secured Notes due October 2020, Non-Recourse | Net Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 23,734 | 23,916 |
Term loan | Senior Secured Notes due October 2020, Non-Recourse | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 25,679 | 25,441 |
Term loan | Term Loan due December 2021, Non-Recourse | Net Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 122,701 | 123,384 |
Term loan | Term Loan due December 2021, Non-Recourse | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | $ 125,770 | 123,040 |
Convertible promissory notes | Convertible Promissory Notes due December 2019 and 2020, Recourse | Net Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 5.00% | |
Debt Instrument | $ 35,136 | 34,706 |
Convertible promissory notes | Convertible Promissory Notes due December 2019 and 2020, Recourse | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 33,832 | 31,546 |
Convertible promissory notes | Convertible Promissory Notes One due December 2020 | Net Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 267,289 | 263,284 |
Convertible promissory notes | Convertible Promissory Notes One due December 2020 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 418,999 | 353,368 |
Notes | Notes due July 2024, Recourse | Net Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 96,073 | 95,555 |
Notes | Notes due July 2024, Recourse | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument | 99,598 | 99,260 |
Customer financing receivables | Net Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Customer financing receivables | 71,337 | 72,676 |
Customer financing receivables | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Customer financing receivables | $ 51,312 | $ 51,541 |
Affiliated entity | Term Loan due November 2020, Recourse | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 4.00% | |
Affiliated entity | Senior Secured Notes due October 2020, Non-Recourse | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 5.25% | |
Affiliated entity | Term Loan due December 2021, Non-Recourse | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 2.50% | |
Affiliated entity | Convertible promissory notes | Convertible Promissory Notes due December 2019 and 2020, Recourse | Net Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 6.00% | |
PPA Company II | Senior secured notes | Senior Secured Notes due March 2025, Non-Recourse | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 5.22% | |
PPA Company IIIa | Term loan | Term Loan due September 2028, Non-Recourse | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 7.50% | |
PPA Company IV | Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate percentage | 6.07% |
Balance Sheet Components - Inve
Balance Sheet Components - Inventories, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 42,965 | $ 53,273 |
Work-in-progress | 23,672 | 22,303 |
Finished goods | 49,907 | 56,900 |
Inventory, net | $ 116,544 | $ 132,476 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Government incentives receivable | $ 960 | $ 1,001 | |
Prepaid expenses and other current assets | 27,402 | 32,741 | |
Total | [1] | $ 28,362 | $ 33,742 |
[1] | We have variable interest entities which represent a portion of the consolidated balances are recorded within the "Cash and cash equivalents," "Restricted cash," "Accounts receivable," "Customer financing receivable," "Prepaid expenses and other current assets," "Property and equipment, net," "Customer financing receivable, non-current," "Restricted cash, non-current," "Other long-term assets," "Accounts payable," "Accrued other current liabilities," "Deferred revenue and customer deposits," "Current portion of non-recourse debt from related parties," "Derivative liabilities, net of current portion," "Deferred revenue and customer deposits, net of current portion," "Long-term portion of non-recourse debt," and "Other long-term liabilities" financial statement line items in the Condensed Consolidated Balance Sheets (see Note 12). |
Balance Sheet Components - Prop
Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 724,395 | $ 719,792 | |
Less: Accumulated depreciation | (249,010) | (238,378) | |
Property, plant and equipment, net | [1] | 475,385 | 481,414 |
Energy Servers | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 511,485 | 511,485 | |
Computers, software and hardware | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 18,796 | 16,536 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 100,311 | 99,209 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 8,669 | 4,337 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 34,126 | 18,629 | |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 40,512 | 40,512 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 10,496 | $ 29,084 | |
[1] | We have variable interest entities which represent a portion of the consolidated balances are recorded within the "Cash and cash equivalents," "Restricted cash," "Accounts receivable," "Customer financing receivable," "Prepaid expenses and other current assets," "Property and equipment, net," "Customer financing receivable, non-current," "Restricted cash, non-current," "Other long-term assets," "Accounts payable," "Accrued other current liabilities," "Deferred revenue and customer deposits," "Current portion of non-recourse debt from related parties," "Derivative liabilities, net of current portion," "Deferred revenue and customer deposits, net of current portion," "Long-term portion of non-recourse debt," and "Other long-term liabilities" financial statement line items in the Condensed Consolidated Balance Sheets (see Note 12). |
Balance Sheet Components - Pr_2
Balance Sheet Components - Property Plant and Equipment, Net (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Depreciation and Amortization | $ 11,271 | $ 10,847 | |
Property subject to operating lease | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property, plant and equipment | 397,500 | $ 397,500 | |
Accumulated depreciation | 83,800 | $ 77,400 | |
Construction in progress | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Decrease in property plant and equipment | 18,600 | ||
Property, Plant and Equipment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Depreciation and Amortization | $ 6,400 | $ 6,400 |
Balance Sheet Components - Cust
Balance Sheet Components - Customer Financing Leases Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Total minimum lease payments to be received | $ 98,632 | $ 100,816 | |
Less: Amounts representing estimated executing costs | (24,522) | (25,180) | |
Net present value of minimum lease payments to be received | 74,110 | 75,636 | |
