Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38598 | |
Entity Registrant Name | BLOOM ENERGY CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0565408 | |
Entity Address, Address Line One | 4353 North First Street | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95134 | |
City Area Code | 408 | |
Local Phone Number | 543-1500 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value | |
Trading Symbol | BE | |
Security Exchange Name | NYSE | |
Entity Central Index Key | 0001664703 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 144,617,101 | |
Class B common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 27,772,758 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | [1] | $ 180,719 | $ 246,947 |
Restricted cash | [1] | 54,865 | 52,470 |
Accounts receivable | [1] | 108,328 | 99,513 |
Inventories | 153,172 | 142,059 | |
Deferred cost of revenue | 55,064 | 41,469 | |
Customer financing receivable | [1] | 5,515 | 5,428 |
Prepaid expense and other current assets | [1] | 26,809 | 30,718 |
Total current assets | 584,472 | 618,604 | |
Property and equipment, net | [1] | 599,437 | 600,628 |
Operating lease right-of-use assets | 55,165 | 35,621 | |
Customer financing receivable, non-current | [1] | 43,880 | 45,268 |
Restricted cash, noncurrent | [1] | 130,080 | 117,293 |
Deferred cost of revenue, non-current | 3,029 | 2,462 | |
Other long-term assets | [1] | 35,199 | 34,511 |
Total assets | 1,451,262 | 1,454,387 | |
Current liabilities: | |||
Accounts payable | [1] | 72,960 | 58,334 |
Accrued warranty | 5,958 | 10,263 | |
Accrued expenses and other current liabilities | [1] | 82,133 | 112,004 |
Deferred revenue and customer deposits | [1] | 69,240 | 114,286 |
Operating lease liabilities | 7,219 | 7,899 | |
Financing obligations | 13,330 | 12,745 | |
Non-recourse debt | [1] | 118,468 | 120,846 |
Total current liabilities | 369,308 | 436,377 | |
Deferred revenue and customer deposits, non-current | [1] | 84,472 | 87,463 |
Operating lease liabilities, non-current | 61,714 | 41,849 | |
Financing obligations, non-current | 461,468 | 459,981 | |
Recourse debt, non-current | 290,090 | 168,008 | |
Non-recourse debt, non-current | [1] | 99,941 | 102,045 |
Other long-term liabilities | [1] | 19,867 | 17,268 |
Total liabilities | 1,386,860 | 1,312,991 | |
Commitments and contingencies (Note 13) | |||
Redeemable noncontrolling interest | 356 | 377 | |
Stockholders’ equity: | |||
Common stock: $0.0001 par value; Class A shares - 600,000,000 shares authorized and 144,325,637 shares and 140,094,633 shares issued and outstanding and Class B shares - 600,000,000 shares authorized and 27,773,816 shares and 27,908,093 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively. | 17 | 17 | |
Additional paid-in capital | 3,129,687 | 3,182,753 | |
Accumulated other comprehensive loss | (126) | (9) | |
Accumulated deficit | (3,123,518) | (3,103,937) | |
Total stockholders’ equity | 6,060 | 78,824 | |
Noncontrolling interest | 57,986 | 62,195 | |
Total liabilities, redeemable noncontrolling interest, stockholders' equity and noncontrolling interest | $ 1,451,262 | $ 1,454,387 | |
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Class A common stock | ||
Common stock, authorized (in shares) | 600,000,000 | |
Common stock, issued (in shares) | 144,325,637 | 140,094,633 |
Class B common stock | ||
Common stock, authorized (in shares) | 600,000,000 | |
Common stock, issued (in shares) | 27,773,816 | 27,908,093 |
Common Class A and B | ||
Common stock, par value (in dollars per share) | $ 0.0001 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 194,007 | $ 156,699 |
Cost of revenue | 139,356 | 136,768 |
Gross profit | 54,651 | 19,931 |
Operating expenses: | ||
Research and development | 23,295 | 23,279 |
Sales and marketing | 19,952 | 13,949 |
General and administrative | 25,801 | 29,098 |
Total operating expenses | 69,048 | 66,326 |
Loss from operations | (14,397) | (46,395) |
Interest income | 74 | 819 |
Interest expense | (14,731) | (20,754) |
Interest expense - related parties | 0 | (1,366) |
Other expense, net | (85) | (8) |
Loss on extinguishment of debt | 0 | (14,098) |
(Loss) gain on revaluation of embedded derivatives | (518) | 284 |
Loss before income taxes | (29,657) | (81,518) |
Income tax provision | 124 | 124 |
Net loss | (29,781) | (81,642) |
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (4,892) | (5,693) |
Net loss attributable to Class A and Class B common stockholders | $ (24,889) | $ (75,949) |
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share) | $ (0.15) | $ (0.61) |
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted (in shares) | 170,745 | 123,763 |
Product | ||
Revenues | $ 137,930 | $ 99,559 |
Cost of revenue | 87,294 | 72,489 |
Installation | ||
Revenues | 2,659 | 16,618 |
Cost of revenue | 4,625 | 20,779 |
Service | ||
Revenues | 36,417 | 25,147 |
Cost of revenue | 36,118 | 30,970 |
Electricity | ||
Revenues | 17,001 | 15,375 |
Cost of revenue | $ 11,319 | $ 12,530 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (29,781) | $ (81,642) |
Other comprehensive loss, net of taxes: | ||
Change in derivative instruments designated and qualifying as cash flow hedges | (4,653) | (8,214) |
Foreign currency translation adjustment | (228) | 0 |
Other comprehensive loss, net of taxes | (4,881) | (8,214) |
Comprehensive loss | (34,662) | (89,856) |
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | (350) | (13,902) |
Comprehensive loss attributable to Class A and Class B stockholders | $ (34,312) | $ (75,954) |
Consolidated Statements of Conv
Consolidated Statements of Convertible Redeemable Preferred Stock, Redeemable Noncontrolling Interest, Stockholders' Equity and Noncontrolling Interest - USD ($) $ in Thousands | Total | Total Stockholders' Equity (Deficit) | Total Stockholders' Equity (Deficit)Cumulative effect upon adoption of new accounting standard | Redeemable Noncontrolling Interest | Common Stock | Additional Paid-In Capital | Additional Paid-In CapitalCumulative effect upon adoption of new accounting standard | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated DeficitCumulative effect upon adoption of new accounting standard | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2019 | 121,036,289 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ (259,594) | $ 443 | $ 12 | $ 2,686,759 | $ 19 | $ (2,946,384) | $ 91,291 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Adjustment of embedded derivative for debt modification | (24,071) | (24,071) | |||||||||
Issuance of restricted stock awards (in shares) | 3,010,606 | ||||||||||
ESPP purchase (in shares) | 992,846 | ||||||||||
ESPP purchase | 4,177 | 4,177 | |||||||||
Exercise of stock options (in shares) | 110,949 | ||||||||||
Exercise of stock options | 667 | 667 | |||||||||
Stock-based compensation | 21,676 | 21,676 | |||||||||
Change in effective portion of interest rate swap agreement | $ (8,214) | (5) | (5) | (8,209) | |||||||
Distributions to noncontrolling interests | (1) | (3,897) | |||||||||
Foreign currency translation adjustment | 0 | ||||||||||
Net loss | (81,642) | (75,949) | (375) | (75,949) | (5,318) | ||||||
Ending balance (in shares) at Mar. 31, 2020 | 125,150,690 | ||||||||||
Ending balance at Mar. 31, 2020 | (333,099) | 67 | $ 12 | 2,689,208 | 14 | (3,022,333) | 73,867 | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 168,002,726 | ||||||||||
Beginning balance at Dec. 31, 2020 | 78,824 | $ (121,491) | 377 | $ 17 | 3,182,753 | $ (126,799) | (9) | (3,103,937) | $ 5,308 | 62,195 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of restricted stock awards (in shares) | 1,140,502 | ||||||||||
ESPP purchase (in shares) | 977,508 | ||||||||||
ESPP purchase | 4,726 | 4,726 | |||||||||
Exercise of stock options (in shares) | 1,978,717 | ||||||||||
Exercise of stock options | 53,227 | 53,227 | |||||||||
Stock-based compensation | 15,780 | 15,780 | |||||||||
Change in effective portion of interest rate swap agreement | (4,653) | 4,653 | |||||||||
Distributions to noncontrolling interests | (17) | (3,863) | |||||||||
Foreign currency translation adjustment | (228) | (117) | (117) | (111) | |||||||
Net loss | $ (29,781) | (24,889) | (4) | (24,889) | (4,888) | ||||||
Ending balance (in shares) at Mar. 31, 2021 | 172,099,453 | ||||||||||
Ending balance at Mar. 31, 2021 | $ 6,060 | $ 356 | $ 17 | $ 3,129,687 | $ (126) | $ (3,123,518) | $ 57,986 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net loss | $ (29,781) | $ (81,642) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 13,442 | 13,035 | |
Non-cash lease expense | 2,115 | 1,549 | |
Revaluation of derivative contracts | 290 | 241 | |
Stock-based compensation | 17,210 | 23,019 | |
Gain on long-term REC purchase contract | 0 | (4) | |
Loss on extinguishment of debt | 0 | 14,098 | |
Amortization of debt issuance costs and premium, net | 971 | 4,755 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (8,815) | 2,136 | |
Inventories | (10,820) | 2,083 | |
Deferred cost of revenue | (13,952) | (19,494) | |
Customer financing receivable | 1,302 | 1,240 | |
Prepaid expenses and other current assets | 3,908 | 3,060 | |
Other long-term assets | (687) | (2,924) | |
Accounts payable | 14,145 | 4,822 | |
Accrued warranty | (4,305) | 681 | |
Accrued expenses and other current liabilities | (24,941) | 489 | |
Operating lease liabilities | 2,474 | 1,717 | |
Deferred revenue and customer deposits | (48,036) | 5,253 | |
Other long-term liabilities | 1,393 | 1,372 | |
Net cash used in operating activities | (89,035) | (27,948) | |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (12,932) | (12,360) | |
Net cash used in investing activities | (12,932) | (12,360) | |
Cash flows from financing activities: | |||
Proceeds from issuance of debt to related parties | 0 | 30,000 | |
Repayment of debt | (4,862) | (9,128) | |
Repayment of debt - related parties | 0 | (2,105) | |
Proceeds from financing obligations | 5,016 | 0 | |
Repayment of financing obligations | (3,077) | (2,503) | |
Distributions to noncontrolling interests and redeemable noncontrolling interests | (3,880) | (4,270) | |
Proceeds from issuance of common stock | 57,953 | 4,845 | |
Net cash provided by financing activities | 51,150 | 16,839 | |
Effect of exchange rate changes on cash, cash equivalent and restricted cash | (229) | 0 | |
Net decrease in cash, cash equivalents, and restricted cash | (51,046) | (23,469) | |
Beginning of period | 416,710 | 377,388 | $ 377,388 |
End of period | 365,664 | 353,919 | 416,710 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 14,963 | 17,790 | |
Operating cash flows from operating leases | 2,830 | 2,236 | |
Operating cash flows from financing leases | 39 | 1 | |
Financing cash flows from financing leases | 63 | 4 | |
Cash paid during the period for income taxes | 72 | 29 | |
Non-cash investing and financing activities: | |||
Increase in Recourse debt, non-current upon adoption of ASU 2020-06, net (Note 2) | 0 | $ 121,491 | |
Liabilities recorded for property, plant and equipment | 1,172 | 466 | |
Operating lease liabilities arising from obtaining right-of-use assets upon adoption of new lease guidance | 0 | 39,775 | |
Recognition of operating lease right-of-use asset during the year-to-date period | 22,649 | 421 | |
Recognition of financing lease right-of-use asset during the year-to-date period | 1,457 | 251 | |
Accrued distributions to equity investors | 0 | 1 | |
Accrued interest for notes | $ 0 | 467 | |
Accrued debt issuance costs | 2,970 | ||
Adjustment of embedded derivative related to debt extinguishment | $ 24,071 |
Nature of Business, Liquidity,
Nature of Business, Liquidity, Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business, Liquidity, Basis of Presentation | Nature of Business, Liquidity and Basis of Presentation Nature of Business We design, manufacture, sell and, in certain cases, install solid-oxide fuel cell systems ("Energy Servers") for on-site power generation. Our Energy Servers utilize an innovative fuel cell technology and provide efficient energy generation with reduced operating costs and lower greenhouse gas emissions as compared to conventional fossil fuel generation. 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 continue to monitor and adjust as appropriate our operations in response to the COVID-19 pandemic. During the three months ended March 31, 2021, we continued to experience supply chain disruptions due to COVID-19 as well as the Suez Canal blockage that affected logistics and container shortages. We put actions in place to mitigate the disruptions by booking alternate sea routes, creating virtual hubs and consolidating shipments coming from the same region. These mitigation efforts have increased the costs of our parts and materials. Liquidity We have generally incurred operating losses and negative cash flows from operations since our inception. With the series of new debt offerings, debt extensions and conversions to equity that we completed during 2020, we had $290.1 million of total outstanding recourse debt as of March 31, 2021, all of which is classified as long-term debt. Our recourse debt scheduled repayments will commence in June 2022. Our future capital requirements will depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, the rate of growth in the volume of system builds and the need for additional manufacturing space, the expansion of sales and marketing activities both in domestic and international markets, market acceptance of our product, our ability to secure financing for customer use of our Energy Servers, the timing of installations, and overall economic conditions including the impact of COVID-19 on our ongoing and future operations. In the opinion of management, the combination of our existing cash and cash equivalents and operating cash flows is expected to be sufficient to meet our operational and capital cash flow requirements and other cash flow needs for the next 12 months from the date of issuance of this Quarterly Report on Form 10-Q. Basis of Presentation 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"), and as permitted by those rules, including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”). All intercompany transactions and balances have been eliminated upon consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. As disclosed in the 2020 Annual Report on Form 10-K, effective on December 31, 2020, we lost our emerging growth company ("EGC") status which accelerated the adoption of ASC 842 - Leases . As a result, we adjusted our previously reported consolidated financial statements effective January 1, 2020. 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 ("VIEs"), which we refer to as a tax equity partnership (each such VIE, also referred 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 our operational PPA Entities, as discussed in Note 11 - Portfolio Financings . We evaluate our relationships with the PPA Entities on an ongoing basis to ensure that we continue to be the primary beneficiary. All intercompany transactions and balances have been eliminated upon consolidation. The sale of an operating company with a portfolio of PPAs in which we do not have an equity interest is called a “Third-Party PPA.” We have determined that, although these entities are VIEs, we do not have the power to direct those activities of the Third-Party PPAs that most significantly affect their economic performance. We also do not have the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the Third-Party PPAs. Because we are not the primary beneficiary of these activities, we do not consolidate Third-Party PPAs. 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 condensed consolidated financial statements and the accompanying notes. The most significant estimates include the determination of the stand-alone selling price, including material rights estimates, inventory valuation, specifically excess and obsolescence provisions for obsolete or unsellable inventory and, in relation to property, plant and equipment (specifically Energy Servers), assumptions relating to economic useful lives and impairment assessments. Other accounting estimates include variable consideration relating to product performance guaranties, lease and non-lease components and related financing obligations such as incremental borrowing rates, estimated output, efficiency and residual value of the Energy Servers, product performance warranties and guaranties and extended maintenance, derivative valuations, estimates for recapture of the U.S. investment tax credit ("ITC") and similar federal tax benefits, estimates relating to contractual indemnities provisions, estimates for income taxes and deferred tax asset valuation allowances, and stock-based compensation costs. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, our allowance for doubtful accounts, stock-based compensation, the carrying value of our long-lived assets, inventory, financial assets, and valuation allowances for tax assets, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning the COVID-19 pandemic and the actions taken to contain it or treat it, as well as the economic impact on local, regional, national and international customers, suppliers and markets. We have made estimates of the impact of COVID-19 within our condensed consolidated financial statements and there may be changes to those estimates in future periods as new information becomes available. 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, India and the Republic of Korea (collectively, the "Asia Pacific region"). In the three months ended March 31, 2021 and 2020, total revenue in the Asia Pacific region was 43% and 37%, respectively, of our total revenue. Credit Risk - At March 31, 2021 and December 31, 2020, one customer, SK Engineering and Construction Co., Ltd. ("SK E&C"), accounted for approximately 76% and 56% of accounts receivable. To date, we have not experienced any credit losses. Customer Risk - During the three months ended March 31, 2021, revenue from two customers, SK E&C and EdgeWise Energy LLC, accounted for approximately 43% and 30%, respectively of our total revenue. During the three months ended March 31, 2020, revenue from two customers, SK E&C and Duke Energy, accounted for approximately 36% and 31%, respectively, of our total revenue. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies There have been no changes in our accounting policies from those reported in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. We have expanded our accounting policy relating to foreign currency transactions as follows: Foreign Currency Transactions The functional currencies of most of our foreign subsidiaries are the U.S. dollar since the subsidiaries are considered financially and operationally integrated with their domestic parent. For these subsidiaries, the foreign currency monetary assets and liabilities are remeasured into U.S. dollars at end-of-period exchange rates. Any currency transaction gains and losses are included as a component of other expense in our condensed consolidated statements of operations. The functional currency of our joint venture in the Republic of Korea is the local currency, the South Korean won ("KRW"), since the joint venture is financially independent of its U.S. parent and the KRW is the currency in which the joint venture generates and expends cash. Assets and liabilities of this entity are translated at the rate of exchange at the balance sheet date. Revenues and expenses are translated at the weighted average rate of exchange during the period. For this entity, translation adjustments resulting from the process of translating the KRW financial statements into U.S dollars are included in other comprehensive loss. Translation adjustments attributable to noncontrolling interests are allocated to and reported as part of the noncontrolling interests in the condensed consolidated financial statements. Recent Accounting Pronouncements Other than the adoption of the accounting guidance 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. Accounting Guidance Implemented in 2021 In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"). The new standard simplifies the accounting for convertible instruments by eliminating the conversion option separation model for convertible debt that can be settled in cash and by eliminating the measurement model for beneficial conversion features. The guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted as early as fiscal years (including interim periods) beginning after December 15, 2020. