Sunrun (RUN) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-37511
Entity Registrant Name	Sunrun Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2841711
Entity Address, Address Line One	225 Bush Street
Entity Address, Address Line Two	Suite 1400
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94104
City Area Code	415
Local Phone Number	580-6900
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	RUN
Security Exchange Name	NASDAQ
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
Entity Common Stock, Shares Outstanding		217,183,357
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001469367
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash		$ 669,094	$ 740,508
Restricted cash		251,836	212,367
Accounts receivable (net of allowances for credit losses of $14,485 and $13,381 as of June 30, 2023 and December 31, 2022, respectively)		215,411	214,255
Inventories		791,740	783,904
Prepaid expenses and other current assets		154,995	146,609
Total current assets		2,083,076	2,097,643
Restricted cash		148	148
Solar energy systems, net		11,936,621	10,988,361
Property and equipment, net		109,900	67,439
Intangible assets, net		5,075	7,527
Goodwill		4,280,169	4,280,169
Other assets		2,075,649	1,827,518
Total assets	[1]	20,490,638	19,268,805
Current liabilities:
Accounts payable		328,827	339,166
Distributions payable to noncontrolling interests and redeemable noncontrolling interests		32,103	32,050
Accrued expenses and other liabilities		387,779	406,466
Deferred revenue, current portion		161,511	183,719
Deferred grants, current portion		8,226	8,252
Finance lease obligations, current portion		16,058	11,444
Non-recourse debt, current portion		470,530	157,810
Pass-through financing obligation, current portion		16,648	16,544
Total current liabilities		1,421,682	1,155,451
Deferred revenue, net of current portion		980,488	912,254
Deferred grants, net of current portion		196,187	201,094
Finance lease obligations, net of current portion		46,700	17,302
Convertible senior notes		394,009	392,882
Line of credit		551,898	505,158
Non-recourse debt, net of current portion		8,187,400	7,343,299
Pass-through financing obligation, net of current portion		283,777	289,011
Other liabilities		142,782	140,290
Deferred tax liabilities		90,598	133,047
Total liabilities	[1]	12,295,521	11,089,788
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests		609,573	609,702
Stockholders’ equity:
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2023 and December 31, 2022; no shares issued and outstanding as of June 30, 2023 and December 31, 2022		0	0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2023 and December 31, 2022; issued and outstanding, 217,044 and 214,184 shares as of June 30, 2023 and December 31, 2022, respectively		22	21
Additional paid-in capital		6,546,814	6,470,194
Accumulated other comprehensive income		64,734	67,109
Retained earnings		(14,116)	170,798
Total stockholders’ equity		6,597,454	6,708,122
Noncontrolling interests		988,090	861,193
Total equity		7,585,544	7,569,315
Total liabilities, redeemable noncontrolling interests and total equity		$ 20,490,638	$ 19,268,805
[1]The Company’s consolidated assets as of June 30, 2023 and December 31, 2022 include $10,881,971 and $10,031,506, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net, as of June 30, 2023 and December 31, 2022 of $9,702,082 and $8,968,835, respectively; cash as of June 30, 2023 and December 31, 2022 of $346,259 and $457,005, respectively; restricted cash as of June 30, 2023 and December 31, 2022 of $43,898 and $44,514, respectively; accounts receivable, net as of June 30, 2023 and December 31, 2022 of $86,041 and $66,847, respectively; inventories as of June 30, 2023 and December 31, 2022 of $357,224 and 193,836, respectively; prepaid expenses and other current assets as of June 30, 2023 and December 31, 2022 of $14,140 and $12,698, respectively; and other assets as of June 30, 2023 and December 31, 2022 of $332,327 and $287,771, respectively. The Company’s consolidated liabilities as of June 30, 2023 and December 31, 2022 include $2,286,648 and $2,227,002, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2023 and December 31, 2022 of $19,907 and $36,315, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2023 and December 31, 2022 of $32,104 and $32,051, respectively; accrued expenses and other current liabilities as of June 30, 2023 and December 31, 2022 of $35,446 and $32,512, respectively; deferred revenue as of June 30, 2023 and December 31, 2022 of $657,581 and $621,457, respectively; non-recourse debt as of June 30, 2023 and December 31, 2022 of $1,525,235 and $1,489,407, respectively; and other liabilities as of June 30, 2023 and December 31, 2022 of $16,375 and $15,260, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts		$ 14,485	$ 13,381