Estimated residual value of leased assets | 1,051 | 1,051 | |
Less: Unearned income | (3,824) | (4,011) | |
Net investment in sales-type financing leases | 71,337 | 72,676 | |
Less: Current portion | [1] | (5,717) | (5,594) |
Non-current portion of investment in sales-type financing leases | [1] | $ 65,620 | $ 67,082 |
[1] | We have variable interest entities which represent a portion of the consolidated balances are recorded within the "Cash and cash equivalents," "Restricted cash," "Accounts receivable," "Customer financing receivable," "Prepaid expenses and other current assets," "Property and equipment, net," "Customer financing receivable, non-current," "Restricted cash, non-current," "Other long-term assets," "Accounts payable," "Accrued other current liabilities," "Deferred revenue and customer deposits," "Current portion of non-recourse debt from related parties," "Derivative liabilities, net of current portion," "Deferred revenue and customer deposits, net of current portion," "Long-term portion of non-recourse debt," and "Other long-term liabilities" financial statement line items in the Condensed Consolidated Balance Sheets (see Note 12). |
Balance Sheet Components - Futu
Balance Sheet Components - Future Scheduled Customer Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract] | |
Remainder of 2019 | $ 4,256 |
2020 | 6,022 |
2021 | 6,415 |
2022 | 6,853 |
2023 | 7,310 |
Thereafter | $ 39,430 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Long-Term Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Prepaid and other long-term assets | $ 26,321 | $ 27,086 | |
Equity-method investments | 6,292 | 6,046 | |
Long-term deposits | 1,773 | 1,660 | |
Other long-term assets | [1] | $ 34,386 | $ 34,792 |
[1] | We have variable interest entities which represent a portion of the consolidated balances are recorded within the "Cash and cash equivalents," "Restricted cash," "Accounts receivable," "Customer financing receivable," "Prepaid expenses and other current assets," "Property and equipment, net," "Customer financing receivable, non-current," "Restricted cash, non-current," "Other long-term assets," "Accounts payable," "Accrued other current liabilities," "Deferred revenue and customer deposits," "Current portion of non-recourse debt from related parties," "Derivative liabilities, net of current portion," "Deferred revenue and customer deposits, net of current portion," "Long-term portion of non-recourse debt," and "Other long-term liabilities" financial statement line items in the Condensed Consolidated Balance Sheets (see Note 12). |
Balance Sheet Components - Equi
Balance Sheet Components - Equity-method investments (Additional Information) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Softbank Corp. | ||
Variable Interest Entity [Line Items] | ||
Accounts receivable | $ 2.7 | $ 2.4 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Warranty (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Product warranty | $ 9,183 | $ 10,935 |
Operations and maintenance services agreements | 7,553 | 8,301 |
Standard and Extended Product Warranty Accrual | $ 16,736 | $ 19,236 |
Balance Sheet Components - Stan
Balance Sheet Components - Standard Product Warranty Liability (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Accrued warranty balance | $ 10,935 |
Accrued warranty, net | 629 |
Warranty expenditures during period | (2,381) |
Accrued warranty balance | $ 9,183 |
Balance Sheet Components - Ac_2
Balance Sheet Components - Accrued Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Compensation and benefits | $ 18,327 | $ 16,742 | |
Current portion of derivative liabilities | 3,349 | 3,232 | |
Managed services liabilities | 4,633 | 5,091 | |
Accrued installation | 6,408 | 6,859 | |
Sales tax liabilities | 2,202 | 1,700 | |
Interest payable | 3,631 | 4,675 | |
Other | 29,416 | 31,236 | |
Accrued other current liabilities | [1] | $ 67,966 | $ 69,535 |
[1] | We have variable interest entities which represent a portion of the consolidated balances are recorded within the "Cash and cash equivalents," "Restricted cash," "Accounts receivable," "Customer financing receivable," "Prepaid expenses and other current assets," "Property and equipment, net," "Customer financing receivable, non-current," "Restricted cash, non-current," "Other long-term assets," "Accounts payable," "Accrued other current liabilities," "Deferred revenue and customer deposits," "Current portion of non-recourse debt from related parties," "Derivative liabilities, net of current portion," "Deferred revenue and customer deposits, net of current portion," "Long-term portion of non-recourse debt," and "Other long-term liabilities" financial statement line items in the Condensed Consolidated Balance Sheets (see Note 12). |
Balance Sheet Components - Ot_2
Balance Sheet Components - Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Delaware grant | $ 10,469 | $ 10,469 | |
Managed services liabilities | 29,062 | 29,741 | |
Other | 18,501 | 15,727 | |
Other long-term liabilities | [1] | $ 58,032 | $ 55,937 |
[1] | We have variable interest entities which represent a portion of the consolidated balances are recorded within the "Cash and cash equivalents," "Restricted cash," "Accounts receivable," "Customer financing receivable," "Prepaid expenses and other current assets," "Property and equipment, net," "Customer financing receivable, non-current," "Restricted cash, non-current," "Other long-term assets," "Accounts payable," "Accrued other current liabilities," "Deferred revenue and customer deposits," "Current portion of non-recourse debt from related parties," "Derivative liabilities, net of current portion," "Deferred revenue and customer deposits, net of current portion," "Long-term portion of non-recourse debt," and "Other long-term liabilities" financial statement line items in the Condensed Consolidated Balance Sheets (see Note 12). |
Balance Sheet Components - Ot_3
Balance Sheet Components - Other Long-Term Liabilities (Additional Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Managed services liabilities | $ 29,062 | $ 29,741 |
Outstanding Loans and Securit_3
Outstanding Loans and Security Agreements - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2017 |
Debt Instrument [Line Items] | |||
Unpaid principal balance | $ 780,700 | $ 786,495 | |
Current portion of debt | 37,510 | 29,848 | |
Long-term portion of debt | 703,568 | 711,433 | |
Total | 741,078 | 741,281 | |
Unused Borrowing Capacity | 1,220 | 1,220 | |
Senior secured notes | Senior Secured Notes due March 2025, Non-Recourse | |||
Debt Instrument [Line Items] | |||