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. There will no longer be a debt discount representing the difference between the carrying value, excluding issuance costs, and the principal of the convertible debt instrument and, as a result, there will no longer be interest expense from the amortization of the debt discount over the term of the convertible debt instrument. The amendments in this update also require the if-converted method to be applied for all convertible instruments when calculating diluted earnings per share. We elected to early adopt ASU 2020-06 as of January 1, 2021 using the modified retrospective transition method, which resulted in a cumulative-effect adjustment to the opening balance of accumulated deficit on the date of adoption. Prior period condensed consolidated financial statements were not restated upon adoption. Upon adoption of ASU 2020-06, the Company combined the previously separated equity component with the liability component of our 2.5% Green Convertible Senior Notes due August 2025. These components are now together classified as Recourse debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, the portion of issuance costs previously allocated to equity was reclassified to debt and will be amortized as interest expense. Accordingly, we recorded a decrease to Accumulated deficit of $5.3 million, a decrease to Additional paid-in capital of $126.8 million, and an increase to Recourse debt, non-current of approximately $121.5 million. There is no deferred tax impact related to the adoption of ASU 2020-06 due to our full valuation allowance. Accounting Guidance Not Yet Adopted Cessation of LIBOR - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), which provides optional expedients for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Deferred Revenue and Customer Deposits Deferred revenue and customer deposits as of March 31, 2021 and December 31, 2020 consists of the following (in thousands): March 31, December 31, 2021 2020 Deferred revenue $ 120,643 $ 135,578 Customer deposits 33,069 66,171 Deferred revenue and customer deposits $ 153,712 $ 201,749 Deferred revenue activity, including deferred incentive revenue activity, during the three months ended March 31, 2021 and 2020 consists of the following (in thousands): Three Months Ended 2021 2020 Beginning balance $ 135,578 $ 175,455 Additions 156,586 138,387 Revenue recognized (171,521) (136,576) Ending balance $ 120,643 $ 177,266 We disaggregate revenue from contracts with customers into four revenue categories: (i) product, (ii) installation, (iii) services and (iv) electricity (in thousands): Three Months Ended 2021 2020 Revenue from contracts with customers: Product revenue $ 137,930 $ 99,559 Installation revenue 2,659 16,618 Services revenue 36,417 25,147 Electricity revenue 595 72 Total revenue from contract with customers 177,601 141,396 Revenue from contracts accounted for as leases: Electricity revenue 16,406 15,303 Total revenue $ 194,007 $ 156,699 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Financial Instruments | Financial Instruments Cash, Cash Equivalents and Restricted Cash The carrying values of cash, cash equivalents and restricted cash approximate fair values and are as follows (in thousands): March 31, December 31, 2021 2020 As Held: Cash $ 215,297 $ 180,808 Money market funds 150,367 235,902 $ 365,664 $ 416,710 As Reported: Cash and cash equivalents $ 180,719 $ 246,947 Restricted cash 184,945 169,763 $ 365,664 $ 416,710 Restricted cash consisted of the following (in thousands): March 31, December 31, 2021 2020 Current: Restricted cash $ 53,179 $ 26,706 Restricted cash related to PPA Entities 1 1,686 25,764 Restricted cash, current 54,865 52,470 Non-current: Restricted cash 114,713 286 Restricted cash related to PPA Entities 1 15,367 117,007 Restricted cash, non-current 130,080 117,293 $ 184,945 $ 169,763 1 We have VIEs that represent a portion of the condensed consolidated balances recorded within the "restricted cash," and other financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio Financings ). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of March 31, 2021, includes $28.2 million and $1.0 million of current restricted cash, and $80.5 million and $13.3 million of non-current restricted cash, respectively. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2020, includes $20.3 million and $0.7 million of current restricted cash, and $88.4 million and $13.3 million of non-current restricted cash, respectively. These entities are not considered VIEs. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below set forth, by level, our financial assets that are 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, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 150,367 $ — $ — $ 150,367 $ 150,367 $ — $ — $ 150,367 Liabilities Derivatives: Natural gas fixed price forward contracts $ — $ 1,650 $ — $ 1,650 Embedded EPP derivatives — — 6,060 6,060 Interest rate swap agreements — 11,301 — 11,301 $ — $ 12,951 $ 6,060 $ 19,011 Fair Value Measured at Reporting Date Using December 31, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 235,902 $ — $ — $ 235,902 $ 235,902 $ — $ — $ 235,902 Liabilities Derivatives: Natural gas fixed price forward contracts $ — $ — $ 2,574 $ 2,574 Embedded EPP derivatives — — 5,541 5,541 Interest rate swap agreements — 15,989 — 15,989 $ — $ 15,989 $ 8,115 $ 24,104 Money Market Funds - Money market funds are valued using quoted market prices for identical securities and are therefore classified as Level 1 financial assets. Interest Rate Swap Agreements - Interest rate swap agreements are valued using quoted prices for similar contracts and are therefore classified as Level 2 financial assets. Interest rate swaps are designed as hedging instruments and are recognized at fair value on our condensed consolidated balance sheets. As of March 31, 2021, we expect $2.2 million of the loss on the interest rate swaps accumulated in other comprehensive loss to be reclassified into earnings in the next 12 months. Natural Gas Fixed Price Forward Contracts - As of December 31, 2020, natural gas fixed price forward contracts were valued using a combination of factors including the counterparty's credit rating and estimates of future natural gas prices and therefore, as no observable inputs to support market activity were available, were classified as Level 3 liabilities. T he leveling of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third-party pricing sources. At March 31, 2021, we transferred $1.7 million of natural gas forward contracts from Level 3 to Level 2. Transfers between these hierarchy levels were based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. We recognized an unrealized gain of $0.2 million and an unrealized loss of $0.6 million, as a result of a change in the fair value of our natural gas fixed price forward contracts during the three months ended March 31, 2021 and 2020, respectively. We realized gains of $0.7 million and $1.0 million for the three months ended March 31, 2021 and 2020, respectively, on the settlement of these contracts in cost of revenue on our condensed consolidated statements of operations. Embedded Escalation Protection Plan Derivative Liability in Sales Contracts - We estimate the fair value of the embedded Escalation Protection Plan ("EPP") derivatives in certain sales contracts using a Monte Carlo simulation model, which considers various potential electricity price curves over the sales contracts' terms. We use historical grid prices and available forecasts of future electricity prices to estimate future electricity prices. We have classified these derivatives as a Level 3 financial liability. For the three months ended March 31, 2021 and 2020, we recorded the fair value of the embedded EPP derivatives and recognized an unrealized loss of $0.5 million and an unrealized gain of $0.3 million, respectively, in (loss) gain on revaluation of embedded derivatives on our condensed consolidated statements of operations. The changes in the Level 3 financial liabilities during the three months ended March 31, 2021 were as follows (in thousands): Natural Embedded EPP Derivative Liability Total Liabilities at December 31, 2019 $ 6,968 $ 6,176 $ 13,144 Settlement of natural gas fixed price forward contracts (4,503) — (4,503) Changes in fair value 109 (635) (526) Liabilities at December 31, 2020 2,574 5,541 8,115 Settlement of natural gas fixed price forward contracts (731) — (731) Changes in fair value (193) 519 326 Transfer from Level 3 to Level 2 in fair value hierarchy (1,650) — (1,650) Liabilities at March 31, 2021 $ — $ 6,060 $ 6,060 To estimate the liabilities related to the EPP contracts an option pricing method was implemented through a Monte Carlo simulation. The unobservable inputs were simulated based on the available values for avoided cost and cost of electricity as calculated for March 31, 2021, using an expected growth rate of 7% over the contracts' life and volatility of 20%. The estimated growth rate and volatility were estimated based on the historical tariff changes for the period 2008 to 2020. Avoided cost is the transmission and distribution cost expressed in dollars per kilowatt hours avoided in the given year of the contract, calculated using the billing rates of the effective utility tariff applied during the quarter to the host account for which usage is offset by the generator. If the billing rates within the utility tariff change during the measurement period, the average of the amount of charge for each rate is weighted by the number of effective months for each amount. The inputs listed above would have had a direct impact on the fair values of the above derivatives if they were adjusted. Generally, an increase in natural gas prices and a decrease in electric grid prices would each result in an increase in the estimated fair value of our derivative liabilities. Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis Customer Receivables and Debt Instruments - The fair value for customer financing receivables is based on a discounted cash flow model, whereby the fair value approximates the present value of the receivables (Level 3). The senior secured notes, term loans and convertible notes are 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, 2021 December 31, 2020 Net Carrying Fair Value Net Carrying Fair Value Customer receivables Customer financing receivables $ 49,395 $ 41,039 $ 50,746 $ 42,679 Debt instruments Recourse: 10.25% Senior Secured Notes due March 2027 68,703 70,873 68,614 71,831 2.5% Green Convertible Senior Notes due August 2025 221,387 400,009 99,394 426,229 Non-recourse: 7.5% Term Loan due September 2028 30,869 37,044 31,746 37,658 6.07% Senior Secured Notes due March 2030 76,130 85,830 77,007 89,654 LIBOR + 2.5% Term Loan due December 2021 111,410 113,165 114,138 116,113 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Inventories The components of inventory consist of the following (in thousands): March 31, December 31, 2021 2020 Raw materials $ 78,113 $ 79,090 Work-in-progress 33,333 29,063 Finished goods 41,726 33,906 $ 153,172 $ 142,059 The inventory reserves were $14.1 million and $14.0 million as of March 31, 2021 and December 31, 2020, respectively. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2021 2020 Government incentives receivable $ 479 $ 479 Prepaid hardware and software maintenance 5,304 5,227 Receivables from employees 5,251 5,160 Other prepaid expenses and other current assets 15,775 19,852 $ 26,809 $ 30,718 Property, Plant and Equipment, Net Property, plant and equipment, net, consists of the following (in thousands): March 31, December 31, 2021 2020 Energy Servers $ 672,667 $ 669,422 Computers, software and hardware 20,206 20,432 Machinery and equipment 109,177 106,644 Furniture and fixtures 8,495 8,455 Leasehold improvements 38,019 37,497 Building 46,730 46,730 Construction in progress 27,325 21,118 922,619 910,298 Less: accumulated depreciation (323,182) (309,670) $ 599,437 $ 600,628 Depreciation expense related to property, plant and equipment, net, was $13.4 million and $13.0 million for the three months ended March 31, 2021 and 2020, respectively. Property, plant and equipment under operating leases by the PPA Entities was $368.0 million and $368.0 million as of March 31, 2021 and December 31, 2020, respectively. The accumulated depreciation for these assets was $121.7 million and $115.9 million as of March 31, 2021 and December 31, 2020, respectively. Depreciation expense for these assets was $5.8 million and $6.2 million for the three months ended March 31, 2021 and 2020, respectively. Depreciation expense is included in cost of product, installation, service and electricity revenue as well as research and development, sales and marketing and general and administration expenses in our condensed consolidated statements of operations. Other Long-Term Assets Other long-term assets consist of the following (in thousands): March 31, December 31, 2021 2020 Prepaid and other long-term assets $ 24,834 $ 24,116 Deferred commissions 6,744 6,732 Equity-method investments 1,880 1,954 Long-term deposits 1,741 1,709 $ 35,199 $ 34,511 Accrued Warranty Accrued warranty liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Product warranty $ 1,469 $ 1,549 Product performance 4,347 8,605 Maintenance services contracts 142 109 $ 5,958 $ 10,263 Changes in the product warranty and product performance liabilities were as follows (in thousands): Balances at December 31, 2019 $ 9,881 Accrued warranty, net 5,944 Warranty expenditures during the year (5,671) Balances at December 31, 2020 10,154 Accrued warranty, net (3,224) Warranty expenditures during the year-to-date period (1,114) Balances at March 31, 2021 $ 5,816 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Compensation and benefits $ 23,401 $ 28,343 Current portion of derivative liabilities 13,395 19,116 Sales-related liabilities 5,902 14,479 Accrued installation 8,717 16,468 Sales tax liabilities 2,302 2,732 Interest payable 719 2,224 Other 27,697 28,642 $ 82,133 $ 112,004 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Delaware grant $ 9,212 $ 9,212 Other 10,655 8,056 $ 19,867 $ 17,268 We have recorded a long-term liability for the potential future repayment of the incentive grant received from the Delaware Economic Development Authority of $9.2 million as of March 31, 2021 and December 31, 2020. See Note 13 - Commitments and Contingencies for a full description of the grant. |
Outstanding Loans and Security
Outstanding Loans and Security Agreements | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 (in thousands, except percentage data): Unpaid Net Carrying Value Unused Interest Maturity Dates Entity Recourse Current Long- Total 10.25% Senior Secured Notes due March 2027 70,000 — 68,703 68,703 — 10.25% March 2027 Company Yes 2.5% Green Convertible Senior Notes due August 2025 230,000 — 221,387 221,387 — 2.5% August 2025 Company Yes Total recourse debt 300,000 — 290,090 290,090 — 7.5% Term Loan due September 2028 33,393 2,985 27,884 30,869 — 7.5% September PPA IIIa No 6.07% Senior Secured Notes due March 2030 76,925 4,073 72,057 76,130 — 6.07% March 2030 PPA IV No LIBOR + 2.5% Term Loan due December 2021 111,873 111,410 — 111,410 — LIBOR plus December 2021 PPA V No Letters of Credit due December 2021 — — — — 759 2.25% December 2021 PPA V No Total non-recourse debt 222,191 118,468 99,941 218,409 759 Total debt $ 522,191 $ 118,468 $ 390,031 $ 508,499 $ 759 The following is a summary of our debt as of December 31, 2020 (in thousands, except percentage data): Unpaid Net Carrying Value Unused Interest Maturity Dates Entity Recourse Current Long- Total 10.25% Senior Secured Notes due March 2027 $ 70,000 $ — $ 68,614 $ 68,614 $ — 10.25% March 2027 Company Yes 2.5% Green Convertible Senior Notes due August 2025 230,000 — 99,394 99,394 2.5% August 2025 Company Yes Total recourse debt 300,000 — 168,008 168,008 — 7.5% Term Loan due September 2028 34,456 2,826 28,920 31,746 — 7.5% September PPA IIIa No 6.07% Senior Secured Notes due March 2030 77,837 3,882 73,125 77,007 — 6.07% March 2030 PPA IV No LIBOR + 2.5% Term Loan due December 2021 114,761 114,138 — 114,138 — LIBOR plus December 2021 PPA V No Letters of Credit due December 2021 — — — — 968 2.25% December 2021 PPA V No Total non-recourse debt 227,054 120,846 102,045 222,891 968 Total debt $ 527,054 $ 120,846 $ 270,053 $ 390,899 $ 968 Recourse debt refers to debt that we have an obligation to pay. Non-recourse debt refers to debt that is recourse to only our subsidiaries. The differences between the unpaid principal balances and the net carrying values apply to deferred financing costs. We and all of our subsidiaries were in compliance with all financial covenants as of March 31, 2021 and December 31, 2020. Recourse Debt Facilities 10.25% Senior Secured Notes due March 2027 - On May 1, 2020, we issued $70.0 million of 10.25% Senior Secured Notes in a private placement ("10.25% Senior Secured Notes"). The 10.25% Senior Secured Notes are governed by an indenture (the “Senior Secured Notes Indenture”) entered into among us, the guarantor party thereto and U.S. Bank National Association, in its capacity as trustee and collateral agent. The 10.25% Senior Secured Notes are secured by certain of our operations and maintenance agreements that previously were part of the security for the 6% Convertible Notes. We used the proceeds of this issuance to repay $70.0 million of our 10% Convertible Notes. The 10.25% Senior Secured Notes are supported by a $150.0 million indenture between us and U.S. Bank National Association, which contains an accordion feature for an additional $80.0 million of notes that can be issued on or prior to September 27, 2021. Interest on the 10.25% Senior Secured Notes is payable quarterly, commencing June 30, 2020. The 10.25% Senior Secured Notes Indenture contains customary events of default and covenants relating to, among other things, the incurrence of new debt, affiliate transactions, liens and restricted payments. On or after March 27, 2022, we may redeem all of the 10.25% Senior Secured Notes at a price equal to 108% of the principal amount of the 10.25% Senior Secured Notes plus accrued and unpaid interest, with such optional redemption prices decreasing to 104% on and after March 27, 2023, 102% on and after March 27, 2024 and 100% on and after March 27, 2026. Before March 27, 2022, we may redeem the 10.25% Senior Secured Notes upon repayment of a make-whole premium. If we experience a change of control, we must offer to purchase for cash all or any part of each holder’s 10.25% Senior Secured Notes at a purchase price equal to 101% of the principal amount of the 10.25% Senior Secured Notes, plus accrued and unpaid interest. The outstanding unpaid principal of the 10.25% Senior Secured Notes of $70.0 million was classified as non-current as of March 31, 2021. 2.5% Green Convertible Senior Notes due August 2025 - In August 2020, we issued $230.0 million aggregate principal amount of our 2.5% Green Convertible Senior Notes due August 2025, unless earlier repurchased, redeemed or converted ("Green Notes"). The principal amount of the Green Notes are $230.0 million, less initial purchaser's discount of $6.9 million and other issuance costs of $3.0 million resulting in net proceeds of $220.1 million. The Green Notes are senior, unsecured obligations accruing interest at a rate of 2.5% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2021. We may not redeem the Green Notes prior to August 21, 2023. We may elect to redeem, at face value, all or any portion of the Green Notes at any time on or after August 21, 2023 and on or before the twenty-sixth trading day immediately before the maturity date, provided certain conditions are met. Before May 15, 2025, the noteholders have the right to convert their Green Notes only upon the occurrence of certain events, including a conversion upon satisfaction of a condition relating to the closing price of our common stock ("the Closing Price Condition"). If the Closing Price Condition is met on at least 20 of the last 30 consecutive trading days in any quarter, the noteholders may convert their Green Notes at any time during the immediately following quarter. The Closing Price Condition was met during the three months ended March 31, 2021 and accordingly, the noteholders may convert their Green Notes at any time during the quarter ending June 30, 2021. From and after May 15, 2025, the noteholders may convert their Green Notes at any time at their election until the close of business on the second trading day immediately before the maturity date. Should the noteholders elect to convert their Green Notes, we may elect to settle the conversion by paying or delivering, as applicable, cash, shares of our Class A common stock or a combination thereof. The initial conversion rate is 61.6808 shares of Class A common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $16.21 per share of Class A common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” as defined occur, the conversion rate will, in certain circumstances, be increased for a specified period of time. We adopted ASU 2020-06 as of January 1, 2021 using the modified retrospective transition method. Upon adoption, we combined the previously separated equity component of the Green Notes with the liability component, which is now together classified as debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, the portion of issuance costs previously allocated to equity was reclassified to debt and amortized as interest expense. Accordingly, we recorded a net decrease to Accumulated deficit of $5.3 million, a decrease to Additional paid-in capital of $126.8 million, and an increase to Recourse debt, non-current, of approximately $121.5 million. As of March 31, 2021, the remaining lives of the Green Notes are approximately 4.4 years and accordingly, the Green Notes are classified as long-term debt. Interest expense for the three months ended March 31, 2021 was $1.2 million, including amortization of issuance costs of $0.5 million. Non-recourse Debt Facilities 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 fund the purchase and installation of our 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 $3.8 million and $3.8 million as of March 31, 2021 and December 31, 2020, respectively, 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. 6.07% Senior Secured Notes due March 2030 - The notes bear a fixed interest rate of 6.07% per annum payable quarterly, which began in December 2015 and ends in March 2030. The note purchase agreement requires us to maintain a debt service reserve, the balance of which was $8.7 million and $8.5 million as of March 31, 2021 and December 31, 2020, respectively, 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 the PPA IV. LIBOR + 2.5% Term Loan due December 2021 - In June 2015, PPA V entered into a $131.2 million term loan due December 2021. The current portion of the LIBOR + 2.5% Term Loan as of March 31, 2021 and December 31, 2020 was $111.4 million and $114.1 million, respectively. There was no non-current portion of this loan as of March 31, 2021 and December 2020. In accordance with the credit agreement, PPA V was issued 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 a letter of credit ("LC") facility, 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, PPA V entered into pay-fixed, receive-float interest rate swap agreements to convert its floating-rate loan into a fixed-rate loan. 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, 2021 and December 31, 2020 was $5.4 million and $5.2 million, respectively, and the unused capacity was $0.8 million and $1.0 million, respectively. Related Party Debt Portions of the above described recourse and non-recourse debt were held by various related parties. See Note 12 - Related Party Transactions for a full description. Repayment Schedule and Interest Expense The following table presents details of our outstanding loan principal repayment schedule as of March 31, 2021 (in thousands): Remainder of 2021 $ 117,033 2022 16,393 2023 22,166 2024 24,886 2025 258,022 Thereafter 83,691 $ 522,191 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
