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v3.25.1

Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31,
|  |  |  |  |  | 2025 |  | 2024
Customer agreements |  |  |  |  |  | $ | 381,360 |  |  | $ | 304,134 |
Incentives |  |  |  |  |  | 21,560 |  |  | 18,833 |
Customer agreements and incentives |  |  |  |  |  | 402,920 |  |  | 322,967 |
Solar energy systems |  |  |  |  |  | 40,068 |  |  | 65,065 |
Product sales |  |  |  |  |  | 61,283 |  |  | 70,156 |
Solar energy systems and product sales |  |  |  |  |  | 101,351 |  |  | 135,221 |
Total revenue |  |  |  |  |  | $ | 504,271 |  |  | $ | 458,188 |
Schedule of Cash and Restricted Cash | The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. Cash and restricted cash consists of the following (in thousands):
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Beginning of period: |  |  |  |
Cash |  | $ | 574,956 |  |  | $ | 678,821 |
Restricted cash, current and long-term |  | 372,460 |  |  | 309,017 |
Total |  | $ | 947,416 |  |  | $ | 987,838 |
End of period: |  |  |  |
Cash |  | $ | 604,874 |  |  | $ | 487,280 |
Restricted cash, current and long-term |  | 374,029 |  |  | 295,899 |
Total |  | $ | 978,903 |  |  | $ | 783,179 |
Schedule of Cash and Restricted Cash | The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. Cash and restricted cash consists of the following (in thousands):
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Beginning of period: |  |  |  |
Cash |  | $ | 574,956 |  |  | $ | 678,821 |
Restricted cash, current and long-term |  | 372,460 |  |  | 309,017 |
Total |  | $ | 947,416 |  |  | $ | 987,838 |
End of period: |  |  |  |
Cash |  | $ | 604,874 |  |  | $ | 487,280 |
Restricted cash, current and long-term |  | 374,029 |  |  | 295,899 |
Total |  | $ | 978,903 |  |  | $ | 783,179 |
Schedule of Accounts Receivable, Net | Accounts receivable, net consists of the following (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Customer receivables |  | $ | 182,270 |  |  | $ | 179,152 |
Other receivables |  | 6,112 |  |  | 6,974 |
Allowance for credit losses |  | (16,261) |  |  | (15,420) |
Total |  | $ | 172,121 |  |  | $ | 170,706 |
Schedule of Deferred Revenue | The balance of deferred revenue was $1.2 billion as of December 31, 2023. Deferred revenue consists of the following (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Under Customer Agreements: |  |  |  |
Payments received, net |  | $ | 960,783 |  |  | $ | 950,225 |
Financing component balance |  | 81,660 |  |  | 79,731 |
|  | 1,042,443 |  |  | 1,029,956 |
Under SREC contracts: |  |  |  |
Payments received, net |  | 311,185 |  |  | 291,972 |
Financing component balance |  | 18,718 |  |  | 16,419 |
|  | 329,903 |  |  | 308,391 |
Total |  | $ | 1,372,346 |  |  | $ | 1,338,347 |

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