Unpaid principal balance | 76,827 | 79,698 | |
Current portion of debt | 12,151 | 11,994 | |
Long-term portion of debt | 63,635 | 66,572 | |
Total | $ 75,786 | 78,566 | |
Interest rate percentage | 5.22% | ||
Term loan | Term Loan due September 2028, Non-Recourse | |||
Debt Instrument [Line Items] | |||
Unpaid principal balance | $ 39,759 | 40,538 | |
Current portion of debt | 2,341 | 2,200 | |
Long-term portion of debt | 33,417 | 34,119 | |
Total | $ 35,758 | 36,319 | |
Interest rate percentage | 7.50% | ||
Term loan | Senior Secured Notes due October 2020, Non-Recourse | |||
Debt Instrument [Line Items] | |||
Unpaid principal balance | $ 24,438 | 24,723 | |
Current portion of debt | 926 | 827 | |
Long-term portion of debt | 22,808 | 23,089 | |
Total | $ 23,734 | 23,916 | |
Interest rate percentage | 5.25% | ||
Term loan | Term Loan due December 2021, Non-Recourse | |||
Debt Instrument [Line Items] | |||
Unpaid principal balance | $ 124,593 | 125,456 | |
Current portion of debt | 3,775 | 3,672 | |
Long-term portion of debt | 118,926 | 119,712 | |
Total | $ 122,701 | 123,384 | |
Interest rate percentage | 2.50% | ||
Term loan | Term Loan due November 2020, Recourse | |||
Debt Instrument [Line Items] | |||
Unpaid principal balance | $ 2,857 | 3,286 | |
Current portion of debt | 1,683 | 1,686 | |
Long-term portion of debt | 1,112 | 1,528 | |
Total | $ 2,795 | 3,214 | |
Interest rate percentage | 4.00% | ||
Non-recourse debt | |||
Debt Instrument [Line Items] | |||
Unpaid principal balance | $ 348,506 | 353,872 | |
Current portion of debt | 21,827 | 21,162 | |
Long-term portion of debt | 317,958 | 323,360 | |
Total | 339,785 | 344,522 | |
Unused Borrowing Capacity | 1,220 | 1,220 | |
Convertible promissory notes | Convertible Promissory Notes Interest Rate 5% Due December 2020, Recourse | |||
Debt Instrument [Line Items] | |||
Unpaid principal balance | 33,104 | 33,104 | |
Current portion of debt | 0 | 0 | |
Long-term portion of debt | 35,136 | 34,706 | |
Total | $ 35,136 | 34,706 | |
Interest rate percentage | 5.00% | ||
Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | |||
Debt Instrument [Line Items] | |||
Unpaid principal balance | $ 296,233 | 290,400 | |
Current portion of debt | 0 | 0 | |
Long-term portion of debt | 267,289 | 263,284 | |
Total | $ 267,289 | 263,284 | |
Interest rate percentage | 6.00% | ||
Notes | Notes due July 2024, Recourse | |||
Debt Instrument [Line Items] | |||
Unpaid principal balance | $ 100,000 | 100,000 | |
Current portion of debt | 14,000 | 7,000 | |
Long-term portion of debt | 82,073 | 88,555 | |
Total | $ 96,073 | 95,555 | |
Interest rate percentage | 10.00% | 10.00% | |
Recourse debt | |||
Debt Instrument [Line Items] | |||
Unpaid principal balance | $ 432,194 | 432,623 | |
Current portion of debt | 15,683 | 8,686 | |
Long-term portion of debt | 385,610 | 388,073 | |
Total | 401,293 | 396,759 | |
Senior Secured Notes due March 2030, Non-Recourse | |||
Debt Instrument [Line Items] | |||
Unpaid principal balance | 82,889 | 83,457 | |
Current portion of debt | 2,634 | 2,469 | |
Long-term portion of debt | 79,172 | 79,868 | |
Total | $ 81,806 | 82,337 | |
Interest rate percentage | 6.07% | ||
Letters of Credit | Letter of Credit due December 2021, Non-Recourse | |||
Debt Instrument [Line Items] | |||
Unused Borrowing Capacity | $ 1,220 | 1,220 | |
Variable Interest Entity, Primary Beneficiary | |||
Debt Instrument [Line Items] | |||
Current portion of debt | 21,827 | 21,162 | |
Long-term portion of debt | $ 317,958 | $ 323,360 |
Outstanding Loans and Securit_4
Outstanding Loans and Security Agreements - Recourse Debt Facilities (Additional Information) (Details) | May 31, 2013USD ($) | Jul. 31, 2018USD ($)shares | Mar. 31, 2019USD ($)day$ / sharesshares | Jun. 30, 2016USD ($) | Dec. 31, 2018USD ($) | Jan. 31, 2018 | Jan. 18, 2018 | Aug. 31, 2017shares | Jun. 30, 2017USD ($)agreement | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 10, 2016USD ($) | Jan. 29, 2016USD ($) | Dec. 15, 2015USD ($)$ / shares | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt carrying value | $ 741,078,000 | $ 741,281,000 | |||||||||||||
Unpaid principal balance | 780,700,000 | 786,495,000 | |||||||||||||
Long-term portion of debt | 703,568,000 | 711,433,000 | |||||||||||||
Indebtedness in excess of | $ 300,000 | ||||||||||||||
Issuance of common stock upon exercise of warrants (in shares) | shares | 312,575 | ||||||||||||||
Credit facility | Term Loan due November 2020, Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | $ 5,000,000 | $ 5,000,000 | |||||||||||||
Term loan | Term Loan due December 2021, Non-Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt carrying value | $ 122,701,000 | 123,384,000 | |||||||||||||
Interest rate percentage | 2.50% | ||||||||||||||
Unpaid principal balance | $ 124,593,000 | 125,456,000 | |||||||||||||
Long-term portion of debt | $ 118,926,000 | $ 119,712,000 | |||||||||||||
Term loan | Term Loan due November 2020, Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | $ 12,000,000 | ||||||||||||||
Debt term | 90 months | ||||||||||||||
Weighted average interest rate (as a percentage) | 6.50% | 5.90% | |||||||||||||
Long-term debt carrying value | $ 2,795,000 | $ 3,214,000 | |||||||||||||
Interest rate percentage | 4.00% | ||||||||||||||
Unpaid principal balance | $ 2,857,000 | 3,286,000 | |||||||||||||
Long-term portion of debt | 1,112,000 | 1,528,000 | |||||||||||||
Indebtedness in excess of | $ 100,000 | ||||||||||||||
Convertible promissory notes | Convertible Promissory Notes due December 2019 and 2020, Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate percentage | 5.00% | ||||||||||||||
Unpaid principal balance | $ 221,600,000 | ||||||||||||||
Convertible promissory notes | Convertible Promissory Notes Interest Rate 5% Due December 2020, Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt carrying value | $ 35,136,000 | 34,706,000 | |||||||||||||
Interest rate percentage | 5.00% | ||||||||||||||
Unpaid principal balance | $ 33,104,000 | 33,104,000 | |||||||||||||
Long-term portion of debt | $ 35,136,000 | 34,706,000 | |||||||||||||
Convertible promissory notes | Convertible Promissory Notes Interest Rate 8% Due December 2018 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt term | 3 years | ||||||||||||||
Convertible promissory notes | Convertible Promissory Notes due December 2020, Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | $ 75,000,000 | $ 25,000,000 | $ 160,000,000 | ||||||||||||
Interest rate percentage | 6.00% | 6.00% | |||||||||||||
Convertible stock price (in dollars per share) | $ / shares | $ 20.61 | $ 11.25 | |||||||||||||
Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt carrying value | $ 267,289,000 | 263,284,000 | |||||||||||||
Interest rate percentage | 6.00% | ||||||||||||||
Convertible stock price (in dollars per share) | $ / shares | $ 11.25 | ||||||||||||||
Unpaid principal balance | $ 296,233,000 | 290,400,000 | |||||||||||||
Long-term portion of debt | 267,289,000 | 263,284,000 | |||||||||||||
Notes | Notes due July 2024, Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | $ 100,000,000 | ||||||||||||||
Long-term debt carrying value | $ 96,073,000 | 95,555,000 | |||||||||||||
Interest rate percentage | 10.00% | 10.00% | |||||||||||||
Unpaid principal balance | $ 100,000,000 | 100,000,000 | |||||||||||||
Long-term portion of debt | 82,073,000 | 88,555,000 | |||||||||||||
Number of agreements | agreement | 5 | ||||||||||||||
Affiliated entity | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt carrying value | 63,492,000 | 64,053,000 | |||||||||||||
Unpaid principal balance | 67,493,000 | 68,272,000 | |||||||||||||
Long-term portion of debt | $ 61,151,000 | 61,853,000 | |||||||||||||
Affiliated entity | Convertible promissory notes | Convertible Promissory Notes due December 2019 and 2020, Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | $ 193,200,000 | ||||||||||||||
Interest rate percentage | 8.00% | 8.00% | |||||||||||||
Convertible stock price (in dollars per share) | $ / shares | $ 38.64 | ||||||||||||||
Affiliated entity | Convertible promissory notes | Convertible Promissory Notes due December 2020, Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | $ 260,000,000 | ||||||||||||||
Interest rate percentage | 6.00% | 6.00% | 5.00% | ||||||||||||
Percentage of debt outstanding to maintain as collateral | 200.00% | ||||||||||||||
Holders of debt, percentage subject to cross-acceleration provision | 25.00% | ||||||||||||||
Indebtedness in excess of | $ 15,000,000 | ||||||||||||||
Affiliated entity | Convertible promissory notes | Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt carrying value | 27,734,000 | 27,734,000 | |||||||||||||
Unpaid principal balance | 27,734,000 | 27,734,000 | |||||||||||||
Long-term portion of debt | $ 27,734,000 | $ 27,734,000 | |||||||||||||
Affiliated entity | Convertible redeemable common stock warrants | CPPIB | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of securities called by warrants (in shares) | shares | 312,888 | ||||||||||||||
Maximum | Convertible redeemable common stock warrants | J.P. Morgan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of securities called by warrants (in shares) | shares | 146,666 | ||||||||||||||
Maximum | Convertible redeemable common stock warrants | CPPIB | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of securities called by warrants (in shares) | shares | 166,222 | ||||||||||||||
Class B common stock | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt conversion, shares issued (in shares) | shares | 5,734,440 | ||||||||||||||
On or after July 27, 2020 | Affiliated entity | Convertible promissory notes | Convertible Promissory Notes due December 2020, Recourse | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Last reported sale price of common stock (at least) (in dollars per share) | $ / shares | $ 22.50 | ||||||||||||||
Trading days (at least) | day | 20 | ||||||||||||||
Period of consecutive trading days | day | 30 | ||||||||||||||
Trading days immediately preceding redemption date | day | 3 |
Outstanding Loans and Securit_5
Outstanding Loans and Security Agreements - Non-recourse Debt Facilities (Additional Information) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2017USD ($)agreement | Feb. 28, 2017USD ($) | Jun. 30, 2015USD ($)lender | Jul. 31, 2014USD ($) | Dec. 31, 2012USD ($) | |
Debt Instrument [Line Items] | |||||||||
Unused borrowing capacity | $ 1,220,000 | $ 1,220,000 | |||||||
Notes | Notes due July 2024, Recourse | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate percentage | 10.00% | 10.00% | |||||||
Number of agreements | agreement | 5 | ||||||||
Debt face amount | $ 100,000,000 | ||||||||
Senior secured notes | Senior Secured Notes due March 2025, Non-Recourse | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate percentage | 5.22% | ||||||||
Term loan | Term Loan due September 2028, Non-Recourse | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate percentage | 7.50% | ||||||||
Term loan | Term Loan due October 2020, Non-Recourse | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate percentage | 5.25% | ||||||||
Term loan | Term Loan due December 2021, Non-Recourse | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate percentage | 2.50% | ||||||||
PPA Company II | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | $ 67,985,000 | 65,114,000 | |||||||
PPA Company II | Senior secured notes | Senior Secured Notes due March 2025, Non-Recourse | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate percentage | 5.22% | ||||||||
Total amount of loan proceeds | $ 144,800,000 | ||||||||
Repayments of debt | 28,800,000 | ||||||||
Debt proceeds used for debt service reserves and issuance costs | 21,700,000 | ||||||||
Debt used to fund remaining system purchases | $ 94,300,000 | ||||||||
Debt minimum debt service reserves required | 11,200,000 | 11,200,000 | |||||||
PPA Company IIIa | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | 5,209,000 | 4,431,000 | |||||||
PPA Company IIIa | Term loan | Term Loan due September 2028, Non-Recourse | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate percentage | 7.50% | ||||||||
Debt minimum debt service reserves required | 3,700,000 | 3,700,000 | |||||||
Debt face amount | $ 46,800,000 | ||||||||
PPA Company IIIb | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | 4,238,000 | 3,953,000 | |||||||
PPA Company IIIb | Term loan | Term Loan due October 2020, Non-Recourse | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt minimum debt service reserves required | 1,700,000 | 1,700,000 | |||||||
Debt face amount | $ 32,500,000 | ||||||||
PPA Company IIIb | Term loan | Term Loan due October 2020, Non-Recourse | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
LIBOR margin (as a percentage) | 5.20% | ||||||||
PPA Company IV | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | 16,111,000 | 15,543,000 | |||||||
PPA Company IV | Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate percentage | 6.07% | ||||||||
Debt minimum debt service reserves required | 7,600,000 | 7,500,000 | |||||||
Debt face amount | $ 99,000,000 | ||||||||
PPA Company V | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | $ 6,644,000 | 5,780,000 | |||||||