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 our results of operations. We use interest rate swaps to minimize the impact of fluctuations of interest rate changes on our outstanding debt where LIBOR is applied. We do not enter into derivative contracts for trading or speculative purposes. The fair values of the derivatives designated as cash flow hedges as of March 31, 2021 and December 31, 2020 on our condensed consolidated balance sheets are as follows (in thousands): March 31, December 31, 2021 2020 Liabilities Accrued expenses and other current liabilities $ 11,301 $ 15,989 PPA V - In July 2015, PPA V entered into nine interest rate swap agreements to convert a variable interest rate debt to a fixed rate and we designated and documented the interest rate swap arrangements as cash flow hedges. Three of these swaps matured in 2016, three will mature on December 31, 2021 and the remaining three will mature on June 30, 2031. The effective change is recorded in accumulated other comprehensive loss and is recognized as interest expense on settlement. The notional amounts of the swaps are $180.7 million and $181.4 million as of March 31, 2021 and December 31, 2020, 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 realized immaterial gains attributable to the change in valuation during the three months ended March 31, 2021 and 2020, and these gains are included in other expense, net, in the condensed consolidated statements of operations. The changes in fair value of the derivative contracts designated as cash flow hedges and the amounts recognized in accumulated other comprehensive loss and in earnings are as follows (in thousands): Three months ended March 31, 2021 2020 Beginning balance $ 15,989 $ 9,238 (Gain) loss recognized in other comprehensive loss (4,164) 8,356 Amounts reclassified from other comprehensive loss to earnings (489) (142) Net (gain) loss recognized in other comprehensive loss (4,653) 8,214 Gain recognized in earnings (35) (37) Ending balance $ 11,301 $ 17,415 Embedded EPP Derivatives in Sales Contracts |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases Facilities, Office Buildings, and Vehicles We lease most of our facilities, office buildings and vehicles under operating leases that expire at various dates through February 2036. We lease various manufacturing facilities in Sunnyvale, Fremont, and Mountain View, California. Our lease for our Sunnyvale manufacturing facilities was entered into in April 2005 and expired in December 2020. In January 2021, we extended this lease to December 2023. In June 2020 and in March 2021, we signed leases in Fremont that will expire in 2027 and 2036, respectively, to replace our manufacturing facilities in Sunnyvale and Mountain View. The existing plants together comprise approximately 534,894 square feet of space. We lease additional office space as field offices in the United States and around the world including in Dubai, India, the Republic of Korea, China and Taiwan. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease cost under such arrangements on a straight-line basis over the life of the leases. During the quarters ended March 31, 2021 and 2020, rent expense for all occupied facilities was $3.1 million and $2.1 million, respectively. Our leases have remaining lease terms ranging from less than 1 year to 15 years, some of which include options to extend the leases. The lease term is the non-cancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised. Operating and financing lease right-of-use assets and lease liabilities for facilities, office buildings and vehicles as of March 31, 2021 and December 31, 2020 were as follows (in thousands): March 31, 2021 December 31, 2020 Assets: Operating lease right-of-use assets, net 1, 2 $ 55,165 $ 35,621 Financing lease right-of-use assets, net 3, 4 1,685 334 Total $ 56,850 $ 35,955 Liabilities: Current: Operating lease liabilities $ 7,219 $ 7,899 Financing lease liabilities 5 544 74 Total current lease liabilities 7,763 7,973 Non-current: Operating lease liabilities 61,714 41,849 Financing lease liabilities 6 1,184 267 Total non-current lease liabilities 62,898 42,116 Total lease liabilities $ 70,661 $ 50,089 1 These assets primarily include leases for facilities, office buildings, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net, in the condensed consolidated balance sheets, net of accumulated amortization. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets. The components of our facilities, office buildings and vehicles' lease costs for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 Operating lease costs $ 3,018 $ 2,069 Financing lease costs: Amortization of financing lease right-of-use assets 708 4 Interest expense for financing lease liabilities 199 2 Total financing lease costs 907 6 Short-term lease costs 168 139 Total lease costs $ 4,093 $ 2,214 Weighted average remaining lease terms and discount rates for our facilities, office buildings and vehicles as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 Remaining lease term (years): Operating leases 8.5 years 6.7 years Finance leases 3.3 years 4.2 years Discount rate: Operating leases 9.2 % 8.7 % Finance leases 8.2 % 7.0 % Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of March 31, 2021, were as follows (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 10,324 $ 538 2022 11,397 481 2023 12,184 476 2024 10,762 363 2025 10,995 104 Thereafter 50,098 18 Total minimum lease payments 105,760 1,980 Less: amounts representing interest or imputed interest (36,826) (253) Present value of lease liabilities $ 68,934 $ 1,727 Managed Services and Portfolio Financings Through PPA Entities Certain of our customers enter into Managed Services or Portfolio Financings through a PPA Entity to finance their lease of Bloom Energy Servers. Prior to our adoption of ASC 842 as of January 1, 2020, such arrangements with customers that qualified as leases were classified as either sales-type leases or operating leases. For all pre-existing Managed Services arrangements or Portfolio Financings through PPA Entities, we have carried over the accounting classifications for those transactions and continue to account for such transactions as either sales-type leases or operating leases under ASC 842. Customer arrangements under Managed Services and Portfolio Financings through PPA Entities entered into after January 1, 2021 do not contain a lease under ASC 842 and are accounted for under ASC 606 as revenue arrangements. Lease agreements under our Managed Services arrangements and Portfolio Financings through PPA Entities include non-cancellable lease terms, during which terms the majority of our investment in Energy Servers under lease are typically recovered. We mitigate remaining residual value risk of its Energy Servers through its provision of maintenance on the Energy Servers during the lease term and through insurance whose proceeds are payable in the event of theft, loss, damage, or destruction. Managed Services Financings - Our Managed Services arrangements with financiers are accounted for as financing transactions. Payments received from the financier are recognized as financing obligations in our condensed consolidated balance sheets. These financing obligations are included in each agreements' contract value and are recognized as short-term or long-term liabilities based on the estimated payment dates. The lease agreements expire on various dates through 2034 and there was no recorded rent expense for the three months ended March 31, 2021 and 2020. At March 31, 2021, future lease payments under the Managed Services financing obligations and the sublease payments from the customers under the related operating leases were as follows (in thousands): Financing Obligations Sublease Payments 1 Remainder of 2021 $ 30,901 $ (30,901) 2022 42,067 (42,067) 2023 43,004 (43,004) 2024 40,901 (40,901) 2025 39,859 (39,859) Thereafter 88,742 (88,742) Total lease payments 285,474 $ (285,474) Less: imputed interest (167,747) Total lease obligations 117,727 Less: current obligations (13,330) Long-term lease obligations $ 104,397 1 Sublease Payments primarily represents the fees received by the bank from our customer for the electricity generated by our Energy Servers leased under our Managed Services and other similar arrangements, which also pay down our financing obligation to the bank. The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $461.5 million and $460.0 million as of March 31, 2021 and December 31, 2020, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA Entity that qualified as leases are accounted for as either sales-type leases or operating leases. Since January 1, 2020, we have not entered into any new PPAs with customers under such arrangements. The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Lease payment receivables, net 1 $ 48,505 $ 49,806 Estimated residual value of leased assets (unguaranteed) 890 890 Net investment in sales-type leases 49,395 50,696 Less: current portion (5,515) (5,428) Non-current portion of net investment in sales-type leases $ 43,880 $ 45,268 1 Net of current estimated credit losses of approximately $0.1 million and $0.1 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, the future scheduled customer payments from sales-type leases were as follows (in thousands): Future minimum lease payments Remainder of 2021 $ 4,399 2022 6,110 2023 6,435 2024 6,797 2025 7,125 Thereafter 19,176 Total undiscounted cash flows 50,042 Less: imputed interest (1,486) Present value of lease payments 1 $ 48,556 1 Amount comprises a current and long-term portion of lease receivables of $5.5 million and $43.9 million, respectively, after giving effect to a $0.1 million current expected credit loss reserve on the long-term portion, which is reflected as a component of the net investment in sales-type leases presented in our condensed consolidated statement of financial position as customer financing receivables. Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities as of March 31, 2021, were as follows (in thousands): Operating Leases Remainder of 2021 $ 32,655 2022 44,258 2023 45,345 2024 46,590 2025 47,612 Thereafter 264,207 Total lease payments $ 480,667 |
Leases | Leases Facilities, Office Buildings, and Vehicles We lease most of our facilities, office buildings and vehicles under operating leases that expire at various dates through February 2036. We lease various manufacturing facilities in Sunnyvale, Fremont, and Mountain View, California. Our lease for our Sunnyvale manufacturing facilities was entered into in April 2005 and expired in December 2020. In January 2021, we extended this lease to December 2023. In June 2020 and in March 2021, we signed leases in Fremont that will expire in 2027 and 2036, respectively, to replace our manufacturing facilities in Sunnyvale and Mountain View. The existing plants together comprise approximately 534,894 square feet of space. We lease additional office space as field offices in the United States and around the world including in Dubai, India, the Republic of Korea, China and Taiwan. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease cost under such arrangements on a straight-line basis over the life of the leases. During the quarters ended March 31, 2021 and 2020, rent expense for all occupied facilities was $3.1 million and $2.1 million, respectively. Our leases have remaining lease terms ranging from less than 1 year to 15 years, some of which include options to extend the leases. The lease term is the non-cancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised. Operating and financing lease right-of-use assets and lease liabilities for facilities, office buildings and vehicles as of March 31, 2021 and December 31, 2020 were as follows (in thousands): March 31, 2021 December 31, 2020 Assets: Operating lease right-of-use assets, net 1, 2 $ 55,165 $ 35,621 Financing lease right-of-use assets, net 3, 4 1,685 334 Total $ 56,850 $ 35,955 Liabilities: Current: Operating lease liabilities $ 7,219 $ 7,899 Financing lease liabilities 5 544 74 Total current lease liabilities 7,763 7,973 Non-current: Operating lease liabilities 61,714 41,849 Financing lease liabilities 6 1,184 267 Total non-current lease liabilities 62,898 42,116 Total lease liabilities $ 70,661 $ 50,089 1 These assets primarily include leases for facilities, office buildings, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net, in the condensed consolidated balance sheets, net of accumulated amortization. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets. The components of our facilities, office buildings and vehicles' lease costs for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 Operating lease costs $ 3,018 $ 2,069 Financing lease costs: Amortization of financing lease right-of-use assets 708 4 Interest expense for financing lease liabilities 199 2 Total financing lease costs 907 6 Short-term lease costs 168 139 Total lease costs $ 4,093 $ 2,214 Weighted average remaining lease terms and discount rates for our facilities, office buildings and vehicles as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 Remaining lease term (years): Operating leases 8.5 years 6.7 years Finance leases 3.3 years 4.2 years Discount rate: Operating leases 9.2 % 8.7 % Finance leases 8.2 % 7.0 % Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of March 31, 2021, were as follows (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 10,324 $ 538 2022 11,397 481 2023 12,184 476 2024 10,762 363 2025 10,995 104 Thereafter 50,098 18 Total minimum lease payments 105,760 1,980 Less: amounts representing interest or imputed interest (36,826) (253) Present value of lease liabilities $ 68,934 $ 1,727 Managed Services and Portfolio Financings Through PPA Entities Certain of our customers enter into Managed Services or Portfolio Financings through a PPA Entity to finance their lease of Bloom Energy Servers. Prior to our adoption of ASC 842 as of January 1, 2020, such arrangements with customers that qualified as leases were classified as either sales-type leases or operating leases. For all pre-existing Managed Services arrangements or Portfolio Financings through PPA Entities, we have carried over the accounting classifications for those transactions and continue to account for such transactions as either sales-type leases or operating leases under ASC 842. Customer arrangements under Managed Services and Portfolio Financings through PPA Entities entered into after January 1, 2021 do not contain a lease under ASC 842 and are accounted for under ASC 606 as revenue arrangements. Lease agreements under our Managed Services arrangements and Portfolio Financings through PPA Entities include non-cancellable lease terms, during which terms the majority of our investment in Energy Servers under lease are typically recovered. We mitigate remaining residual value risk of its Energy Servers through its provision of maintenance on the Energy Servers during the lease term and through insurance whose proceeds are payable in the event of theft, loss, damage, or destruction. Managed Services Financings - Our Managed Services arrangements with financiers are accounted for as financing transactions. Payments received from the financier are recognized as financing obligations in our condensed consolidated balance sheets. These financing obligations are included in each agreements' contract value and are recognized as short-term or long-term liabilities based on the estimated payment dates. The lease agreements expire on various dates through 2034 and there was no recorded rent expense for the three months ended March 31, 2021 and 2020. At March 31, 2021, future lease payments under the Managed Services financing obligations and the sublease payments from the customers under the related operating leases were as follows (in thousands): Financing Obligations Sublease Payments 1 Remainder of 2021 $ 30,901 $ (30,901) 2022 42,067 (42,067) 2023 43,004 (43,004) 2024 40,901 (40,901) 2025 39,859 (39,859) Thereafter 88,742 (88,742) Total lease payments 285,474 $ (285,474) Less: imputed interest (167,747) Total lease obligations 117,727 Less: current obligations (13,330) Long-term lease obligations $ 104,397 1 Sublease Payments primarily represents the fees received by the bank from our customer for the electricity generated by our Energy Servers leased under our Managed Services and other similar arrangements, which also pay down our financing obligation to the bank. The long-term financing obligations, as reflected in our condensed consolidated balance sheets, were $461.5 million and $460.0 million as of March 31, 2021 and December 31, 2020, respectively. The difference between these obligations and the principal obligations in the table above will be offset against the carrying value of the related Energy Servers at the end of the lease and the remainder recognized as a gain at that point. Portfolio Financings through PPA Entities - Customer arrangements entered into prior to January 1, 2020 under Portfolio Financing arrangements through a PPA Entity that qualified as leases are accounted for as either sales-type leases or operating leases. Since January 1, 2020, we have not entered into any new PPAs with customers under such arrangements. The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Lease payment receivables, net 1 $ 48,505 $ 49,806 Estimated residual value of leased assets (unguaranteed) 890 890 Net investment in sales-type leases 49,395 50,696 Less: current portion (5,515) (5,428) Non-current portion of net investment in sales-type leases $ 43,880 $ 45,268 1 Net of current estimated credit losses of approximately $0.1 million and $0.1 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, the future scheduled customer payments from sales-type leases were as follows (in thousands): Future minimum lease payments Remainder of 2021 $ 4,399 2022 6,110 2023 6,435 2024 6,797 2025 7,125 Thereafter 19,176 Total undiscounted cash flows 50,042 Less: imputed interest (1,486) Present value of lease payments 1 $ 48,556 1 Amount comprises a current and long-term portion of lease receivables of $5.5 million and $43.9 million, respectively, after giving effect to a $0.1 million current expected credit loss reserve on the long-term portion, which is reflected as a component of the net investment in sales-type leases presented in our condensed consolidated statement of financial position as customer financing receivables. Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities as of March 31, 2021, were as follows (in thousands): Operating Leases Remainder of 2021 $ 32,655 2022 44,258 2023 45,345 2024 46,590 2025 47,612 Thereafter 264,207 Total lease payments $ 480,667 |
