v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Schedule of revenue from external customers
Revenue from external customers (including, but not limited to homeowners) for each group of similar products and services is as follows (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Customer agreements
 
$
66,658

 
$
51,220

 
$
128,307

 
$
97,545

Incentives
 
24,947

 
6,891

 
30,288

 
9,656

Customer agreements and incentives
 
91,605

 
58,111

 
158,595

 
107,201

 
 
 
 
 
 
 
 
 
Solar energy systems
 
40,734

 
28,079

 
74,732

 
48,698

Products
 
38,199

 
44,432

 
81,574

 
79,832

Solar energy systems and product sales
 
78,933

 
72,511

 
156,306

 
128,530

Total revenue
 
$
170,538

 
$
130,622

 
$
314,901

 
$
235,731
Cash and restricted cash
Cash and restricted cash consists of the following (in thousands):
 
 
June 30, 2018
 
December 31, 2017
Cash
 
$
215,706

 
$
202,525

Restricted cash, current and long-term
 
54,697

 
39,265

Total
 
$
270,403

 
$
241,790
Accounts receivable, net
Accounts receivable, net consists of the following (in thousands):
 
 
June 30, 2018
 
December 31, 2017
Customer receivables
 
$
56,934

 
$
59,263

Unbilled receivables
 
65,417

 
52,278

Other receivables
 
702

 
751

Rebates receivable
 
2,468

 
1,442

Allowance for doubtful accounts
 
(2,187
)
 
(1,665
)
Total
 
$
123,334

 
$
112,069
Deferred revenue
The opening balance of deferred revenue was $525.4 million as of December 31, 2016. Deferred revenue consists of the following (in thousands):
 
 
June 30, 2018
 
December 31, 2017
Under Customer Agreements:
 
 
 
 
Payments received
 
$
530,010

 
$
517,544

Financing component balance
 
34,251

 
30,736

 
 
564,261

 
548,280

 
 
 
 
 
Under SREC contracts:
 
 
 
 
Payments received
 
13,916

 
14,805

Financing component balance
 
1,865

 
1,767

 
 
15,781

 
16,572

 
 
 
 
 
Total
 
$
580,042

 
$
564,852
Adoption of new accounting pronouncement
The following table presents the effect of the adoption of Topic 606 and Topic 842 on the Company's condensed consolidated balance sheet as of December 31, 2017 (in thousands):
 
 
December 31, 2017
 
 
Previously Reported
 
Adoption Impact
 
Restated

 
 
 
 
 
 
Accounts receivable, net of allowances for doubtful accounts
 
$
76,198

 
$
35,871

 
$
112,069

Solar energy systems, net
 
3,319,708

 
(158,138
)
 
3,161,570

Other assets
 
37,225

 
157,529

 
194,754

Accrued expenses and other liabilities
 
85,639

 
11,591

 
97,230

Deferred revenue, current portion
 
77,310

 
(34,701
)
 
42,609

Deferred grants, current portion
 
8,269

 
(76
)
 
8,193

Pass-through financing obligation, current portion
 
6,087

 
(700
)
 
5,387

Deferred revenue, net of current portion
 
584,427

 
(62,184
)
 
522,243

Deferred grants, net of current portion
 
228,603

 
(1,084
)
 
227,519

Pass-through financing obligation, net of current portion
 
138,124

 
(5,301
)
 
132,823

Other liabilities
 
13,520

 
29,223

 
42,743

Deferred tax liabilities
 
59,131

 
23,988

 
83,119

Redeemable noncontrolling interests
 
123,737

 
64

 
123,801

Additional paid-in capital
 
684,141

 
(1,191
)
 
682,950

Retained earnings
 
131,959

 
70,775

 
202,734

Noncontrolling interests
 
354,076

 
4,858

 
358,934

The following table presents the effect of the adoption of Topic 606 and Topic 842 on the Company's condensed consolidated statement of operations for the three and six months ended June 30, 2017 (in thousands except per share amounts):
 
 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2017
 
 
Previously Reported
 
Adoption Impact
 
Restated
 
Previously Reported
 
Adoption Impact
 
Restated

 
 
 
 
 
 
 
 
 
 
 
 
Revenue: Customer agreements and incentives
 
$
65,337

 
$
(7,226
)
 
$
58,111

 
$
113,435

 
$
(6,234
)
 
$
107,201

Cost of customer agreements and incentives
 
47,114

 
(1,825
)
 
45,289

 
91,450

 
(3,548
)
 
87,902

Sales and marketing
 
32,784

 
2,272

 
35,056

 
64,460

 
3,728

 
68,188

General and administrative
 
25,230

 
(2
)
 
25,228

 
49,851

 
(15
)
 
49,836

Interest expense, net
 
16,602

 
5,369

 
21,971

 
31,879

 
10,650

 
42,529

Income tax expense
 
15,453

 
(4,672
)
 
10,781

 
22,791

 
(6,610
)
 
16,181

Net loss
 
(65,242
)
 
(8,368
)
 
(73,610
)
 
(138,326
)
 
(10,439
)
 
(148,765
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(90,364
)
 
(1,592
)
 
(91,956
)
 
(176,175
)
 
(818
)
 
(176,993
)
Net income available to common stockholders
 
25,122

 
(6,776
)
 
18,346

 
37,849

 
(9,621
)
 
28,228

Basic net income per share available to common stockholders
 
0.24

 
(0.07
)
 
0.17

 
0.36

 
(0.09
)
 
0.27

Diluted net income per share available to common stockholders
 
0.23

 
(0.06
)
 
0.17

 
0.35

 
(0.09
)
 
0.26

The following table presents the effect of the adoption of Topic 230, Topic 606 and Topic 842 on the Company's condensed consolidated statement of cash flows for the six months ended June 30, 2017 (in thousands):
 
 
Six Months Ended June 30, 2017
 
 
Previously Reported
 
Adoption Impact
 
Restated

 
 
 
 
 
 
Net loss
 
$
(138,326
)
 
$
(10,439
)
 
$
(148,765
)
Net cash used in operating activities
 
(33,457
)
 
(15,714
)
 
(49,171
)
Net cash used in investing activities
 
(361,190
)
 
16,747

 
(344,443
)
Net cash provided by financing activities
 
399,604

 
2,592

 
402,196

Net change in cash and restricted cash(1)
 
4,957

 
3,625

 
8,582

Cash and restricted cash, beginning of period(1)
 
206,364

 
17,999

 
224,363

Cash and restricted cash, end of period(1)
 
211,321

 
21,624

 
232,945


(1)Pursuant to Topic 230, restricted cash is included in the restated balances in the statement of cashflows, as described above. The amounts in the previously reported column include only cash.