PPA Company V | Term loan | Term Loan due December 2021, Non-Recourse | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 131,200,000 | ||||||||
Number of lenders | lender | 5 | ||||||||
Commitment fee percentage | 0.50% | ||||||||
PPA Company V | Term loan | Term Loan due December 2021, Years One Through Three, Non-Recourse | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
LIBOR margin (as a percentage) | 2.25% | ||||||||
PPA Company V | Term loan | Term Loan due December 2021, After Year Three, Non-Recourse | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
LIBOR margin (as a percentage) | 2.50% | ||||||||
Letters of Credit | PPA Company V | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 6,200,000 | $ 6,400,000 | |||||||
Amount outstanding | $ 5,000,000 | 5,000,000 | |||||||
Unused borrowing capacity | $ 1,200,000 | $ 1,200,000 |
Outstanding Loans and Securit_6
Outstanding Loans and Security Agreements - Schedule of Repayments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Remainder of 2019 | $ 24,082 | ||
2020 | 391,442 | ||
2021 | 153,639 | ||
2022 | 40,059 | ||
2023 | 44,209 | ||
Thereafter | 127,269 | ||
Total | 780,700 | $ 786,495 | |
Interest expense | $ (17,600) | $ (24,000) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Value Derivatives (Details) - Derivatives designated as hedging instruments - Interest rate swap agreements - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Interest rate swap agreements | $ 27 | $ 82 |
Derivative liability | 5,719 | 3,630 |
Prepaid expenses and other current assets | ||
Derivative [Line Items] | ||
Interest rate swap agreements | 0 | 42 |
Other long-term assets | ||
Derivative [Line Items] | ||
Interest rate swap agreements | 27 | 40 |
Accrued other current liabilities | ||
Derivative [Line Items] | ||
Derivative liability | 108 | 4 |
Derivative liabilities | ||
Derivative [Line Items] | ||
Derivative liability | $ 5,611 | $ 3,626 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Interest Rate Swaps (Additional Information) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jul. 31, 2015agreement | |
Interest rate swap | |||
Credit Derivatives [Line Items] | |||
Gain (loss) on derivative | $ 47 | $ 92 | |
Cash flow hedging | Interest rate swap | PPA Company IIIb | |||
Credit Derivatives [Line Items] | |||
Notional amount | 24,400 | 25,400 | |
Gain (loss) on derivative | (12) | (37) | |
Cash flow hedging | Interest rate swap | PPA Company V | |||
Credit Derivatives [Line Items] | |||
Notional amount | 186,100 | 188,100 | |
Number of swap agreements entered into | agreement | 9 | ||
Gain (loss) on derivative | $ 24 | $ 54 | |
Cash flow hedging | Interest rate swap maturing In 2016 | PPA Company V | |||
Credit Derivatives [Line Items] | |||
Number of swap agreements entered into | agreement | 3 | ||
Cash flow hedging | Interest rate swap maturing September 30, 2031 | PPA Company V | |||
Credit Derivatives [Line Items] | |||
Number of swap agreements entered into | agreement | 3 | ||
Cash flow hedging | Interest rate swap maturing December 21, 2021 | PPA Company V | |||
Credit Derivatives [Line Items] | |||
Number of swap agreements entered into | agreement | 3 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Changes in Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Net loss (gain) recognized in other comprehensive income (loss) | $ (2,174) | $ 2,858 |
Interest rate swap agreements | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Gain recognized in earnings | (47) | (92) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 3,548 | 5,853 |
Loss (gain) recognized in other comprehensive income (loss) | 2,130 | (2,640) |
Amounts reclassified from other comprehensive income (loss) to earnings | 61 | (212) |
Net loss (gain) recognized in other comprehensive income (loss) | 2,191 | (2,852) |
Ending balance | $ 5,692 | $ 2,909 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Natural Gas Derivatives (Additional Information) (Details) - Not designated as hedging instrument - Natural gas forward contract - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative | $ 0.4 | $ (0.9) |
Gain on the settlement of contracts | $ 0.5 | $ 1.1 |
Derivative Financial Instrume_7
Derivative Financial Instruments - 6% Convertible Promissory Notes (Additional Information) (Details) - 6% Convertible Promissory Notes - Convertible promissory notes - USD ($) | 3 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 31, 2018 | Sep. 10, 2016 | Jan. 29, 2016 | Dec. 15, 2015 | |
Debt Instrument [Line Items] | ||||||
Interest rate percentage | 6.00% | 6.00% | ||||
Debt face amount | $ 75,000,000 | $ 25,000,000 | $ 160,000,000 | |||
Convertible stock price (in dollars per share) | $ 20.61 | $ 11.25 | ||||
Convertible debt, stock price trigger | 75.00% | |||||
Gain (loss) on embedded derivative | $ 0 | $ (7,500,000) | ||||
Embedded derivative liability | $ 177,200,000 |
Common Stock Warrants (Details)
Common Stock Warrants (Details) - Class B common stock - Preferred stock warrants - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Class of Warrant or Right [Line Items] | ||
Warrants outstanding (in shares) | 481,182 | 312,939 |
Warrant exercise price (in dollars per share) | $ 27.78 | $ 38.64 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 208 | $ 333 |
Net loss before income taxes | $ 88,065 | $ 22,015 |
Net Loss per Share Attributab_3
Net Loss per Share Attributable to Common Stockholders - (Additional Information) (Details) | 1 Months Ended |
Jul. 31, 2018shares | |
IPO | |
Subsidiary, Sale of Stock [Line Items] | |
Shares sold in offering (in shares) | 20,700,000 |
Stock-Based Compensation and _3
Stock-Based Compensation and Employee Benefit Plan - Stock Plan (Additional Information) (Details) - $ / shares shares in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average exercise price, outstanding options (in dollars per share) | $ 25.41 | $ 25.93 |
2002 Stock Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average exercise price, outstanding options (in dollars per share) | $ 21.16 | |
2002 Stock Plan | Class B common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of outstanding options (in shares) | 2.2 |
Net Loss per Share Attributab_4
Net Loss per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net loss attributable to Class A and Class B common stockholders | $ (84,441) | $ (17,716) |
Denominator: | ||
Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in shares) | 111,842 | 10,403 |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.76) | $ (1.70) |
Stock-Based Compensation and _4