Stock-Based Compensation and Em
Stock-Based Compensation and Employee Benefit Plan | 3 Months Ended |
Mar. 31, 2021 | |
Compensation Related Costs [Abstract] | |
Stock-Based Compensation and Employee Benefit Plan | Stock-Based Compensation and Employee Benefit Plans Share-based grants are designed to reward employees for their long-term contributions to us and provide incentives for them to remain with us. 2002 Stock Plan As of March 31, 2021, options to purchase 557,148 shares of Class B common stock were outstanding with a weighted average exercise price of $23.75 per share. The 2002 Stock Plan has been canceled; however, it continues to govern outstanding grants under the 2002 Stock Plan. 2012 Equity Incentive Plan As of March 31, 2021, stock options to purchase 7,797,591 shares of Class B common stock were outstanding with a weighted average exercise price of $27.24 per share and no shares were available for future grant. As of March 31, 2021, we had outstanding RSUs that may be settled for 71,000 shares of Class B common stock under the plan. The 2012 Equity Incentive Plan has been canceled; however, it continues to govern outstanding grants under the 2012 Equity Incentive Plan. 2018 Equity Incentive Plan As of March 31, 2021, stock options to purchase 4,691,844 shares of Class A common stock were outstanding with a weighted average exercise price of $9.43 per share and 7,794,217 shares of outstanding RSUs that may be settled for Class A common stock which were granted pursuant to the 2018 Equity Incentive Plan ("2018 Plan"). As of March 31, 2021, we had 25,855,075 shares reserved for issuance under the 2 018 Plan. 2018 Employee Stock Purchase Plan As of March 31, 2021, we had 3,512,465 shares reserved for future issuance under the 2018 Employee Stock Purchase Plan ("2018 ESPP"), Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands): Three Months Ended 2021 2020 Cost of revenue $ 2,999 $ 5,507 Research and development 4,908 6,096 Sales and marketing 4,085 3,890 General and administrative 5,218 7,526 $ 17,210 $ 23,019 During the three months ended March 31, 2021 and 2020, we capitalized $0.8 million and $1.2 million, of stock-based compensation cost, respectively, into inventory and property, plant and equipment. Stock Option and Stock Award 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, 2020 15,354,271 $ 21.27 6.0 $ 129,855 Exercised (1,978,717) 26.90 Cancelled (328,971) 10.64 Balances at March 31, 2021 13,046,583 20.69 6.0 106,497 Vested and expected to vest at March 31, 2021 12,772,269 20.92 6.0 101,777 Exercisable at March 31, 2021 8,755,992 25.52 5.0 36,250 Stock Options - During the three months ended March 31, 2021 and 2020, we recognized $4.0 million and $5.6 million of stock-based compensation costs for stock options, respectively. We did not grant options in the three months ended March 31, 2021 and 2020. As of March 31, 2021 and 2020, we had unrecognized compensation costs related to unvested stock options of $16.8 million and $36.3 million, respectively. This cost is expected to be recognized over the remaining weighted-average period of 1.6 years and 2.4 years, respectively. Cash received from stock options exercised totaled $53.2 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively. A summary of our stock awards activity and related information is as follows: Number of Weighted Unvested Balance at December 31, 2020 6,418,788 $ 13.71 Granted 2,897,260 29.59 Vested (1,140,502) 18.39 Forfeited (310,328) 11.37 Unvested Balance at March 31, 2021 7,865,218 18.97 Stock Awards - The estimated fair value of restricted stock units ("RSUs ") and performance stock units ("PSUs") is based on the fair value of our Class A common stock on the date of grant. For the three months ended March 31, 2021 and 2020, we recognized $10.7 million and $13.2 million of stock-based compensation costs for stock awards, respectively. As of March 31, 2021 and 2020, we had $126.2 million and $37.6 million of unrecognized stock-based compensation cost related to unvested stock awards, expected to be recognized over a weighted average period of 2.4 years and 1.3 years, respectively. During 2020 and 2021, we granted PSUs to certain executive officers and employees that only vest upon the achievement of certain specific financial or operational performance criteria. Stock-based compensation costs associated with these PSUs is recognized over the service period as we evaluate the probability of the achievement of the performance conditions. The following table presents the stock activity and the total number of shares available for grant under our stock plans as of March 31, 2021: Plan Shares Available Balances at December 31, 2020 20,233,754 Added to plan 7,675,984 Granted (2,628,268) Exercised — Cancelled 639,299 Expired (65,694) Balances at March 31, 2021 25,855,075 2018 Employee Stock Purchase Plan During the three months ended March 31, 2021 and 2020, we recognized $1.1 million and $2.9 million of stock-based compensation costs for the 2018 ESPP, respectively. We issued 977,508 shares in the three months ended March 31, 2021. During the three months ended March 31, 2021, we added an additional 1,902,572 shares and there were 3,512,465 shares available for issuance as of March 31, 2021. As of March 31, 2021 and 2020, we had $1.2 million and $5.5 million of unrecognized stock-based compensation costs, expected to be recognized over a weighted average period of 0.5 years and 0.8 years, respectively. We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation: Three Months Ended 2021 2020 Risk-free interest rate 0.06% - 0.13% 1.51% Expected term (years) 0.5 - 2.0 0.5 - 2.0 Expected dividend yield — — Expected volatility 95.0% - 109.0% 61.0% |
Portfolio Financings
Portfolio Financings | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Portfolio Financings | Portfolio Financings Overview We have developed three financing options that enable customers' use of the Energy Servers through third-party ownership financing arrangements. For additional information on these financing options, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. PPA Entities' Activities Summary The table below shows the details of the three Investment Company VIEs that were active during the three months ended March 31, 2021 and their cumulative activities from inception to the periods indicated (dollars in thousands): PPA IIIa PPA IV PPA V Overview: Maximum size of installation (in megawatts) 10 21 40 Installed size (in megawatts) 10 19 37 Term of power purchase agreements (in years) 15 15 15 First system installed Feb-13 Sep-14 Jun-15 Last system installed Jun-14 Mar-16 Dec-16 Income (loss) and tax benefits allocation to Equity Investor 99% 90% 99% Cash allocation to Equity Investor 99% 90% 90% Income (loss), tax and cash allocations to Equity Investor after the flip date 5% No flip No flip Equity Investor 1 US Bank Exelon Corporation Exelon Corporation Put option date 2 1st anniversary of flip point N/A N/A Company cash contributions $ 32,223 $ 11,669 $ 27,932 Company non-cash contributions 3 $ 8,655 $ — $ — Equity Investor cash contributions $ 36,967 $ 84,782 $ 227,344 Debt financing $ 44,968 $ 99,000 $ 131,237 Activity as of March 31, 2021: Distributions to Equity Investor $ 4,864 $ 10,922 $ 26,601 Debt repayment—principal $ 11,575 $ 22,075 $ 19,363 Activity as of December 31, 2020: Distributions to Equity Investor $ 4,847 $ 8,852 $ 24,809 Debt repayment—principal $ 10,513 $ 21,163 $ 16,475 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 noncontrolling interests in PPA IIIa are redeemable as a result of the put option held by the Equity Investors as of March 31, 2021 and 2020. At March 31, 2021 and 2020, the carrying value of redeemable noncontrolling interests of $0.4 million and $0.4 million, respectively, exceeded the maximum redemption value. PPA Entities’ Aggregate Assets and Liabilities Generally, the assets of an Operating Company owned by an Investment Company can be used to settle only the Operating Company obligations, and the Operating Company creditors do not have recourse to us. The following are the aggregate carrying values of our VIEs' assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, including each of the PPA Entities in the PPA IIIa transaction, the PPA IV transaction, and the PPA V transaction (in thousands): March 31, December 31, 2020 Assets Current assets: Cash and cash equivalents $ 856 $ 1,421 Restricted cash 1,686 4,698 Accounts receivable 4,359 4,420 Customer financing receivable 5,515 5,428 Prepaid expenses and other current assets 1,822 3,048 Total current assets 14,238 19,015 Property and equipment, net 246,216 252,020 Customer financing receivable, non-current 43,880 45,268 Restricted cash, non-current 15,367 15,320 Other long-term assets 38 37 Total assets $ 319,739 $ 331,660 Liabilities Current liabilities: Accrued expenses and other current liabilities $ 14,587 $ 19,510 Deferred revenue and customer deposits 662 662 Non-recourse debt 118,468 120,846 Total current liabilities 133,717 141,018 Deferred revenue and customer deposits, non-current 5,909 6,072 Non-recourse debt, non-current 99,942 102,045 Total liabilities $ 239,568 $ 249,135 As of January 1, 2020, the flip date, we are the majority owner shareholder in PPA IIIa receiving 95% of all cash distributions and profits and losses. In addition, we consolidated each PPA Entity as VIEs in the PPA IV transaction and PPA V transaction, as we remain the minority shareholder in each of these transactions but have determined that we are the primary beneficiary of these VIEs. These PPA Entities contain debt that is non-recourse to us and own Energy Server assets for which we do not have title. 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 table provides our stand-alone assets and liabilities, those of the PPA Entities combined, and our consolidated balances as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Bloom Energy PPA Entities Consolidated Bloom Energy PPA Entities Consolidated Assets Current assets $ 570,234 $ 14,238 $ 584,472 $ 599,589 $ 19,015 $ 618,604 Long-term assets 561,289 305,501 866,790 523,138 312,645 835,783 Total assets $ 1,131,523 $ 319,739 $ 1,451,262 $ 1,122,727 $ 331,660 $ 1,454,387 Liabilities Current liabilities $ 235,591 $ 15,249 $ 250,840 $ 295,359 $ 20,172 $ 315,531 Current portion of debt — 118,468 118,468 — 120,846 120,846 Long-term liabilities 621,612 5,909 627,521 600,489 6,072 606,561 Long-term portion of debt 290,089 99,942 390,031 168,008 102,045 270,053 Total liabilities $ 1,147,292 $ 239,568 $ 1,386,860 $ 1,063,856 $ 249,135 $ 1,312,991 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Our operations include the following related party transactions (in thousands): Three Months Ended 2021 2020 Total revenue from related parties $ 770 $ 1,049 Interest expense to related parties — 1,366 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. For the three months ended March 31, 2021 and 2020, we recognized related party total revenue of $0.8 million and $1.0 million, respectively. Accounts receivable from this joint venture was $0.4 million as of March 31, 2021. SK Engineering & Construction Co., Ltd Joint Venture In September 2019, we entered into a joint venture agreement with SK E&C to establish a light-assembly facility in the Republic of Korea for sales of certain portions of our Energy Server for the stationary utility and commercial and industrial market in the Republic of Korea. The joint venture is majority controlled and managed by us and is accounted for as a consolidated subsidiary. For the three months ended March 31, 2021 and 2020, we did not recognize related party revenue and we had no outstanding accounts receivable from this joint venture. Debt to Related Parties |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments 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 issue purchase orders to our component suppliers and third-party manufacturers that may not be cancellable. As of March 31, 2021 and December 31, 2020, we had no material open purchase orders with our component suppliers and third-party manufacturers that are not cancellable. Portfolio Financings Performance Guarantees - We 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 condensed consolidated statements of operations. We paid $0.1 million and $5.7 million for the three months ended March 31, 2021 and 2020, respectively. Letters of Credit - In 2019, pursuant to the PPA II upgrade of Energy Servers, we agreed to indemnify our financing partner for losses that may be incurred in the event of certain regulatory, legal or legislative development and established a cash-collateralized LC facility for this purpose. As of March 31, 2021, the balance of this cash-collateralized LC was $108.7 million, of which $28.2 million and $80.5 million is recognized as short-term and long-term restricted cash, respectively. Pledged Funds - In 2019, pursuant to the PPA IIIb upgrade of Energy Servers, we have restricted cash of $13.3 million, which has been pledged for a seven-year period to secure our operations and maintenance obligations with respect to the totality of our obligations to the financier. All or a portion of such funds would be released if we meet certain credit rating and/or market capitalization milestones prior to the end of the pledge period. If we do not meet the required criteria within the first five-year period, the funds would still be released to us over the following two years as long as the Energy Servers continue to perform in compliance with our warranty obligations. 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 our indemnification obligations. However, we may record charges in the future as a result of these indemnification obligations. 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 to us 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, 2021, we had 462 full time workers in Delaware and paid $162.8 million in cumulative compensation. As of December 31, 2020, we had 424 full time workers in Delaware and paid $152.2 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, up to $1.6 million on September 30, 2021 and up to an additional $2.5 million on September 30, 2023. We repaid $1.5 million of the grant in 2017, and no additional amounts have been repaid since then. As of March 31, 2021, we have recorded $1.3 million in current liabilities and $9.2 million in other long-term liabilities for potential future repayments of this grant. Investment Tax Credits - 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 of 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. Energy Servers are purchased by the PPA Entities, other financial sponsors, or customers and, therefore, these parties bear the risk of repayment if the assets placed in service do not meet the ITC operational criteria in the future although in certain limited circumstances we do provide indemnification for such risk. Legal Matters - We are involved in various legal proceedings that arise in the ordinary course of business. We review all legal matters at least quarterly and assess whether an accrual for loss contingencies needs to be recorded. 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 our 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 (the “Confidential Agreement”). On May 7, 2019, KPCB and NEA were dismissed with prejudice. On June 15, 2019, a second amended statement of claim was filed against us alleging securities fraud, fraudulent inducement, a breach of the Confidential Agreement, and violation of the California unfair competition law. On July 16, 2019, we filed our answering statement and affirmative defenses. On September 27, 2019, we filed a motion to dismiss the statement of claim. On March 24, 2020, the Tribunal denied our motion to dismiss in part, and ordered that claimant’s relief is limited to rescission of the Confidential Agreement or remedies consistent with rescission, and not expectation damages. On September 14, 2020, the Tribunal issued an interim order dismissing the claimant’s remaining claims and requesting further briefing on the issue of prevailing party. On November 10, 2020, the Tribunal issued an order declaring us the prevailing party and requesting a motion for award of attorney’s fees. On March 17, 2021, we received the final award for attorneys fees and costs. On March 26, 2021, we filed a petition in the Northern District of California to confirm the award. In June 2019, Messrs. Daubenspeck and Badger filed a complaint against our Chief Executive Officer ("CEO") and our former Chief Financial Officer ("CFO") in the United States District Court for the Northern District of Illinois asserting nearly identical claims as those in the pending arbitration discussed above. The lawsuit was stayed pending the outcome of the arbitration. The stay was lifted on October 20, 2020. On March 19, 2021 we filed a motion to dismiss the case on several grounds. On May 3, 2021, plaintiffs filed a motion to stay the lawsuit pending the outcome of the petition to confirm the arbitration award in the Northern District of California. We believe the complaint to be without merit and that the issues were previously tried and dismissed in the arbitration. We are unable to estimate any range of reasonably possible losses. In March 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 July 25, 2018 IPO alleging violations under Sections 11 and 15 of the Securities Act of 1933, as amended (the "Securities Act"), for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with the IPO. 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 Evans vs Bloom Energy et al. was filed on May 7, 2019. These cases have been consolidated. Plaintiffs' consolidated amended complaint was filed with the court on September 12, 2019. On October 4, 2019, defendants moved to stay the lawsuit pending the federal district court action discussed below. On December 7, 2019, the Superior Court issued an order staying the action through resolution of the parallel federal litigation mentioned below. We believe the complaint to be without merit and we intend to defend this action vigorously. We are unable to estimate any range of reasonably possible losses. In May 2019, Elissa Roberts filed a class action complaint in the federal district court for the Northern District of California against us, certain members of our senior management team, and certain of our directors alleging violations under Section 11 and 15 of the Securities Act for alleged misleading statements or omissions in our Registration Statement on Form S-1 filed with the SEC in connection with the IPO. On September 3, 2019, James Hunt was appointed as lead plaintiff and Levi & Korsinsky was appointed as plaintiff’s counsel. On November 4, 2019, plaintiffs filed an amended complaint adding the underwriters in the IPO, claims under Sections 10b and 20a of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and extending the class period to September 16, 2019. On April 21, 2020, plaintiffs filed a second amended complaint adding claims under the Securities Act. The second amended complaint also adds allegations pertaining to the restatement and, as to claims under the Exchange Act, extends the class period through February 12, 2020. On July 1, 2020, we filed a motion to dismiss the second amended complaint and are waiting for a ruling on that motion. We believe the complaint to be without merit and we intend to defend this action vigorously. W e are unable to predict the outcome of this litigation at this time and accordingly are not able to estimate any range of reasonably possible losses. I n September 2019, we received a books and records demand from purported stockholder Dennis Jacob (“Jacob Demand”). The Jacob Demand cites allegations from the September 17, 2019 report prepared by admitted short seller Hindenburg Research. In November 2019, we received a substantially similar books and records demand from the same law firm on behalf of purported stockholder Michael Bolouri (“Bolouri Demand” and, together with the Jacob Demand, the “Demands”). On January 13, 2020, Messrs. Jacob and Bolouri filed a complaint in the Delaware Court of Chancery to enforce the Demands in the matter styled Jacob, et al. v. Bloom Energy Corp. , C.A. No. 2020-0023-JRS. On March 9, 2020, Messrs. Jacob and Bolouri filed an amended complaint in the Delaware Court of Chancery to add allegations regarding the restatement. The court held a one-day trial on December 7, 2020. On February 25, 2021, the Delaware Court of Chancery issued a decision rejecting the Bolouri Demand but granting in part the Jacob Demand allowing limited access to certain books and records pertaining to the allegations made in the Hindenburg Research Report. On March 29, 2021, the Court of Chancery entered a Final Order and Judgment regarding the required production of documents. On April 28, 2021, we produced documents responsive to the Final Order and Judgment to Mr. Jacob. We are unable to estimate any range of reasonably possible losses. In March 2020, Francisco Sanchez filed a class action complaint in Santa Clara County Superior Court against us a lleging certain wage and hour violations under the California Labor Code and Industrial Welfare Commission Wage Orders and that we engaged in unfair business practices under the California Business and Professions Code, and in July 2020 he amended his complaint to add claims under the California Labor Code Private Attorneys General Act. On November 30, 2020, we filed a motion to compel arbitration and the motion was to be heard on March 5, 2021. On February 24, 2021, Mr.Sanchez dismissed the individual and class action claims without prejudice, leaving one cause of action for enforcement of the Private Attorney Generals Act. In April 2021, an amended complaint reflecting these changes was filed with the Santa Clara Superior Court. Given that the case is still in its early stages, we are unable to estimate any range of reasonably possible losses. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Segment Information | Segment Information Our chief operating decision makers ("CODMs"), the CEO and the CFO, 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 our operations and product development efforts. We are managed under a functionally-based organizational structure with the head of each function reporting to the CEO. The CODMs assess performance, including incentive compensation, based upon consolidated operations performance and financial results on a consolidated basis. As such, we have a single operating unit structure and are a single reporting segment. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended March 31, 2021 and 2020, we recorded provisions for income taxes of $0.1 million and $0.1 million on pre-tax losses of $29.7 million and $81.5 million for effective tax rates of (0.4)% and (0.2)%, respectively. The effective tax rate for the three months ended March 31, 2021 and 2020 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, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Available to Common Stockholders Net loss per share (basic) available to common stockholders is calculated by dividing net loss available to common stockholders by the weighted-average shares of common stock outstanding for the period. Net loss per share is the same for each class of common stock as they are entitled to the same liquidation and dividend rights. As a result, net loss per share (basic) and net loss per share (diluted) available to common stockholders are the same for both Class A and Class B common stock and are combined for presentation. Net loss per share (diluted) is computed by using the if-converted method when calculating the potentially dilutive effect, if any, of our convertible notes. Net loss per share (diluted) available to common stockholders is then calculated by dividing the resulting adjusted net loss available to common stockholders by the combined weighted-average number of fully diluted common shares outstanding. There were no adjustments to net loss available 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. The following table sets forth the computation of our net loss per share available to common stockholders, basic and diluted (in thousands, except per share amounts): Three Months Ended 2021 2020 Numerator: Net loss available to Class A and Class B common stockholders $ (24,889) $ (75,949) Denominator: Weighted average shares of common stock, basic and diluted 170,745 123,763 Net loss per share available to Class A and Class B common stockholders, basic and diluted $ (0.15) $ (0.61) The following common stock equivalents (in thousands) were excluded from the computation of our net loss per share available to common stockholders, diluted, for the three months presented as their inclusion would have been antidilutive: Three Months Ended 2021 2020 Convertible notes $ 14,187 $ 40,723 Stock options and awards 8,625 4,993 $ 22,812 $ 45,716 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events There have been no subsequent events that occurred during the period subsequent to the date of these condensed consolidated financial statements that would require adjustment to our disclosure in the condensed consolidated financial statements as presented. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation 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"), and as permitted by those rules, including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”). All intercompany transactions and balances have been eliminated upon consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. As disclosed in the 2020 Annual Report on Form 10-K, effective on December 31, 2020, we lost our emerging growth company ("EGC") status which accelerated the adoption of ASC 842 - Leases . As a result, we adjusted our previously reported consolidated financial statements effective January 1, 2020. |
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 ("VIEs"), which we refer to as a tax equity partnership (each such VIE, also referred 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 our operational PPA Entities, as discussed in Note 11 - Portfolio Financings . We evaluate our relationships with the PPA Entities on an ongoing basis to ensure that we continue to be the primary beneficiary. All intercompany transactions and balances have been eliminated upon 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 condensed consolidated financial statements and the accompanying notes. The most significant estimates include the determination of the stand-alone selling price, including material rights estimates, inventory valuation, specifically excess and obsolescence provisions for obsolete or unsellable inventory and, in relation to property, plant and equipment (specifically Energy Servers), assumptions relating to economic useful lives and impairment assessments. Other accounting estimates include variable consideration relating to product performance guaranties, lease and non-lease components and related financing obligations such as incremental borrowing rates, estimated output, efficiency and residual value of the Energy Servers, product performance warranties and guaranties and extended maintenance, derivative valuations, estimates for recapture of the U.S. investment tax credit ("ITC") and similar federal tax benefits, estimates relating to contractual indemnities provisions, estimates for income taxes and deferred tax asset valuation allowances, and stock-based compensation costs. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, our allowance for doubtful accounts, stock-based compensation, the carrying value of our long-lived assets, inventory, financial assets, and valuation allowances for tax assets, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning the COVID-19 pandemic and the actions taken to contain it or treat it, as well as the economic impact on local, regional, national and international customers, suppliers and markets. We have made estimates of the impact of COVID-19 within our condensed consolidated financial statements and there may be changes to those estimates in future periods as new information becomes available. Actual results could differ materially from these estimates under different assumptions and conditions. |
Foreign Currency Transactions | Foreign Currency Transactions The functional currencies of most of our foreign subsidiaries are the U.S. dollar since the subsidiaries are considered financially and operationally integrated with their domestic parent. For these subsidiaries, the foreign currency monetary assets and liabilities are remeasured into U.S. dollars at end-of-period exchange rates. Any currency transaction gains and losses are included as a component of other expense in our condensed consolidated statements of operations. The functional currency of our joint venture in the Republic of Korea is the local currency, the South Korean won ("KRW"), since the joint venture is financially independent of its U.S. parent and the KRW is the currency in which the joint venture generates and expends cash. Assets and liabilities of this entity are translated at the rate of exchange at the balance sheet date. Revenues and expenses are translated at the weighted average rate of exchange during the period. For this entity, translation adjustments resulting from the process of translating the KRW financial statements into U.S dollars are included in other comprehensive loss. Translation adjustments attributable to noncontrolling interests are allocated to and reported as part of the noncontrolling interests in the condensed consolidated financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Other than the adoption of the accounting guidance 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. Accounting Guidance Implemented in 2021 In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"). The new standard simplifies the accounting for convertible instruments by eliminating the conversion option separation model for convertible debt that can be settled in cash and by eliminating the measurement model for beneficial conversion features. The guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted as early as fiscal years (including interim periods) beginning after December 15, 2020. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. There will no longer be a debt discount representing the difference between the carrying value, excluding issuance costs, and the principal of the convertible debt instrument and, as a result, there will no longer be interest expense from the amortization of the debt discount over the term of the convertible debt instrument. The amendments in this update also require the if-converted method to be applied for all convertible instruments when calculating diluted earnings per share. We elected to early adopt ASU 2020-06 as of January 1, 2021 using the modified retrospective transition method, which resulted in a cumulative-effect adjustment to the opening balance of accumulated deficit on the date of adoption. Prior period condensed consolidated financial statements were not restated upon adoption. Upon adoption of ASU 2020-06, the Company combined the previously separated equity component with the liability component of our 2.5% Green Convertible Senior Notes due August 2025. These components are now together classified as Recourse debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, the portion of issuance costs previously allocated to equity was reclassified to debt and will be amortized as interest expense. Accordingly, we recorded a decrease to Accumulated deficit of $5.3 million, a decrease to Additional paid-in capital of $126.8 million, and an increase to Recourse debt, non-current of approximately $121.5 million. There is no deferred tax impact related to the adoption of ASU 2020-06 due to our full valuation allowance. Accounting Guidance Not Yet Adopted Cessation of LIBOR - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), which provides optional expedients for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract with Customer, Asset and Liability | Deferred revenue and customer deposits as of March 31, 2021 and December 31, 2020 consists of the following (in thousands): March 31, December 31, 2021 2020 Deferred revenue $ 120,643 $ 135,578 Customer deposits 33,069 66,171 Deferred revenue and customer deposits $ 153,712 $ 201,749 Deferred revenue activity, including deferred incentive revenue activity, during the three months ended March 31, 2021 and 2020 consists of the following (in thousands): Three Months Ended 2021 2020 Beginning balance $ 135,578 $ 175,455 Additions 156,586 138,387 Revenue recognized (171,521) (136,576) Ending balance $ 120,643 $ 177,266 |
Disaggregation of Revenue | We disaggregate revenue from contracts with customers into four revenue categories: (i) product, (ii) installation, (iii) services and (iv) electricity (in thousands): Three Months Ended 2021 2020 Revenue from contracts with customers: Product revenue $ 137,930 $ 99,559 Installation revenue 2,659 16,618 Services revenue 36,417 25,147 Electricity revenue 595 72 Total revenue from contract with customers 177,601 141,396 Revenue from contracts accounted for as leases: Electricity revenue 16,406 15,303 Total revenue $ 194,007 $ 156,699 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The carrying values of cash, cash equivalents and restricted cash approximate fair values and are as follows (in thousands): March 31, December 31, 2021 2020 As Held: Cash $ 215,297 $ 180,808 Money market funds 150,367 235,902 $ 365,664 $ 416,710 As Reported: Cash and cash equivalents $ 180,719 $ 246,947 Restricted cash 184,945 169,763 $ 365,664 $ 416,710 |
Restrictions on Cash and Cash Equivalents | The carrying values of cash, cash equivalents and restricted cash approximate fair values and are as follows (in thousands): March 31, December 31, 2021 2020 As Held: Cash $ 215,297 $ 180,808 Money market funds 150,367 235,902 $ 365,664 $ 416,710 As Reported: Cash and cash equivalents $ 180,719 $ 246,947 Restricted cash 184,945 169,763 $ 365,664 $ 416,710 Restricted cash consisted of the following (in thousands): March 31, December 31, 2021 2020 Current: Restricted cash $ 53,179 $ 26,706 Restricted cash related to PPA Entities 1 1,686 25,764 Restricted cash, current 54,865 52,470 Non-current: Restricted cash 114,713 286 Restricted cash related to PPA Entities 1 15,367 117,007 Restricted cash, non-current 130,080 117,293 $ 184,945 $ 169,763 1 We have VIEs that represent a portion of the condensed consolidated balances recorded within the "restricted cash," and other financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio Financings ). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of March 31, 2021, includes $28.2 million and $1.0 million of current restricted cash, and $80.5 million and $13.3 million of non-current restricted cash, respectively. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2020, includes $20.3 million and $0.7 million of current restricted cash, and $88.4 million and $13.3 million of non-current restricted cash, respectively. These entities are not considered VIEs. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below set forth, by level, our financial assets that are 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, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 150,367 $ — $ — $ 150,367 $ 150,367 $ — $ — $ 150,367 Liabilities Derivatives: Natural gas fixed price forward contracts $ — $ 1,650 $ — $ 1,650 Embedded EPP derivatives — — 6,060 6,060 Interest rate swap agreements — 11,301 — 11,301 $ — $ 12,951 $ 6,060 $ 19,011 Fair Value Measured at Reporting Date Using December 31, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 235,902 $ — $ — $ 235,902 $ 235,902 $ — $ — $ 235,902 Liabilities Derivatives: Natural gas fixed price forward contracts $ — $ — $ 2,574 $ 2,574 Embedded EPP derivatives — — 5,541 5,541 Interest rate swap agreements — 15,989 — 15,989 $ — $ 15,989 $ 8,115 $ 24,104 |
Change in Level 3 Financial Liabilities | The changes in the Level 3 financial liabilities during the three months ended March 31, 2021 were as follows (in thousands): Natural Embedded EPP Derivative Liability Total Liabilities at December 31, 2019 $ 6,968 $ 6,176 $ 13,144 Settlement of natural gas fixed price forward contracts (4,503) — (4,503) Changes in fair value 109 (635) (526) Liabilities at December 31, 2020 2,574 5,541 8,115 Settlement of natural gas fixed price forward contracts (731) — (731) Changes in fair value (193) 519 326 Transfer from Level 3 to Level 2 in fair value hierarchy (1,650) — (1,650) Liabilities at March 31, 2021 $ — $ 6,060 $ 6,060 |
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
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, 2021 December 31, 2020 Net Carrying Fair Value Net Carrying Fair Value Customer receivables Customer financing receivables $ 49,395 $ 41,039 $ 50,746 $ 42,679 Debt instruments Recourse: 10.25% Senior Secured Notes due March 2027 68,703 70,873 68,614 71,831 2.5% Green Convertible Senior Notes due August 2025 221,387 400,009 99,394 426,229 Non-recourse: 7.5% Term Loan due September 2028 30,869 37,044 31,746 37,658 6.07% Senior Secured Notes due March 2030 76,130 85,830 77,007 89,654 LIBOR + 2.5% Term Loan due December 2021 111,410 113,165 114,138 116,113 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventory | The components of inventory consist of the following (in thousands): March 31, December 31, 2021 2020 Raw materials $ 78,113 $ 79,090 Work-in-progress 33,333 29,063 Finished goods 41,726 33,906 $ 153,172 $ 142,059 |
Schedule of Prepaid Expense and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2021 2020 Government incentives receivable $ 479 $ 479 Prepaid hardware and software maintenance 5,304 5,227 Receivables from employees 5,251 5,160 Other prepaid expenses and other current assets 15,775 19,852 $ 26,809 $ 30,718 |
Schedule of Property, Plant and Equipment | Property, plant and equipment, net, consists of the following (in thousands): March 31, December 31, 2021 2020 Energy Servers $ 672,667 $ 669,422 Computers, software and hardware 20,206 20,432 Machinery and equipment 109,177 106,644 Furniture and fixtures 8,495 8,455 Leasehold improvements 38,019 37,497 Building 46,730 46,730 Construction in progress 27,325 21,118 922,619 910,298 Less: accumulated depreciation (323,182) (309,670) $ 599,437 $ 600,628 |
Schedule of Other Long-Term Assets | Other long-term assets consist of the following (in thousands): March 31, December 31, 2021 2020 Prepaid and other long-term assets $ 24,834 $ 24,116 Deferred commissions 6,744 6,732 Equity-method investments 1,880 1,954 Long-term deposits 1,741 1,709 $ 35,199 $ 34,511 |
Schedule of Accrued Warranty | Accrued warranty liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Product warranty $ 1,469 $ 1,549 Product performance 4,347 8,605 Maintenance services contracts 142 109 $ 5,958 $ 10,263 Changes in the product warranty and product performance liabilities were as follows (in thousands): Balances at December 31, 2019 $ 9,881 Accrued warranty, net 5,944 Warranty expenditures during the year (5,671) Balances at December 31, 2020 10,154 Accrued warranty, net (3,224) Warranty expenditures during the year-to-date period (1,114) Balances at March 31, 2021 $ 5,816 |
Schedule of Accrued Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Compensation and benefits $ 23,401 $ 28,343 Current portion of derivative liabilities 13,395 19,116 Sales-related liabilities 5,902 14,479 Accrued installation 8,717 16,468 Sales tax liabilities 2,302 2,732 Interest payable 719 2,224 Other 27,697 28,642 $ 82,133 $ 112,004 |
Schedule of Other Long-Term Liabilities | Other long-term liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Delaware grant $ 9,212 $ 9,212 Other 10,655 8,056 $ 19,867 $ 17,268 |
Outstanding Loans and Securit_2
Outstanding Loans and Security Agreements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following is a summary of our debt as of March 31, 2021 (in thousands, except percentage data): Unpaid Net Carrying Value Unused Interest Maturity Dates Entity Recourse Current Long- Total 10.25% Senior Secured Notes due March 2027 70,000 — 68,703 68,703 — 10.25% March 2027 Company Yes 2.5% Green Convertible Senior Notes due August 2025 230,000 — 221,387 221,387 — 2.5% August 2025 Company Yes Total recourse debt 300,000 — 290,090 290,090 — 7.5% Term Loan due September 2028 33,393 2,985 27,884 30,869 — 7.5% September PPA IIIa No 6.07% Senior Secured Notes due March 2030 76,925 4,073 72,057 76,130 — 6.07% March 2030 PPA IV No LIBOR + 2.5% Term Loan due December 2021 111,873 111,410 — 111,410 — LIBOR plus December 2021 PPA V No Letters of Credit due December 2021 — — — — 759 2.25% December 2021 PPA V No Total non-recourse debt 222,191 118,468 99,941 218,409 759 Total debt $ 522,191 $ 118,468 $ 390,031 $ 508,499 $ 759 The following is a summary of our debt as of December 31, 2020 (in thousands, except percentage data): Unpaid Net Carrying Value Unused Interest Maturity Dates Entity Recourse Current Long- Total 10.25% Senior Secured Notes due March 2027 $ 70,000 $ — $ 68,614 $ 68,614 $ — 10.25% March 2027 Company Yes 2.5% Green Convertible Senior Notes due August 2025 230,000 — 99,394 99,394 2.5% August 2025 Company Yes Total recourse debt 300,000 — 168,008 168,008 — 7.5% Term Loan due September 2028 34,456 2,826 28,920 31,746 — 7.5% September PPA IIIa No 6.07% Senior Secured Notes due March 2030 77,837 3,882 73,125 77,007 — 6.07% March 2030 PPA IV No LIBOR + 2.5% Term Loan due December 2021 114,761 114,138 — 114,138 — LIBOR plus December 2021 PPA V No Letters of Credit due December 2021 — — — — 968 2.25% December 2021 PPA V No Total non-recourse debt 227,054 120,846 102,045 222,891 968 Total debt $ 527,054 $ 120,846 $ 270,053 $ 390,899 $ 968 |