Stock-Based Compensation and Employee Benefit Plan - Equity Incentive Plan (Additional Information) (Details) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average exercise price, outstanding options (in dollars per share) | $ 25.41 | $ 25.93 |
2012 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average exercise price, outstanding options (in dollars per share) | $ 27.12 | |
2012 Equity Incentive Plan | Class B common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of outstanding options (in shares) | 10,873,302 | |
2018 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average exercise price, outstanding options (in dollars per share) | $ 20.74 | |
2018 Equity Incentive Plan | Class A common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of outstanding options (in shares) | 1,947,883 | |
Stock option | 2018 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for grant (in shares) | 20,063,687 | |
RSUs | 2012 Equity Incentive Plan | Class B common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 12,267,679 | |
RSUs | 2018 Equity Incentive Plan | Class A common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of outstanding options (in shares) | 3,980,837 |
Net Loss per Share Attributab_5
Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 32,431 | 89,257 |
Convertible and non-convertible redeemable preferred stock and convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 27,241 | 85,708 |
Stock options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 5,190 | 3,177 |
Convertible redeemable preferred stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 60 |
Convertible redeemable common stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 312 |
Stock-Based Compensation and _5
Stock-Based Compensation and Employee Benefit Plan - Employee Stock Purchase Plan (Details) | Mar. 31, 2019shares |
2018 ESPP | Employee Stock | Class A common stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares reserved for future issuance (in shares) | 4,052,804 |
Stock-Based Compensation and _6
Stock-Based Compensation and Employee Benefit Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Outstanding Options/RSUs, Number of Shares | ||
Outstanding (in shares) | 14,558,420 | |
Granted (in shares) | 743,705 | |
Exercised (in shares) | (136,382) | |
Cancelled (in shares) | (111,693) | |
Outstanding (in shares) | 15,054,050 | 14,558,420 |
Outstanding Options Weighted Average Exercise Price | ||
Outstanding (in dollars per share) | $ 25.93 | |
Granted (in dollars per share) | 11.38 | |
Exercised (in dollars per share) | 4.23 | |
Cancelled (in dollars per share) | 25.44 | |
Outstanding (in dollars per share) | $ 25.41 | $ 25.93 |
Outstanding, remaining contractual life | 6 years 7 months 13 days | 6 years 9 months 11 days |
Outstanding, aggregate intrinsic value | $ 4,686 | $ 3,084 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Vested and expected to vest (in shares) | 14,690,193 | |
Exercisable (in shares) | 8,555,962 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 25.56 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 28.18 | |
Vested and expected to vest, remaining contractual life | 6 years 6 months 22 days | |
Exercisable, remaining contractual life | 4 years 11 months 19 days | |
Vested and expected to vest, aggregate intrinsic value | $ 4,645 | |
Exercisable, aggregate intrinsic value | $ 3,586 |
Stock-Based Compensation and _7
Stock-Based Compensation and Employee Benefit Plan - Unvested Restricted Stock Unit Activity (Details) - Restricted Stock | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Unvested Restricted Stock Unit Activity | |
Unvested balance (in shares) | shares | 16,784,800 |
Granted (in shares) | shares | 2,525,755 |
Vested (in shares) | shares | (2,960,462) |
Forfeited (in shares) | shares | (101,577) |
Unvested balance (in shares) | shares | 16,248,516 |
Weighted Average Grant Date Fair Value | |
Unvested balance (in dollars per share) | $ / shares | $ 18.74 |
Granted (in dollars per share) | $ / shares | 12.43 |
Vested (in dollars per share) | $ / shares | 20.17 |
Forfeited (in dollars per share) | $ / shares | 16.44 |
Unvested balance (in dollars per share) | $ / shares | $ 17.52 |
Stock-Based Compensation and _8
Stock-Based Compensation and Employee Benefit Plan - Weighted-Average Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.49% | |
Risk-free interest rate (minimum) | 2.60% | |
Risk-free interest rate (maximum) | 2.60% | |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 50.20% | 55.10% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 6 years 4 months 6 days | 6 years 2 months 5 days |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 6 years 7 months 13 days | 6 years 5 months 23 days |
Stock-Based Compensation and _9
Stock-Based Compensation and Employee Benefit Plan - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 63,882 | $ 7,956 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 14,372 | 1,898 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 14,230 | 1,638 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 11,512 | 952 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 23,768 | $ 3,468 |
Stock-Based Compensation and_10
Stock-Based Compensation and Employee Benefit Plan - Stock-bases Compensation (Additional Information) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | ||
Capitalized stock-based compensation costs | $ 0 | $ 0 |
Share-based compensation expense | 63,882,000 | 7,956,000 |
Unrecognized compensation cost related to unvested stock options | $ 65,800,000 | |
Expense expected to be recognized over a weighted-average period | 2 years 8 months 27 days | |
Excess tax benefits | $ 0 | $ 0 |
Restricted Stock | ||
Share-based Arrangements with Employees and Nonemployees [Abstract] | ||
Unrecognized stock-based compensation cost | $ 145,500,000 | |
Expense expected to be recognized over remaining weighted-average period | 1 year 3 months 7 days | |
Employee Stock Option | ||
Share-based Arrangements with Employees and Nonemployees [Abstract] | ||
Unrecognized stock-based compensation cost | $ 8,800,000 | |
Expense expected to be recognized over remaining weighted-average period | 1 year 1 month 28 days |
Power Purchase Agreement Prog_3
Power Purchase Agreement Programs - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)variable_interest_entity | Dec. 31, 2018USD ($) | |
Variable Interest Entity [Line Items] | ||
Redeemable noncontrolling interest | $ | $ 58,802 | $ 57,261 |
Standard warranty period | 1 year | |
Number of variable interest entities | variable_interest_entity | 6 | |
Minimum | ||
Variable Interest Entity [Line Items] | ||
Term of power purchase agreements (years) | 10 years | |
Maximum | ||
Variable Interest Entity [Line Items] | ||
Term of power purchase agreements (years) | 21 years |
Power Purchase Agreement Prog_4
Power Purchase Agreement Programs - Schedule of VIEs (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($)MWh | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Variable Interest Entity [Line Items] | |||
Distributions to Equity Investor | $ 282 | $ 282 | |
PPA Company II | |||
Variable Interest Entity [Line Items] | |||
Maximum size of installation (in megawatts) | MWh | 30 | ||
Installed size (in megawatts) | MWh | 30 | ||
Term of power purchase agreements (years) | 21 years | ||
Income (loss) and tax benefits allocation to Equity Investor | 99.00% | ||
Cash allocation to Equity Investor | 99.00% | ||
Income (loss), tax and cash allocations to Equity Investor after the flip date | 5.00% | ||
Company cash contributions | $ 22,442 | ||
Company non-cash contributions | 0 | ||
Equity Investor cash contributions | 139,993 | ||
Debt financing | 144,813 | ||
Distributions to Equity Investor | 116,942 | $ 116,942 | |
Debt repayment—principal | $ 67,985 | 65,114 | |
PPA Company IIIa | |||
Variable Interest Entity [Line Items] | |||
Maximum size of installation (in megawatts) | MWh | 10 | ||
Installed size (in megawatts) | MWh | 10 | ||
Term of power purchase agreements (years) | 15 years | ||
Income (loss) and tax benefits allocation to Equity Investor | 99.00% | ||
Cash allocation to Equity Investor | 99.00% | ||
Income (loss), tax and cash allocations to Equity Investor after the flip date | 5.00% | ||
Company cash contributions | $ 32,223 | ||
Company non-cash contributions | 8,655 | ||
Equity Investor cash contributions | 36,967 | ||
Debt financing | 44,968 | ||
Distributions to Equity Investor | 4,246 | 4,063 | |
Debt repayment—principal | $ 5,209 | 4,431 | |
PPA Company IIIb | |||
Variable Interest Entity [Line Items] | |||
Maximum size of installation (in megawatts) | MWh | 6 | ||
Installed size (in megawatts) | MWh | 5 | ||
Term of power purchase agreements (years) | 15 years | ||
Income (loss) and tax benefits allocation to Equity Investor | 99.00% | ||
Cash allocation to Equity Investor | 99.00% | ||
Income (loss), tax and cash allocations to Equity Investor after the flip date | 5.00% | ||
Company cash contributions | $ 22,658 | ||
Company non-cash contributions | 2,082 | ||
Equity Investor cash contributions | 20,152 | ||
Debt financing | 28,676 | ||
Distributions to Equity Investor | 1,907 | 1,807 | |
Debt repayment—principal | $ 4,238 | 3,953 | |
PPA Company IV | |||
Variable Interest Entity [Line Items] | |||
Maximum size of installation (in megawatts) | MWh | 21 | ||
Installed size (in megawatts) | MWh | 19 | ||
Term of power purchase agreements (years) | 15 years | ||
Income (loss) and tax benefits allocation to Equity Investor | 90.00% | ||
Cash allocation to Equity Investor | 90.00% | ||
Company cash contributions | $ 11,669 | ||
Company non-cash contributions | 0 | ||
Equity Investor cash contributions | 84,782 | ||
Debt financing | 99,000 | ||
Distributions to Equity Investor | 4,982 | 4,568 | |
Debt repayment—principal | $ 16,111 | 15,543 | |
PPA Company V | |||
Variable Interest Entity [Line Items] | |||
Maximum size of installation (in megawatts) | MWh | 40 | ||
Installed size (in megawatts) | MWh | 37 | ||
Term of power purchase agreements (years) | 15 years | ||
Income (loss) and tax benefits allocation to Equity Investor | 99.00% | ||
Cash allocation to Equity Investor | 90.00% | ||
Company cash contributions | $ 27,932 | ||
Company non-cash contributions | 0 | ||
Equity Investor cash contributions | 227,344 | ||
Debt financing | 131,237 | ||
Distributions to Equity Investor | 68,944 | 66,745 | |
Debt repayment—principal | $ 6,644 | $ 5,780 |
Power Purchase Agreement Prog_5
Power Purchase Agreement Programs - Schedule of PPA Entities' Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Current assets: | |||
Cash and cash equivalents | [1] | $ 320,414 | $ 220,728 |
Restricted cash, current | [1] | 18,419 | 28,657 |
Accounts receivable | [1] | 84,070 | 84,887 |
Customer financing receivable | [1] | 5,717 | 5,594 |
Total current assets | 639,842 | 672,581 | |
Property, plant and equipment, net | [1] | 475,385 | 481,414 |
Non-current portion of investment in sales-type financing leases | [1] | 65,620 | 67,082 |
Restricted cash, non-current | [1] | 31,101 | 31,100 |
Other long-term assets | [1] | 34,386 | 34,792 |
Total assets | 1,318,850 | 1,389,668 | |
Current liabilities: | |||
Accounts payable | [1] | 64,425 | 66,889 |
Accrued other current liabilities | [1] | 67,966 | 69,535 |
Deferred Revenue And Customer Deposits, Current | [1] | 89,557 | 94,158 |
Current portion of debt | 37,510 | 29,848 | |
Total current liabilities | 276,194 | 279,666 | |
Derivative liabilities | [1] | 11,166 | 10,128 |
Deferred revenue and customer deposits | [1] | 201,863 | 241,794 |
Long-term portion of debt | 703,568 | 711,433 | |
Other long-term liabilities | [1] | 58,032 | 55,937 |
Total liabilities | 1,250,823 | 1,298,958 | |
Variable Interest Entity, Primary Beneficiary | |||
Current assets: | |||
Cash and cash equivalents | 9,071 | 5,295 | |
Restricted cash, current | 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, plant and equipment, net | 391,121 | 399,060 | |
Non-current portion of investment in sales-type financing leases | 65,620 | 67,082 | |
Restricted cash, non-current | 27,851 | 27,854 | |
Other long-term assets | 2,614 | 2,692 | |
Total assets | 517,637 | 522,919 | |
Current liabilities: | |||
Accounts payable | 426 | 724 | |
Accrued other current liabilities | 1,100 | 1,442 | |
Deferred Revenue And Customer Deposits, Current | 786 | 786 | |
Current portion of debt | 21,827 | 21,162 | |
Total current liabilities | 24,139 | 24,114 | |
Derivative liabilities | 5,611 | 3,626 | |
Deferred revenue and customer deposits | 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 | |
[1] | We have variable interest entities which represent a portion of the consolidated balances are recorded within the "Cash and cash equivalents," "Restricted cash," "Accounts receivable," "Customer financing receivable," "Prepaid expenses and other current assets," "Property and equipment, net," "Customer financing receivable, non-current," "Restricted cash, non-current," "Other long-term assets," "Accounts payable," "Accrued other current liabilities," "Deferred revenue and customer deposits," "Current portion of non-recourse debt from related parties," "Derivative liabilities, net of current portion," "Deferred revenue and customer deposits, net of current portion," "Long-term portion of non-recourse debt," and "Other long-term liabilities" financial statement line items in the Condensed Consolidated Balance Sheets (see Note 12). |