Schedule of Repayment and Interest Expense | The following table presents details of our outstanding loan principal repayment schedule as of March 31, 2021 (in thousands): Remainder of 2021 $ 117,033 2022 16,393 2023 22,166 2024 24,886 2025 258,022 Thereafter 83,691 $ 522,191 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value Derivatives | The fair values of the derivatives designated as cash flow hedges as of March 31, 2021 and December 31, 2020 on our condensed consolidated balance sheets are as follows (in thousands): March 31, December 31, 2021 2020 Liabilities Accrued expenses and other current liabilities $ 11,301 $ 15,989 |
Schedule of Changes in Fair Value of Cash Flow Hedge Contracts | The changes in fair value of the derivative contracts designated as cash flow hedges and the amounts recognized in accumulated other comprehensive loss and in earnings are as follows (in thousands): Three months ended March 31, 2021 2020 Beginning balance $ 15,989 $ 9,238 (Gain) loss recognized in other comprehensive loss (4,164) 8,356 Amounts reclassified from other comprehensive loss to earnings (489) (142) Net (gain) loss recognized in other comprehensive loss (4,653) 8,214 Gain recognized in earnings (35) (37) Ending balance $ 11,301 $ 17,415 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Assets and Liabilities Leases | Operating and financing lease right-of-use assets and lease liabilities for facilities, office buildings and vehicles as of March 31, 2021 and December 31, 2020 were as follows (in thousands): March 31, 2021 December 31, 2020 Assets: Operating lease right-of-use assets, net 1, 2 $ 55,165 $ 35,621 Financing lease right-of-use assets, net 3, 4 1,685 334 Total $ 56,850 $ 35,955 Liabilities: Current: Operating lease liabilities $ 7,219 $ 7,899 Financing lease liabilities 5 544 74 Total current lease liabilities 7,763 7,973 Non-current: Operating lease liabilities 61,714 41,849 Financing lease liabilities 6 1,184 267 Total non-current lease liabilities 62,898 42,116 Total lease liabilities $ 70,661 $ 50,089 1 These assets primarily include leases for facilities, office buildings, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net, in the condensed consolidated balance sheets, net of accumulated amortization. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consolidated balance sheets. |
Lease, Cost | The components of our facilities, office buildings and vehicles' lease costs for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 Operating lease costs $ 3,018 $ 2,069 Financing lease costs: Amortization of financing lease right-of-use assets 708 4 Interest expense for financing lease liabilities 199 2 Total financing lease costs 907 6 Short-term lease costs 168 139 Total lease costs $ 4,093 $ 2,214 Weighted average remaining lease terms and discount rates for our facilities, office buildings and vehicles as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 Remaining lease term (years): Operating leases 8.5 years 6.7 years Finance leases 3.3 years 4.2 years Discount rate: Operating leases 9.2 % 8.7 % Finance leases 8.2 % 7.0 % |
Finance Lease, Liability, Fiscal Year Maturity | Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of March 31, 2021, were as follows (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 10,324 $ 538 2022 11,397 481 2023 12,184 476 2024 10,762 363 2025 10,995 104 Thereafter 50,098 18 Total minimum lease payments 105,760 1,980 Less: amounts representing interest or imputed interest (36,826) (253) Present value of lease liabilities $ 68,934 $ 1,727 At March 31, 2021, future lease payments under the Managed Services financing obligations and the sublease payments from the customers under the related operating leases were as follows (in thousands): Financing Obligations Sublease Payments 1 Remainder of 2021 $ 30,901 $ (30,901) 2022 42,067 (42,067) 2023 43,004 (43,004) 2024 40,901 (40,901) 2025 39,859 (39,859) Thereafter 88,742 (88,742) Total lease payments 285,474 $ (285,474) Less: imputed interest (167,747) Total lease obligations 117,727 Less: current obligations (13,330) Long-term lease obligations $ 104,397 1 Sublease Payments primarily represents the fees received by the bank from our customer for the electricity generated by our Energy Servers leased under our Managed Services and other similar arrangements, which also pay down our financing obligation to the bank. |
Lessee, Operating Lease, Liability, Maturity | Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of March 31, 2021, were as follows (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 10,324 $ 538 2022 11,397 481 2023 12,184 476 2024 10,762 363 2025 10,995 104 Thereafter 50,098 18 Total minimum lease payments 105,760 1,980 Less: amounts representing interest or imputed interest (36,826) (253) Present value of lease liabilities $ 68,934 $ 1,727 At March 31, 2021, future lease payments under the Managed Services financing obligations and the sublease payments from the customers under the related operating leases were as follows (in thousands): Financing Obligations Sublease Payments 1 Remainder of 2021 $ 30,901 $ (30,901) 2022 42,067 (42,067) 2023 43,004 (43,004) 2024 40,901 (40,901) 2025 39,859 (39,859) Thereafter 88,742 (88,742) Total lease payments 285,474 $ (285,474) Less: imputed interest (167,747) Total lease obligations 117,727 Less: current obligations (13,330) Long-term lease obligations $ 104,397 1 Sublease Payments primarily represents the fees received by the bank from our customer for the electricity generated by our Energy Servers leased under our Managed Services and other similar arrangements, which also pay down our financing obligation to the bank. Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities as of March 31, 2021, were as follows (in thousands): Operating Leases Remainder of 2021 $ 32,655 2022 44,258 2023 45,345 2024 46,590 2025 47,612 Thereafter 264,207 Total lease payments $ 480,667 |
Sales-type Lease, Net Investment in Lease | The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Lease payment receivables, net 1 $ 48,505 $ 49,806 Estimated residual value of leased assets (unguaranteed) 890 890 Net investment in sales-type leases 49,395 50,696 Less: current portion (5,515) (5,428) Non-current portion of net investment in sales-type leases $ 43,880 $ 45,268 1 Net of current estimated credit losses of approximately $0.1 million and $0.1 million as of March 31, 2021 and December 31, 2020, respectively. |
Sales-type Leases, Lease Receivable, Maturity | As of March 31, 2021, the future scheduled customer payments from sales-type leases were as follows (in thousands): Future minimum lease payments Remainder of 2021 $ 4,399 2022 6,110 2023 6,435 2024 6,797 2025 7,125 Thereafter 19,176 Total undiscounted cash flows 50,042 Less: imputed interest (1,486) Present value of lease payments 1 $ 48,556 1 Amount comprises a current and long-term portion of lease receivables of $5.5 million and $43.9 million, respectively, after giving effect to a $0.1 million current expected credit loss reserve on the long-term portion, which is reflected as a component of the net investment in sales-type leases presented in our condensed consolidated statement of financial position as customer financing receivables. |
Stock-Based Compensation and _2
Stock-Based Compensation and Employee Benefit Plan (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Compensation Related Costs [Abstract] | |
Schedule of Employee and Non-Employee Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands): Three Months Ended 2021 2020 Cost of revenue $ 2,999 $ 5,507 Research and development 4,908 6,096 Sales and marketing 4,085 3,890 General and administrative 5,218 7,526 $ 17,210 $ 23,019 |
Schedule of 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, 2020 15,354,271 $ 21.27 6.0 $ 129,855 Exercised (1,978,717) 26.90 Cancelled (328,971) 10.64 Balances at March 31, 2021 13,046,583 20.69 6.0 106,497 Vested and expected to vest at March 31, 2021 12,772,269 20.92 6.0 101,777 Exercisable at March 31, 2021 8,755,992 25.52 5.0 36,250 The following table presents the stock activity and the total number of shares available for grant under our stock plans as of March 31, 2021: Plan Shares Available Balances at December 31, 2020 20,233,754 Added to plan 7,675,984 Granted (2,628,268) Exercised — Cancelled 639,299 Expired (65,694) Balances at March 31, 2021 25,855,075 |
Schedule of RSU Activity and Related Information | A summary of our stock awards activity and related information is as follows: Number of Weighted Unvested Balance at December 31, 2020 6,418,788 $ 13.71 Granted 2,897,260 29.59 Vested (1,140,502) 18.39 Forfeited (310,328) 11.37 Unvested Balance at March 31, 2021 7,865,218 18.97 |
Schedule of Weighted-Average Valuation Assumptions | We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation: Three Months Ended 2021 2020 Risk-free interest rate 0.06% - 0.13% 1.51% Expected term (years) 0.5 - 2.0 0.5 - 2.0 Expected dividend yield — — Expected volatility 95.0% - 109.0% 61.0% |
Portfolio Financings (Tables)
Portfolio Financings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The table below shows the details of the three Investment Company VIEs that were active during the three months ended March 31, 2021 and their cumulative activities from inception to the periods indicated (dollars in thousands): PPA IIIa PPA IV PPA V Overview: Maximum size of installation (in megawatts) 10 21 40 Installed size (in megawatts) 10 19 37 Term of power purchase agreements (in years) 15 15 15 First system installed Feb-13 Sep-14 Jun-15 Last system installed Jun-14 Mar-16 Dec-16 Income (loss) and tax benefits allocation to Equity Investor 99% 90% 99% Cash allocation to Equity Investor 99% 90% 90% Income (loss), tax and cash allocations to Equity Investor after the flip date 5% No flip No flip Equity Investor 1 US Bank Exelon Corporation Exelon Corporation Put option date 2 1st anniversary of flip point N/A N/A Company cash contributions $ 32,223 $ 11,669 $ 27,932 Company non-cash contributions 3 $ 8,655 $ — $ — Equity Investor cash contributions $ 36,967 $ 84,782 $ 227,344 Debt financing $ 44,968 $ 99,000 $ 131,237 Activity as of March 31, 2021: Distributions to Equity Investor $ 4,864 $ 10,922 $ 26,601 Debt repayment—principal $ 11,575 $ 22,075 $ 19,363 Activity as of December 31, 2020: Distributions to Equity Investor $ 4,847 $ 8,852 $ 24,809 Debt repayment—principal $ 10,513 $ 21,163 $ 16,475 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. March 31, December 31, 2020 Assets Current assets: Cash and cash equivalents $ 856 $ 1,421 Restricted cash 1,686 4,698 Accounts receivable 4,359 4,420 Customer financing receivable 5,515 5,428 Prepaid expenses and other current assets 1,822 3,048 Total current assets 14,238 19,015 Property and equipment, net 246,216 252,020 Customer financing receivable, non-current 43,880 45,268 Restricted cash, non-current 15,367 15,320 Other long-term assets 38 37 Total assets $ 319,739 $ 331,660 Liabilities Current liabilities: Accrued expenses and other current liabilities $ 14,587 $ 19,510 Deferred revenue and customer deposits 662 662 Non-recourse debt 118,468 120,846 Total current liabilities 133,717 141,018 Deferred revenue and customer deposits, non-current 5,909 6,072 Non-recourse debt, non-current 99,942 102,045 Total liabilities $ 239,568 $ 249,135 March 31, 2021 December 31, 2020 Bloom Energy PPA Entities Consolidated Bloom Energy PPA Entities Consolidated Assets Current assets $ 570,234 $ 14,238 $ 584,472 $ 599,589 $ 19,015 $ 618,604 Long-term assets 561,289 305,501 866,790 523,138 312,645 835,783 Total assets $ 1,131,523 $ 319,739 $ 1,451,262 $ 1,122,727 $ 331,660 $ 1,454,387 Liabilities Current liabilities $ 235,591 $ 15,249 $ 250,840 $ 295,359 $ 20,172 $ 315,531 Current portion of debt — 118,468 118,468 — 120,846 120,846 Long-term liabilities 621,612 5,909 627,521 600,489 6,072 606,561 Long-term portion of debt 290,089 99,942 390,031 168,008 102,045 270,053 Total liabilities $ 1,147,292 $ 239,568 $ 1,386,860 $ 1,063,856 $ 249,135 $ 1,312,991 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Our operations include the following related party transactions (in thousands): Three Months Ended 2021 2020 Total revenue from related parties $ 770 $ 1,049 Interest expense to related parties — 1,366 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of our net loss per share available to common stockholders, basic and diluted (in thousands, except per share amounts): Three Months Ended 2021 2020 Numerator: Net loss available to Class A and Class B common stockholders $ (24,889) $ (75,949) Denominator: Weighted average shares of common stock, basic and diluted 170,745 123,763 Net loss per share available to Class A and Class B common stockholders, basic and diluted $ (0.15) $ (0.61) |
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 our net loss per share available to common stockholders, diluted, for the three months presented as their inclusion would have been antidilutive: Three Months Ended 2021 2020 Convertible notes $ 14,187 $ 40,723 Stock options and awards 8,625 4,993 $ 22,812 $ 45,716 |
Nature of Business, Liquidity_2
Nature of Business, Liquidity, Basis of Presentation - (Additional Information) (Details) - USD ($) $ in Thousands | May 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Aug. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | |||||||
Non-recourse debt | $ 118,468 | $ 120,846 | |||||
Long-term Debt | 508,499 | 390,899 | |||||
Comprehensive loss | (34,662) | $ (89,856) | |||||
Long-term debt, gross | 522,191 | 527,054 | |||||
Accounts receivable | [1] | 108,328 | 99,513 | ||||
Long-term portion of debt | $ 390,031 | $ 270,053 | |||||
Sales Revenue, Net | Customer Concentration Risk | Duke Energy | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Concentration risk, percentage | 31.00% | ||||||
Sales Revenue, Net | Customer Concentration Risk | SK Engineering & Construction Co., Ltd. | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Concentration risk, percentage | 43.00% | 36.00% | |||||
Sales Revenue, Net | Customer Concentration Risk | EdgeWise Energy LLC | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Concentration risk, percentage | 30.00% | ||||||
Accounts Receivable | Customer Concentration Risk | SK Engineering & Construction Co., Ltd. | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Concentration risk, percentage | 76.00% | 56.00% | |||||
Asia Pacific | Sales Revenue, Net | Geographic Concentration Risk | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Concentration risk, percentage | 43.00% | 37.00% | |||||
Recourse debt | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Non-recourse debt | $ 0 | $ 0 | |||||
Long-term Debt | 290,090 | 168,008 | |||||
Long-term debt, gross | 300,000 | 300,000 | |||||
Long-term portion of debt | 290,090 | 168,008 | |||||
Convertible Promissory Notes Interest Rate 10% Due December 2021 | Convertible debt | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Repayments of convertible debt | $ 70,000 | ||||||
Convertible Promissory Notes Interest Rate 10% Due December 2021 | Convertible debt | Affiliated entity | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Interest rate percentage | 10.00% | ||||||
2.5% Green Convertible Senior Notes due August 2025 | Senior secured notes | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Non-recourse debt | 0 | $ 0 | |||||
Interest rate percentage | 2.50% | 2.50% | |||||
Long-term Debt | 221,387 | $ 99,394 | |||||
Long-term debt, gross | 230,000 | 230,000 | $ 230,000 | ||||
Long-term portion of debt | $ 221,387 | $ 99,394 | |||||
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - (Additional Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Aug. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings (accumulated deficit) | $ 3,123,518 | $ 3,103,937 | |||
Additional paid in capital | (3,129,687) | (3,182,753) | |||
Non-recourse long term debt, non-current | [1] | $ 99,941 | $ 102,045 | ||
2.5% Green Convertible Senior Notes due August 2025 | Senior secured notes | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Interest rate percentage | 2.50% | 2.50% | |||
2.5% Green Convertible Senior Notes due August 2025 | Senior secured notes | Accounting Standards Update 2020-06 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings (accumulated deficit) | $ 5,300 | ||||
Additional paid in capital | 126,800 | ||||
Non-recourse long term debt, non-current | $ 121,500 | ||||
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Revenue Recognition Contract Li
Revenue Recognition Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Deferred revenue | $ 120,643 | $ 177,266 | $ 120,643 | $ 135,578 |
Customer deposits | 33,069 | 66,171 | ||
Deferred revenue and customer deposits | $ 153,712 | $ 201,749 | ||
Change in Contract with Customer, Liability [Abstract] | ||||
Beginning balance | 135,578 | 175,455 | ||
Additions | 156,586 | 138,387 | ||
Revenue recognized | (171,521) | (136,576) | ||
Ending balance | $ 120,643 | $ 177,266 |
Revenue Recognition - Revenue b
Revenue Recognition - Revenue by Source (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | $ 177,601 | $ 141,396 |
Total revenue | 194,007 | 156,699 |
Product | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 137,930 | 99,559 |
Total revenue | 137,930 | 99,559 |
Installation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 2,659 | 16,618 |
Total revenue | 2,659 | 16,618 |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 36,417 | 25,147 |
Total revenue | 36,417 | 25,147 |
Electricity | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 595 | 72 |
Electricity revenue | 16,406 | 15,303 |
Total revenue | $ 17,001 | $ 15,375 |
Financial Instruments - Cash an
Financial Instruments - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and cash equivalents | [1] | $ 180,719 | $ 246,947 | ||
Restricted cash | 184,945 | 169,763 | |||
Cash, cash equivalents and restricted cash | 365,664 | 416,710 | $ 353,919 | $ 377,388 | |
Cash | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash, cash equivalents and restricted cash | 215,297 | 180,808 | |||
Money market funds | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash, cash equivalents and restricted cash | $ 150,367 | $ 235,902 | |||
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Financial Instruments - Restric
Financial Instruments - Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Restricted cash, current | [1] | $ 54,865 | $ 52,470 |
Restricted cash, non-current | [1] | 130,080 | 117,293 |
Restricted cash, total | 184,945 | 169,763 | |
Consolidated Entity, Excluding VIEs | |||
Variable Interest Entity [Line Items] | |||
Restricted cash, current | 53,179 | 26,706 | |
Restricted cash, non-current | 114,713 | 286 | |
PPA Entities | |||
Variable Interest Entity [Line Items] | |||
Restricted cash, current | 1,686 | 4,698 | |
Restricted cash, non-current | 15,367 | 15,320 | |
PPA Entities | PPA II | |||
Variable Interest Entity [Line Items] | |||
Restricted cash, current | 28,200 | 20,300 | |
Restricted cash, non-current | 80,500 | 88,400 | |
Restricted cash, total | 108,700 | ||
PPA Entities | PPA IIIb | |||
Variable Interest Entity [Line Items] | |||
Restricted cash, current | 1,000 | 700 | |
Restricted cash, non-current | 13,300 | 13,300 | |
PPA Entities | Power Purchase Agreements Entities | |||
Variable Interest Entity [Line Items] | |||
Restricted cash, current | 1,686 | 25,764 | |
Restricted cash, non-current | $ 15,367 | $ 117,007 | |
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Fair Value - Financial Assets a
Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Total assets | $ 150,367 | $ 235,902 |
Liabilities | ||
Total liabilities | 19,011 | 24,104 |
Money market funds | ||
Assets | ||
Money market funds | 150,367 | 235,902 |
Natural gas fixed price forward contracts | ||
Liabilities | ||
Derivatives: | 1,650 | 2,574 |
Embedded EPP derivatives | ||
Liabilities | ||
Derivatives: | 6,060 | 5,541 |
Interest rate swap agreements | ||
Liabilities | ||
Derivatives: | 11,301 | 15,989 |
Level 1 | ||
Assets | ||
Total assets | 150,367 | 235,902 |
Liabilities | ||
Total liabilities | 0 | 0 |
Level 1 | Money market funds | ||
Assets | ||
Money market funds | 150,367 | 235,902 |
Level 1 | Natural gas fixed price forward contracts | ||
Liabilities | ||
Derivatives: | 0 | 0 |
Level 1 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives: | 0 | 0 |
Level 1 | Interest rate swap agreements | ||
Liabilities | ||
Derivatives: | 0 | 0 |
Level 2 | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 12,951 | 15,989 |
Level 2 | Money market funds | ||
Assets | ||
Money market funds | 0 | 0 |
Level 2 | Natural gas fixed price forward contracts | ||
Liabilities | ||
Derivatives: | 1,650 | 0 |
Level 2 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives: | 0 | 0 |
Level 2 | Interest rate swap agreements | ||
Liabilities | ||
Derivatives: | 11,301 | 15,989 |
Level 3 | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 6,060 | 8,115 |
Level 3 | Money market funds | ||
Assets | ||
Money market funds | 0 | 0 |
Level 3 | Natural gas fixed price forward contracts | ||
Liabilities | ||
Derivatives: | 0 | 2,574 |
Level 3 | Embedded EPP derivatives | ||
Liabilities | ||
Derivatives: | 6,060 | 5,541 |
Level 3 | Interest rate swap agreements | ||
Liabilities | ||
Derivatives: | $ 0 | $ 0 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash flow hedge gain (loss) to be reclassified within 12 months | $ (2.2) | ||
Gain (loss) on derivative | $ (0.5) | $ 0.3 | |
Measurement Input, Long-term Revenue Growth Rate | Valuation Technique, Option Pricing Model | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Embedded derivative liability, unobservable inputs | 0.07 | 0.07 | |
Measurement Input, Price Volatility | Valuation Technique, Option Pricing Model | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Embedded derivative liability, unobservable inputs | 0.20 | 0.20 | |
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 | $ 0.2 | (0.6) | |
Gain on the settlement of contracts | $ 0.7 | $ 1 |
Fair Value - Change in Level 3
Fair Value - Change in Level 3 Financial Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 8,115 | $ 13,144 |
Settlement of natural gas fixed price forward contracts | (731) | (4,503) |
Changes in fair value | 326 | (526) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | (1,650) | |
Ending balance | 6,060 | 8,115 |
Natural Gas Fixed Price Forward Contracts | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 2,574 | 6,968 |
Settlement of natural gas fixed price forward contracts | (731) | (4,503) |
Changes in fair value | (193) | 109 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | (1,650) | |
Ending balance | 0 | 2,574 |
Embedded EPP Derivative Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 5,541 | 6,176 |
Settlement of natural gas fixed price forward contracts | 0 | 0 |
Changes in fair value | 519 | (635) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |
Ending balance | $ 6,060 | $ 5,541 |
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, 2021 | Dec. 31, 2020 | Aug. 31, 2020 | May 01, 2020 |
Term loan | Net Carrying Value | Term Loan due September 2028, Non-Recourse | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument | $ 30,869 | $ 31,746 | ||
Term loan | Net Carrying Value | Term Loan due December 2021, Non-Recourse | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument | 111,410 | 114,138 | ||
Term loan | Fair Value | Term Loan due September 2028, Non-Recourse | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument | 37,044 | 37,658 | ||
Term loan | Fair Value | Term Loan due December 2021, Non-Recourse | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument | 113,165 | 116,113 | ||
Notes | Net Carrying Value | 10.25% Senior Secured Notes due March 2027 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument | 68,703 | 68,614 | ||
Notes | Fair Value | 10.25% Senior Secured Notes due March 2027 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument | 70,873 | 71,831 | ||
Senior secured notes | Net Carrying Value | 2.5% Green Convertible Senior Notes due August 2025 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument | 221,387 | 99,394 | ||
Senior secured notes | Net Carrying Value | Senior Secured Notes due March 2030, Non-Recourse | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument | 76,130 | 77,007 | ||
Senior secured notes | Fair Value | 2.5% Green Convertible Senior Notes due August 2025 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument | 400,009 | 426,229 | ||
Senior secured notes | Fair Value | Senior Secured Notes due March 2030, Non-Recourse | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument | 89,654 | |||
Customer financing receivables | Net Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Customer financing receivables | 49,395 | 50,746 | ||
Customer financing receivables | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Customer financing receivables | $ 41,039 | $ 42,679 | ||
10.25% Senior Secured Notes due March 2027 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 10.25% | |||
10.25% Senior Secured Notes due March 2027 | Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 10.25% | 10.25% | ||
2.5% Green Convertible Senior Notes due August 2025 | Senior secured notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 2.50% | 2.50% | ||
Term Loan due September 2028, Non-Recourse | Term loan | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 7.50% | 7.50% | ||
Senior Secured Notes due March 2030, Non-Recourse | Senior secured notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 6.07% | 6.07% | ||
Senior Secured Notes due March 2030, Non-Recourse | Senior secured notes | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument | $ 85,830 | |||
Term Loan due December 2021, Non-Recourse | Term loan | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate percentage | 2.50% | 2.50% |
Balance Sheet Components - Inve
Balance Sheet Components - Inventories, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 78,113 | $ 79,090 |
Work-in-progress | 33,333 | 29,063 |
Finished goods | 41,726 | 33,906 |
Inventory, net | 153,172 | 142,059 |
Inventory reserves | $ 14,100 | $ 14,000 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Government incentives receivable | $ 479 | $ 479 | |
Prepaid hardware and software maintenance | 5,304 | 5,227 | |
Receivables from employees | 5,251 | 5,160 | |
Other prepaid expenses and other current assets | 15,775 | 19,852 | |
Prepaid Expense and Other Assets, Current | [1] | $ 26,809 | $ 30,718 |
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Balance Sheet Components - Prop
Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 922,619 | $ 910,298 |
Less: accumulated depreciation | (323,182) | (309,670) |
Property, plant and equipment, net | 599,437 | 600,628 |
Energy Servers | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 672,667 | 669,422 |
Computers, software and hardware | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 20,206 | 20,432 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 109,177 | 106,644 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,495 | 8,455 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 38,019 | 37,497 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 46,730 | 46,730 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 27,325 | $ 21,118 |
Balance Sheet Components - Pr_2
Balance Sheet Components - Property Plant and Equipment, Net (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Depreciation and amortization | $ 13,442 | $ 13,035 | |
Operating leases, depreciation expense | 5,800 | 6,200 | |
PPA Entities | Property subject to operating lease | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property, plant and equipment | 368,000 | $ 368,000 | |
Accumulated depreciation | 121,700 | $ 115,900 | |
Property, plant and equipment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Depreciation and amortization | $ 13,400 | $ 13,000 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Long-Term Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Prepaid and other long-term assets | $ 24,834 | $ 24,116 | |
Deferred commissions | 6,744 | 6,732 | |
Equity-method investments | 1,880 | 1,954 | |
Long-term deposits | 1,741 | 1,709 | |
Other long-term assets | [1] | $ 35,199 | $ 34,511 |
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Warranty (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Product warranty | $ 1,469 | $ 1,549 |
Product performance | 4,347 | 8,605 |
Maintenance services contracts | 142 | 109 |
Accrued warranty liabilities | $ 5,958 | $ 10,263 |
Balance Sheet Components - Stan
Balance Sheet Components - Standard Product Warranty Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Accrued warranty beginning balance | $ 10,154 | $ 9,881 |
Accrued warranty, net | (3,224) | (5,944) |
Warranty expenditures during the year | (1,114) | (5,671) |
Accrued warranty ending balance | $ 5,816 | $ 10,154 |
Balance Sheet Components - Ac_2
Balance Sheet Components - Accrued Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Compensation and benefits | $ 23,401 | $ 28,343 | |
Current portion of derivative liabilities | 13,395 | 19,116 | |
Sales-related liabilities | 5,902 | 14,479 | |
Accrued installation | 8,717 | 16,468 | |
Sales tax liabilities | 2,302 | 2,732 | |
Interest payable | 719 | 2,224 | |
Other | 27,697 | 28,642 | |
Accrued other current liabilities | [1] | $ 82,133 | $ 112,004 |
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Balance Sheet Components - Ot_2
Balance Sheet Components - Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Delaware grant | $ 9,212 | $ 9,212 | |
Other | 10,655 | 8,056 | |
Other long-term liabilities | [1] | $ 19,867 | $ 17,268 |
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Balance Sheet Components - Ot_3
Balance Sheet Components - Other Long-Term Liabilities (Additional Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Delaware grant | $ 9,212 | $ 9,212 |
Outstanding Loans and Securit_3
Outstanding Loans and Security Agreements - Schedule of Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2020 | May 01, 2020 | |
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 522,191 | $ 527,054 | ||
Non-recourse debt | 118,468 | 120,846 | ||
Long-term portion of debt | 390,031 | 270,053 | ||
Long-term Debt, Total | 508,499 | 390,899 | ||
Unused borrowing capacity | 759 | 968 | ||
Letter of Credit due December 2021, Non-Recourse | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 0 | |||
Non-recourse debt | 0 | |||
Long-term portion of debt | 0 | |||
Long-term Debt, Total | 0 | |||
10.25% Senior Secured Notes due March 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage | 10.25% | |||
Letters of Credit | Letter of Credit due December 2021, Non-Recourse | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 759 | $ 968 | ||
Interest rate percentage | 2.25% | 2.25% | ||
Term loan | Term Loan due September 2028, Non-Recourse | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 33,393 | $ 34,456 | ||
Non-recourse debt | 2,985 | 2,826 | ||
Long-term portion of debt | 27,884 | 28,920 | ||
Long-term Debt, Total | $ 30,869 | $ 31,746 | ||
Interest rate percentage | 7.50% | 7.50% | ||
Term loan | Term Loan due December 2021, Non-Recourse | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 111,873 | $ 114,761 | ||
Non-recourse debt | 111,410 | 114,138 | ||
Long-term portion of debt | 0 | 0 | ||
Long-term Debt, Total | $ 111,410 | $ 114,138 | ||
Interest rate percentage | 2.50% | 2.50% | ||
LIBOR margin (as a percentage) | 2.50% | |||
Notes | 10.25% Senior Secured Notes due March 2027 | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 70,000 | $ 70,000 | ||
Non-recourse debt | 0 | 0 | ||
Long-term portion of debt | 68,703 | 68,614 | ||
Long-term Debt, Total | $ 68,703 | $ 68,614 | ||
Interest rate percentage | 10.25% | 10.25% | ||
Senior secured notes | 2.5% Green Convertible Senior Notes due August 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 230,000 | $ 230,000 | $ 230,000 | |
Non-recourse debt | 0 | 0 | ||
Long-term portion of debt | 221,387 | 99,394 | ||
Long-term Debt, Total | 221,387 | $ 99,394 | ||
Interest rate percentage | 2.50% | 2.50% | ||
Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 76,925 | $ 77,837 | ||
Non-recourse debt | 4,073 | 3,882 | ||
Long-term portion of debt | 72,057 | 73,125 | ||
Long-term Debt, Total | $ 76,130 | $ 77,007 | ||
Interest rate percentage | 6.07% | 6.07% | ||
Recourse debt | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 300,000 | $ 300,000 | ||
Non-recourse debt | 0 | 0 | ||
Long-term portion of debt | 290,090 | 168,008 | ||
Long-term Debt, Total | 290,090 | 168,008 | ||
Letters of Credit | Letter of Credit due December 2021, Non-Recourse | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 0 | |||
Non-recourse debt | 0 | |||
Long-term portion of debt | 0 | |||
Long-term Debt, Total | 0 | |||
Non-recourse debt | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 222,191 | 227,054 | ||
Non-recourse debt | 118,468 | 120,846 | ||
Long-term portion of debt | 99,941 | 102,045 | ||
Long-term Debt, Total | 218,409 | 222,891 | ||
Unused borrowing capacity | $ 759 | $ 968 |
Outstanding Loans and Securit_4
Outstanding Loans and Security Agreements - Recourse Debt Facilities (Additional Information) (Details) | May 01, 2020USD ($) | Aug. 31, 2020USD ($)$ / shares | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jan. 01, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 522,191,000 | $ 527,054,000 | |||||
Interest expense | 14,700,000 | $ 22,100,000 | |||||
Retained earnings (accumulated deficit) | 3,123,518,000 | 3,103,937,000 | |||||
Additional paid in capital | (3,129,687,000) | (3,182,753,000) | |||||
Non-recourse long term debt, non-current | [1] | 99,941,000 | $ 102,045,000 | ||||
Contractual interest expense | $ 14,731,000 | $ 20,754,000 | |||||
10.25% Senior Secured Notes due March 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 10.25% | ||||||
Redemption price, percentage | 101.00% | ||||||
Convertible debt | Convertible Promissory Notes Interest Rate 10% Due December 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of convertible debt | $ 70,000,000 | ||||||
Convertible debt | 10.25% Senior Secured Notes due March 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 150,000,000 | ||||||
Current borrowing capacity | 80,000,000 | ||||||
Notes | 10.25% Senior Secured Notes due March 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 10.25% | 10.25% | |||||
Debt face amount | 70,000,000 | ||||||
Long-term debt, gross | $ 70,000,000 | $ 70,000,000 | |||||
Secured long-term debt, noncurrent | $ 70,000,000 | ||||||
Senior secured notes | 2.5% Green Convertible Senior Notes due August 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 2.50% | 2.50% | |||||
Long-term debt, gross | $ 230,000,000 | $ 230,000,000 | $ 230,000,000 | ||||
Debt instrument, unamortized discount | 6,900,000 | ||||||
Convertible, conversion ratio | 0.0616808 | ||||||
Debt other issuance costs, net | 3,000,000 | ||||||
Proceeds from debt, net of issuance costs | 220,100,000 | ||||||
Debt instrument, term | 4 years 4 months 24 days | ||||||
Contractual interest expense | 1,200,000 | ||||||
Amortization of debt issuance costs | $ 500,000 | ||||||
Senior secured notes | 2.5% Green Convertible Senior Notes due August 2025 | Accounting Standards Update 2020-06 | |||||||
Debt Instrument [Line Items] | |||||||
Retained earnings (accumulated deficit) | $ 5,300,000 | ||||||
Additional paid in capital | 126,800,000 | ||||||
Non-recourse long term debt, non-current | $ 121,500,000 | ||||||
Affiliated entity | Convertible debt | Convertible Promissory Notes Interest Rate 10% Due December 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 10.00% | ||||||
Class A common stock | Senior secured notes | 2.5% Green Convertible Senior Notes due August 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Convertible stock price (in dollars per share) | $ / shares | $ 16.21 | ||||||
On or after March 27, 2022 | 10.25% Senior Secured Notes due March 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price, percentage | 108.00% | ||||||
On or after March 27, 2023 | 10.25% Senior Secured Notes due March 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price, percentage | 104.00% | ||||||
On or after March 27, 2024 | 10.25% Senior Secured Notes due March 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price, percentage | 102.00% | ||||||
On or after March 27, 2026 | 10.25% Senior Secured Notes due March 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price, percentage | 100.00% | ||||||
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Outstanding Loans and Securit_5
Outstanding Loans and Security Agreements - Non-recourse Debt Facilities (Additional Information) (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | Jun. 30, 2015 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||||
Long-term portion of debt | $ 390,031,000 | $ 270,053,000 | |||
Unused borrowing capacity | $ 759,000 | $ 968,000 | |||
Term loan | Term Loan due September 2028, Non-Recourse | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | 7.50% | 7.50% | |||
Long-term portion of debt | $ 27,884,000 | $ 28,920,000 | |||
Term loan | Term Loan due December 2021, Non-Recourse | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | 2.50% | 2.50% | |||
Long-term portion of debt | $ 0 | $ 0 | |||
LIBOR margin (as a percentage) | 2.50% | ||||
Senior secured notes | Senior Secured Notes due March 2030, Non-Recourse | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | 6.07% | 6.07% | |||
Long-term portion of debt | $ 72,057,000 | $ 73,125,000 | |||
PPA IIIa | Term loan | Term Loan due September 2028, Non-Recourse | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | 7.50% | ||||
Debt face amount | $ 46,800,000 | ||||
Debt minimum debt service reserves required | 3,800,000 | 3,800,000 | |||
PPA 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 | $ 8,700,000 | 8,500,000 | |||
PPA V | Term loan | Term Loan due December 2021, Non-Recourse | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | $ 131,200,000 | ||||
Commitment fee percentage | 0.50% | ||||
PPA 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 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% | ||||
PPA V | Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 6,200,000 | $ 6,400,000 | |||
Amount outstanding | 5,400,000 | 5,200,000 | |||
Unused borrowing capacity | $ 800,000 | $ 1,000,000 |
Outstanding Loans and Securit_6
Outstanding Loans and Security Agreements - Schedule of Repayments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Remainder of 2021 | $ 117,033 | ||
2022 | 16,393 | ||
2023 | 22,166 | ||
2024 | 24,886 | ||
2025 | 258,022 | ||
Thereafter | 83,691 | ||
Total | 522,191 | $ 527,054 | |
Interest expense | 14,700 | $ 22,100 | |
Interest expense - related parties | $ 0 | $ (1,366) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Value Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives designated as hedging instruments | Accrued expenses and other current liabilities | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Derivative liability | $ 11,301 | $ 15,989 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Interest Rate Swaps (Additional Information) (Details) - Cash flow hedging - PPA Company V $ in Millions | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jul. 31, 2015agreement |
Interest rate swap | |||
Credit Derivatives [Line Items] | |||
Number of swap agreements entered into | 9 | ||
Derivative, notional amount | $ | $ 180.7 | $ 181.4 | |
Interest rate swap maturing In 2016 | |||
Credit Derivatives [Line Items] | |||
Number of swap agreements entered into | 3 | ||
Interest rate swap maturing December 21, 2021 | |||
Credit Derivatives [Line Items] | |||
Number of swap agreements entered into | 3 | ||
Interest rate swap maturing September 30, 2031 | |||
Credit Derivatives [Line Items] | |||
Number of swap agreements entered into | 3 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Changes in Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax: | ||
Net (gain) loss recognized in other comprehensive loss | $ 4,881 | $ 8,214 |
Gain recognized in earnings | 500 | (300) |
Interest rate swap agreements | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax: | ||
Gain recognized in earnings | (35) | (37) |
Derivative contracts | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax: | ||
Beginning balance | 15,989 | 9,238 |
(Gain) loss recognized in other comprehensive loss | (4,164) | 8,356 |
Amounts reclassified from other comprehensive loss to earnings | (489) | (142) |
Net (gain) loss recognized in other comprehensive loss | (4,653) | 8,214 |
Ending balance | $ 11,301 | $ 17,415 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Embedded Derivatives (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gain (loss) on derivative | $ (0.5) | $ 0.3 |