Power Purchase Agreement Prog_6
Power Purchase Agreement Programs - Schedule of Consolidated Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Current assets | $ 639,842 | $ 672,581 |
Long-term assets | 679,008 | 717,087 |
Total assets | 1,318,850 | 1,389,668 |
Current liabilities | 238,684 | 249,818 |
Current portion of debt | 37,510 | 29,848 |
Long-term liabilities | 271,061 | 307,859 |
Long-term portion of debt | 703,568 | 711,433 |
Total liabilities | 1,250,823 | 1,298,958 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Current assets | 30,431 | 26,231 |
Long-term assets | 487,206 | 496,688 |
Total assets | 517,637 | 522,919 |
Current liabilities | 2,312 | 2,952 |
Current portion of debt | 21,827 | 21,162 |
Long-term liabilities | 16,051 | 14,120 |
Long-term portion of debt | 317,958 | 323,360 |
Total liabilities | 358,148 | 361,594 |
Bloom | ||
Variable Interest Entity [Line Items] | ||
Current assets | 609,411 | 646,350 |
Long-term assets | 191,802 | 220,399 |
Total assets | 801,213 | 866,749 |
Current liabilities | 236,372 | 246,866 |
Current portion of debt | 15,683 | 8,686 |
Long-term liabilities | 255,010 | 293,739 |
Long-term portion of debt | 385,610 | 388,073 |
Total liabilities | $ 892,675 | $ 937,364 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019USD ($)employee | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)employee | Feb. 28, 2017USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2012USD ($)employee | |
Operating Leased Assets [Line Items] | ||||||
Operating leases, rent expense | $ 2,000,000 | $ 1,400,000 | ||||
Sale leaseback rent expense | 0 | $ 0 | ||||
Grants receivable | $ 16,500,000 | |||||
Number of employees to be hired per incentive grant agreement | employee | 900 | |||||
Minimum cumulative employee compensation, recapture period one | $ 108,000,000 | |||||
Minimum cumulative employee compensation, recapture period three | 324,000,000 | |||||
Cumulative compensation expense incurred | 99,300,000 | 92,000,000 | ||||
Proceeds from government grants | 12,000,000 | |||||
Grant agreement, maximum possible repayment amount, recapture period two | 5,000,000 | |||||
Grant agreement, maximum possible repayment amount, recapture period three | $ 2,500,000 | |||||
Grant agreement, recapture provision repayments | 1,500,000 | |||||
Delaware grant obligation | $ 10,469,000 | $ 10,469,000 | ||||
Self-Generation Incentive Program, percentage of incentive issued in the first year | 50.00% | |||||
Self-Generation Incentive Program, subsequent payment period | 5 years | |||||
Delaware | ||||||
Operating Leased Assets [Line Items] | ||||||
Number of full time employees | employee | 334 | 338 | ||||
PPA Company V | ||||||
Operating Leased Assets [Line Items] | ||||||
PPA expenses | $ 3,500,000 | $ 900,000 | ||||
Term loan | PPA Company V | Term Loan due December 2021, Non-Recourse | ||||||
Operating Leased Assets [Line Items] | ||||||
Debt face amount | $ 131,200,000 | |||||
Letters of Credit | PPA Company V | ||||||
Operating Leased Assets [Line Items] | ||||||
Maximum borrowing capacity | $ 6,200,000 | $ 6,400,000 | ||||
Amount outstanding | $ 5,000,000 | $ 5,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Future Minimum Lease Payments Under Operating Leases | |
Remainder of 2019 | $ 13,491 |
2020 | 18,785 |
2021 | 16,169 |
2022 | 15,673 |
2023 | 15,335 |
Thereafter | 57,310 |
Total operating leases, future minimum payments due | $ 136,763 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Total revenue from related parties | $ 813 | $ 29,269 |
Consulting expenses paid to related parties (included in general and administrative expense) | 50 | 51 |
Interest expense on debt to related parties | $ 1,612 | $ 2,627 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Interest paid | $ 14,545,000 | $ 11,216,000 | |
Interest expense on debt to related parties | 1,612,000 | $ 2,627,000 | |
Softbank Corp. | |||
Related Party Transaction [Line Items] | |||
Accounts receivable | 2,700,000 | $ 2,400,000 | |
Consulting Agreement | General Colin L. Powell | Director | |||
Related Party Transaction [Line Items] | |||
Related party amount of transaction | 125,000 | ||
PPA Company IIIa | |||
Related Party Transaction [Line Items] | |||
Repayments of debt | 5,209,000 | $ 4,431,000 | |
PPA Company IIIa | Term loan | Term Loan due September 2028, Non-Recourse | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Repayments of debt | 800,000 | ||
Interest paid | $ 800,000 |
Related Party Transactions - De
Related Party Transactions - Debt to Related Parties (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Unpaid principal balance | $ 780,700 | $ 786,495 |
Current portion of debt | 37,510 | 29,848 |
Long-term portion of debt | 703,568 | 711,433 |
Total | 741,078 | 741,281 |
Affiliated entity | ||
Related Party Transaction [Line Items] | ||
Unpaid principal balance | 67,493 | 68,272 |
Current portion of debt | 2,341 | 2,200 |
Long-term portion of debt | 61,151 | 61,853 |
Total | $ 63,492 | 64,053 |
Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | Convertible promissory notes | ||
Related Party Transaction [Line Items] | ||
Interest rate percentage | 6.00% | |
Unpaid principal balance | $ 296,233 | 290,400 |
Current portion of debt | 0 | 0 |
Long-term portion of debt | 267,289 | 263,284 |
Total | 267,289 | 263,284 |
Convertible Promissory Notes Interest Rate 6% Due December 2020, Recourse | Convertible promissory notes | Affiliated entity | ||
Related Party Transaction [Line Items] | ||
Unpaid principal balance | 27,734 | 27,734 |
Current portion of debt | 0 | 0 |
Long-term portion of debt | 27,734 | 27,734 |
Total | $ 27,734 | 27,734 |
Term Loan due September 2028, Non-Recourse | Term loan | ||
Related Party Transaction [Line Items] | ||
Interest rate percentage | 7.50% | |
Unpaid principal balance | $ 39,759 | 40,538 |
Current portion of debt | 2,341 | 2,200 |
Long-term portion of debt | 33,417 | 34,119 |
Total | 35,758 | 36,319 |
Term Loan due September 2028, Non-Recourse | Term loan | Affiliated entity | ||
Related Party Transaction [Line Items] | ||
Unpaid principal balance | 39,759 | 40,538 |
Current portion of debt | 2,341 | 2,200 |
Long-term portion of debt | 33,417 | 34,119 |
Total | $ 35,758 | $ 36,319 |
Uncategorized Items - be-201903
Label | Element | Value |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 130,000 |
Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (130,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 130,000 |