Embedded derivative liability | $ 6 | $ 5.9 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)ft² | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Total plant space (in square feet) | ft² | 534,894 | ||
Financing obligations, non-current | $ 461,468 | $ 459,981 | |
Operating and Short-Term Lease, Cost | $ 3,100 | $ 2,100 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 15 years |
Leases - Operating and Financin
Leases - Operating and Financing Lease Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets and Liabilities, Lessee: | ||
Operating lease right-of-use assets, net | $ 55,165 | $ 35,621 |
Finance lease right-of-use assets, net | 1,685 | 334 |
Total | 56,850 | 35,955 |
Operating lease liabilities | 7,219 | 7,899 |
Financing lease liabilities | 544 | 74 |
Total current lease liabilities | 7,763 | 7,973 |
Operating lease liabilities | 61,714 | 41,849 |
Financing lease liabilities | 1,184 | 267 |
Total non-current lease liabilities | 62,898 | 42,116 |
Total lease liabilities | $ 70,661 | $ 50,089 |
Leases - Costs (Details)
Leases - Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease costs | $ 3,018 | $ 2,069 |
Amortization of financing lease right-of-use assets | 708 | 4 |
Interest expense for financing lease liabilities | 199 | 2 |
Total financing lease costs | 907 | 6 |
Short-term lease costs | 168 | 139 |
Total lease costs | $ 4,093 | $ 2,214 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details) | Mar. 31, 2021 | Dec. 31, 2020 |
Remaining lease term (years): | ||
Operating leases | 8 years 6 months | 6 years 8 months 12 days |
Finance leases | 3 years 3 months 18 days | 4 years 2 months 12 days |
Discount rate: | ||
Operating leases | 9.20% | 8.70% |
Finance leases | 8.20% | 7.00% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Leases | |
Remainder of 2021 | $ 10,324 |
2022 | 11,397 |
2023 | 12,184 |
2024 | 10,762 |
2025 | 10,995 |
Thereafter | 50,098 |
Total minimum lease payments | 105,760 |
Less: amounts representing interest or imputed interest | (36,826) |
Present value of lease liabilities | 68,934 |
Finance Leases | |
Remainder of 2021 | 538 |
2022 | 481 |
2023 | 476 |
2024 | 363 |
2025 | 104 |
Thereafter | 18 |
Total minimum lease payments | 1,980 |
Less: amounts representing interest or imputed interest | (253) |
Present value of lease liabilities | 1,727 |
PPA Entities | |
Operating Leases | |
Remainder of 2021 | 32,655 |
2022 | 44,258 |
2023 | 45,345 |
2024 | 46,590 |
2025 | 47,612 |
Thereafter | 264,207 |
Total minimum lease payments | 480,667 |
Finance Leases | |
Remainder of 2021 | 30,901 |
2022 | 42,067 |
2023 | 43,004 |
2024 | 40,901 |
2025 | 39,859 |
Thereafter | 88,742 |
Total minimum lease payments | 285,474 |
Less: amounts representing interest or imputed interest | (167,747) |
Present value of lease liabilities | $ 117,727 |
Leases - Financial Obligations
Leases - Financial Obligations and Sublease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finance Leases | ||
Remainder of 2021 | $ 538 | |
2022 | 481 | |
2023 | 476 | |
2024 | 363 | |
2025 | 104 | |
Thereafter | 18 | |
Total minimum lease payments | 1,980 | |
Less: amounts representing interest or imputed interest | (253) | |
Present value of lease liabilities | 1,727 | |
Financing lease liabilities | (544) | $ (74) |
Financing lease liabilities | 1,184 | $ 267 |
PPA Entities | ||
Finance Leases | ||
Remainder of 2021 | 30,901 | |
2022 | 42,067 | |
2023 | 43,004 | |
2024 | 40,901 | |
2025 | 39,859 | |
Thereafter | 88,742 | |
Total minimum lease payments | 285,474 | |
Less: amounts representing interest or imputed interest | (167,747) | |
Present value of lease liabilities | 117,727 | |
Financing lease liabilities | (13,330) | |
Financing lease liabilities | 104,397 | |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||
Remainder of 2021 | 30,901 | |
2022 | (42,067) | |
2023 | (43,004) | |
2024 | (40,901) | |
2025 | (39,859) | |
Thereafter | (88,742) | |
Total lease payments | $ (285,474) |
Leases - Sales-Type Leases (Det
Leases - Sales-Type Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Net Investment in Lease [Abstract] | ||
Sales-type Lease, Lease Receivable | $ 48,505 | $ 49,806 |
Sales-type Lease, Unguaranteed Residual Asset | 890 | 890 |
Sales-type Lease, Net Investment in Lease | 49,395 | 50,696 |
Net Investment in Lease, Current | (5,515) | (5,428) |
Net Investment in Lease, Noncurrent | 43,880 | 45,268 |
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||
Remainder of 2021 | 4,399 | |
2022 | 6,110 | |
2023 | 6,435 | |
2024 | 6,797 | |
2025 | 7,125 | |
Thereafter | 19,176 | |
Total undiscounted cash flows | 50,042 | |
Less: imputed interest | (1,486) | |
Present value of lease payments | 48,556 | |
Lease receivable, current portion | 5,500 | |
Lease receivable, long-term portion | 43,900 | |
Current estimated credit losses | $ 100 | $ 100 |
Stock-Based Compensation and _3
Stock-Based Compensation and Employee Benefit Plan - Stock Plan (Additional Information) (Details) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average exercise price, outstanding options (in dollars per share) | $ 20.69 | $ 21.27 |
2002 Stock Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average exercise price, outstanding options (in dollars per share) | $ 23.75 | |
2002 Stock Plan | Class B common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of outstanding options (in shares) | 557,148 |
Stock-Based Compensation and _4
Stock-Based Compensation and Employee Benefit Plan - Equity Incentive Plan (Additional Information) (Details) - $ / shares | Mar. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average exercise price, outstanding options (in dollars per share) | $ 20.69 | $ 20.69 | $ 21.27 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 2,897,260 | ||
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) | $ 27.24 | $ 27.24 | |
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) | 7,797,591 | 7,797,591 | |
2012 Equity Incentive Plan | Class B common stock | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 71,000 | 71,000 | |
2018 Equity Incentive Plan | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 7,794,217 | ||
Shares reserved for future issuance (in shares) | 25,855,075 | 25,855,075 | |
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) | 4,691,844 | 4,691,844 | |
Weighted average exercise price, outstanding options (in dollars per share) | $ 9.43 | $ 9.43 | |
2018 ESPP | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 3,512,465 | 3,512,465 |
Stock-Based Compensation and _5
Stock-Based Compensation and Employee Benefit Plan - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 17,210 | $ 23,019 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 2,999 | 5,507 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 4,908 | 6,096 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 4,085 | 3,890 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 5,218 | $ 7,526 |
Stock-Based Compensation and _6
Stock-Based Compensation and Employee Benefit Plan - Stock-based Compensation Expense (Additional Information) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Share-based Payment Arrangement [Abstract] | ||
Share-based payment arrangement, amount capitalized | $ 0.8 | $ 1.2 |
Stock-Based Compensation and _7
Stock-Based Compensation and Employee Benefit Plan - Stock Option and Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Outstanding Options/RSUs, Number of Shares | ||
Outstanding (in shares) | 15,354,271 | |
Exercised (in shares) | (1,978,717) | |
Cancelled (in shares) | (328,971) | |
Outstanding (in shares) | 13,046,583 | |
Outstanding Options Weighted Average Exercise Price | ||
Outstanding (in dollars per share) | $ 21.27 | |
Exercised (in dollars per share) | 26.90 | |
Cancelled (in dollars per share) | 10.64 | |
Outstanding (in dollars per share) | $ 20.69 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Vested and expected to vest (in shares) | 12,772,269 | |
Exercisable (in shares) | 8,755,992 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 20.92 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 25.52 | |
Outstanding, remaining contractual life | 6 years | |
Outstanding, aggregate intrinsic value | $ 106,497 | $ 129,855 |
Vested and expected to vest, remaining contractual life | 6 years | |
Exercisable, remaining contractual life | 5 years | |
Vested and expected to vest, aggregate intrinsic value | $ 101,777 | |
Exercisable, aggregate intrinsic value | $ 36,250 |
Stock-Based Compensation and _8
Stock-Based Compensation and Employee Benefit Plan - Stock Options (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||
Unrecognized compensation cost related to unvested stock options | $ 16.8 | $ 36.3 | |
Expense expected to be recognized over remaining weighted-average period | 1 year 7 months 6 days | 2 years 4 months 24 days | |
Cash received from Stock options exercised | $ 53.2 | $ 0.7 | |
Class A common stock | |||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||
Granted options (in shares) | 0 | 0 | |
Employee Stock Option | |||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||
Allocated share-based compensation expense | $ 4 | $ 5.6 |
Stock-Based Compensation and _9
Stock-Based Compensation and Employee Benefit Plan - Unvested Restricted Stock Unit Activity (Details) - Restricted Stock | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Unvested Restricted Stock Unit Activity | |
Unvested balance (in shares) | shares | 6,418,788 |
Granted (in shares) | shares | 2,897,260 |
Vested (in shares) | shares | (1,140,502) |
Forfeited (in shares) | shares | (310,328) |
Unvested balance (in shares) | shares | 7,865,218 |
Weighted Average Grant Date Fair Value | |
Unvested balance (in dollars per share) | $ / shares | $ 13.71 |
Granted (in dollars per share) | $ / shares | 29.59 |
Vested (in dollars per share) | $ / shares | 18.39 |
Forfeited (in dollars per share) | $ / shares | 11.37 |
Unvested balance (in dollars per share) | $ / shares | $ 18.97 |
Stock-Based Compensation and_10
Stock-Based Compensation and Employee Benefit Plan - Restricted Stock Units (Additional Information) (Details) - Restricted Stock - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated share-based compensation expense | $ 10.7 | $ 13.2 |
Unrecognized stock-based compensation cost | $ 126.2 | $ 37.6 |
Expense expected to be recognized over a weighted-average period | 2 years 4 months 24 days | 1 year 3 months 18 days |
Stock-Based Compensation and_11
Stock-Based Compensation and Employee Benefit Plan - Number of Shares Available for Grant (Details) | 3 Months Ended |
Mar. 31, 2021shares | |
Options/ RSUs Available for Grant | |
Beginning balance (in shares) | 20,233,754 |
Added to plan (in shares) | 7,675,984 |
Granted (in shares) | (2,628,268) |
Exercised (in shares) | 0 |
Cancelled (in shares) | 639,299 |
Expired (in shares) | (65,694) |
Ending Balance (in shares) | 25,855,075 |
Stock-Based Compensation and_12
Stock-Based Compensation and Employee Benefit Plan - Employee Stock Purchase Plan (Details) - 2018 ESPP - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock ownership plan (ESOP), compensation expense | $ 1.1 | $ 2.9 | |
Share-based compensation arrangement by share-based payment award, shares issued in period | 977,508 | ||
Number of additional shares authorized (in shares) | 1,902,572 | ||
Number of common stock reserved for issuance (in shares) | 3,512,465 | ||
Unrecognized stock-based compensation cost | $ 1.2 | $ 5.5 | |
Expense expected to be recognized over a weighted-average period | 6 months | 9 months 18 days |
Stock-Based Compensation and_13
Stock-Based Compensation and Employee Benefit Plan - Fair Value of Shares Purchased Under the 2018 ESPP (Details) - 2018 ESPP - Employee Stock | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate (minimum) | 0.06% | 1.51% |
Risk-free interest rate (maximum) | 0.13% | |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 61.00% | |
Expected volatility (minimum) | 95.00% | |
Expected volatility (maximum) | 109.00% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 6 months | 6 months |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 2 years | 2 years |
Portfolio Financings - Schedule
Portfolio Financings - Schedule of VIEs (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)MWh | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | |||
Distributions to Equity Investor | $ 0 | $ 1 | |
PPA 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 (in 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 | 4,864 | $ 4,847 | |
Debt repayment—principal | $ 11,575 | 10,513 | |
PPA 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 (in 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 | 10,922 | 8,852 | |
Debt repayment—principal | $ 22,075 | 21,163 | |
PPA 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 (in 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 | 26,601 | 24,809 | |
Debt repayment—principal | $ 19,363 | $ 16,475 |
Portfolio Financings - Addition
Portfolio Financings - Additional Information (Details) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) |
Variable Interest Entity [Line Items] | ||||
Redeemable noncontrolling interest | $ 356 | $ 377 | $ 400 | |
PPA IIIa | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of cash distributions and profit and losses received | 0.95 |
Portfolio Financings - Schedu_2
Portfolio Financings - Schedule of PPA Entities' Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | [1] | $ 180,719 | $ 246,947 |
Restricted cash, current | [1] | 54,865 | 52,470 |
Accounts receivable | [1] | 108,328 | 99,513 |
Customer financing receivable | [1] | 5,515 | 5,428 |
Total current assets | 584,472 | 618,604 | |
Property and equipment, net | [1] | 599,437 | 600,628 |
Capital Leases, Lessor Balance Sheet, Net Investment in Sales Type Leases, Noncurrent | [1] | 43,880 | 45,268 |
Restricted cash, non-current | [1] | 130,080 | 117,293 |
Other long-term assets | [1] | 35,199 | 34,511 |
Total assets | 1,451,262 | 1,454,387 | |
Current liabilities: | |||
Accrued expenses and other current liabilities | [1] | 82,133 | 112,004 |
Deferred revenue and customer deposits | [1] | 69,240 | 114,286 |
Non-recourse debt | 118,468 | 120,846 | |
Total current liabilities | 369,308 | 436,377 | |
Deferred revenue and customer deposits, non-current | [1] | 84,472 | 87,463 |
Long-term portion of debt | 390,031 | 270,053 | |
Other long-term liabilities | [1] | 19,867 | 17,268 |
Total liabilities | 1,386,860 | 1,312,991 | |
PPA Entities | |||
Current assets: | |||
Cash and cash equivalents | 856 | 1,421 | |
Restricted cash, current | 1,686 | 4,698 | |
Accounts receivable | 4,359 | 4,420 | |
Customer financing receivable | 5,515 | 5,428 | |
Prepaid expenses and other current assets | 1,822 | 3,048 | |
Total current assets | 14,238 | 19,015 | |
Property and equipment, net | 246,216 | 252,020 | |
Capital Leases, Lessor Balance Sheet, Net Investment in Sales Type Leases, Noncurrent | 43,880 | 45,268 | |
Restricted cash, non-current | 15,367 | 15,320 | |
Other long-term assets | 38 | 37 | |
Total assets | 319,739 | 331,660 | |
Current liabilities: | |||
Accrued expenses and other current liabilities | 14,587 | 19,510 | |
Deferred revenue and customer deposits | 662 | 662 | |
Non-recourse debt | 118,468 | 120,846 | |
Total current liabilities | 133,717 | 141,018 | |
Deferred revenue and customer deposits, non-current | 5,909 | 6,072 | |
Long-term portion of debt | 99,942 | 102,045 | |
Total liabilities | $ 239,568 | $ 249,135 | |
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Portfolio Financings - Schedu_3
Portfolio Financings - Schedule of Consolidated Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Current assets | $ 584,472 | $ 618,604 |
Long-term assets | 866,790 | 835,783 |
Total assets | 1,451,262 | 1,454,387 |
Current liabilities | 250,840 | 315,531 |
Non-recourse debt | 118,468 | 120,846 |
Long-term liabilities | 627,521 | 606,561 |
Long-term portion of debt | 390,031 | 270,053 |
Total liabilities | 1,386,860 | 1,312,991 |
Bloom Energy | ||
Variable Interest Entity [Line Items] | ||
Current assets | 570,234 | 599,589 |
Long-term assets | 561,289 | 523,138 |
Total assets | 1,131,523 | 1,122,727 |
Current liabilities | 235,591 | 295,359 |
Non-recourse debt | 0 | 0 |
Long-term liabilities | 621,612 | 600,489 |
Long-term portion of debt | 290,089 | 168,008 |
Total liabilities | 1,147,292 | 1,063,856 |
PPA Entities | ||
Variable Interest Entity [Line Items] | ||
Current assets | 14,238 | 19,015 |
Long-term assets | 305,501 | 312,645 |
Total assets | 319,739 | 331,660 |
Current liabilities | 15,249 | 20,172 |
Non-recourse debt | 118,468 | 120,846 |
Long-term liabilities | 5,909 | 6,072 |
Long-term portion of debt | 99,942 | 102,045 |
Total liabilities | $ 239,568 | $ 249,135 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Total revenue from related parties | $ 770 | $ 1,049 |
Interest expense to related parties | $ 0 | $ 1,366 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Total revenue from related parties | $ 770,000 | $ 1,049,000 |
SK Engineering & Construction Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 0 | 0 |
Equity Method Investee | Softbank Corp. | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 400,000 | |
Service | Equity Method Investee | Softbank Corp. | ||
Related Party Transaction [Line Items] | ||
Total revenue from related parties | $ 800,000 | $ 1,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | 109 Months Ended | ||||||
Mar. 31, 2021USD ($)numberOfEmployees | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2021USD ($)numberOfEmployees | Dec. 31, 2020USD ($)numberOfEmployees | Dec. 31, 2017USD ($)numberOfEmployees | Sep. 30, 2017USD ($)numberOfEmployees | Mar. 31, 2012USD ($) | ||
Operating Leased Assets [Line Items] | |||||||||
Restricted cash, current | [1] | $ 54,865 | $ 54,865 | $ 52,470 | |||||
Restricted cash, non-current | [1] | 130,080 | 130,080 | 117,293 | |||||
Restricted Cash | 184,945 | 184,945 | 169,763 | ||||||
Grants receivable | $ 16,500 | ||||||||
Number of employees to be hired per incentive grant agreement | numberOfEmployees | 900 | 900 | |||||||
Minimum cumulative employee compensation, recapture period one | $ 108,000 | ||||||||
Minimum cumulative employee compensation, recapture period three | $ 324,000 | ||||||||
Cumulative compensation expense incurred | 162,800 | 162,800 | 152,200 | ||||||
Proceeds from government grants | 12,000 | ||||||||
Grant agreement, maximum possible repayment amount, recapture period two | 1,600 | 1,600 | |||||||
Grant agreement, maximum possible repayment amount, recapture period three | 2,500 | 2,500 | |||||||
Grant agreement, recapture provision repayments | $ 1,500 | ||||||||
Delaware grant obligation | 9,212 | 9,212 | 9,212 | ||||||
Deferred government grant obligation, current | 1,300 | 1,300 | |||||||
PPA Entities | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Restricted cash, current | 1,686 | 1,686 | 4,698 | ||||||
Restricted cash, non-current | 15,367 | 15,367 | 15,320 | ||||||
PPA II | PPA Entities | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Restricted cash, current | 28,200 | 28,200 | 20,300 | ||||||
Restricted cash, non-current | 80,500 | 80,500 | 88,400 | ||||||
Restricted Cash | 108,700 | 108,700 | |||||||
PPA IIIb | PPA Entities | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Restricted cash, current | 1,000 | 1,000 | 700 | ||||||
Restricted cash, non-current | $ 13,300 | $ 13,300 | $ 13,300 | ||||||
Cash and cash equivalents, period increase (decrease) | $ 13,300 | ||||||||
Pledged assets, term | 7 years | ||||||||
Delaware | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Number of full time employees | numberOfEmployees | 462 | 462 | 424 | ||||||
PPA V | |||||||||
Operating Leased Assets [Line Items] | |||||||||
PPA expenses | $ 100 | $ 5,700 | |||||||
[1] | We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio F inancin g s ). |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 124 | $ 124 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (29,657) | $ (81,518) |
Effective income tax rate | (0.40%) | (0.20%) |
Net Loss per Share Attributab_3
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, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net loss available to Class A and Class B common stockholders | $ (24,889) | $ (75,949) |
Denominator: | ||
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted (in shares) | 170,745 | 123,763 |
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (in dollars per share) | $ (0.15) | $ (0.61) |
Net Loss per Share Attributab_4
Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 22,812 | 45,716 |
Convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 14,187 | 40,723 |
Stock options and awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 8,625 | 4,993 |