Preferred stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)		200,000,000	200,000,000
Preferred stock, shares issued (in shares)		0	0
Preferred stock, shares outstanding (in shares)		0	0
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)		2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)		217,044,000	214,184,000
Common stock, shares outstanding (in shares)		217,044,000	214,184,000
Total assets	[1]	$ 20,490,638	$ 19,268,805
Solar energy systems, net		11,936,621	10,988,361
Cash		669,094	740,508
Restricted cash		251,836	212,367
Accounts receivable, net		215,411	214,255
Inventories		791,740	783,904
Prepaid expenses and other current assets		154,995	146,609
Other assets		2,075,649	1,827,518
Total liabilities	[1]	12,295,521	11,089,788
Accounts payable		328,827	339,166
Distributions payable to noncontrolling interests and redeemable noncontrolling interests		32,103	32,050
Accrued expenses and other liabilities		387,779	406,466
Deferred revenue		1,141,999	1,095,973
Non-recourse debt		9,603,837	8,399,149
Other liabilities		142,782	140,290
Variable Interest Entities
Total assets		10,881,971	10,031,506
Solar energy systems, net		9,702,082	8,968,835
Cash		346,259	457,005
Restricted cash		43,898	44,514
Accounts receivable, net		86,041	66,847
Inventories		357,224	193,836
Prepaid expenses and other current assets		14,140	12,698
Other assets		332,327	287,771
Total liabilities		2,286,648	2,227,002
Accounts payable		19,907	36,315
Distributions payable to noncontrolling interests and redeemable noncontrolling interests		32,104	32,051
Accrued expenses and other liabilities		35,446	32,512
Deferred revenue		657,581	621,457
Non-recourse debt		1,525,235	1,489,407
Other liabilities		$ 16,375	$ 15,260
[1]The Company’s consolidated assets as of June 30, 2023 and December 31, 2022 include $10,881,971 and $10,031,506, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net, as of June 30, 2023 and December 31, 2022 of $9,702,082 and $8,968,835, respectively; cash as of June 30, 2023 and December 31, 2022 of $346,259 and $457,005, respectively; restricted cash as of June 30, 2023 and December 31, 2022 of $43,898 and $44,514, respectively; accounts receivable, net as of June 30, 2023 and December 31, 2022 of $86,041 and $66,847, respectively; inventories as of June 30, 2023 and December 31, 2022 of $357,224 and 193,836, respectively; prepaid expenses and other current assets as of June 30, 2023 and December 31, 2022 of $14,140 and $12,698, respectively; and other assets as of June 30, 2023 and December 31, 2022 of $332,327 and $287,771, respectively. The Company’s consolidated liabilities as of June 30, 2023 and December 31, 2022 include $2,286,648 and $2,227,002, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2023 and December 31, 2022 of $19,907 and $36,315, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2023 and December 31, 2022 of $32,104 and $32,051, respectively; accrued expenses and other current liabilities as of June 30, 2023 and December 31, 2022 of $35,446 and $32,512, respectively; deferred revenue as of June 30, 2023 and December 31, 2022 of $657,581 and $621,457, respectively; non-recourse debt as of June 30, 2023 and December 31, 2022 of $1,525,235 and $1,489,407, respectively; and other liabilities as of June 30, 2023 and December 31, 2022 of $16,375 and $15,260, respectively.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 590,193	$ 584,580	$ 1,180,042	$ 1,080,364
Operating expenses:
Sales and marketing	194,876	187,428	397,712	362,354
Research and development	4,557	6,139	9,114	12,396
General and administrative	56,366	49,946	108,252	93,027
Amortization of intangible assets	1,110	1,341	2,451	2,682
Total operating expenses	796,134	739,887	1,613,677	1,417,121
Loss from operations	(205,941)	(155,307)	(433,635)	(336,757)
Interest expense, net	(157,177)	(103,045)	(299,875)	(195,299)
Other income, net	41,071	51,873	16,071	165,831
Loss before income taxes	(322,047)	(206,479)	(717,439)	(366,225)
Income tax expense (benefit)	18,677	3,277	(40,942)	0
Net loss	(340,724)	(209,756)	(676,497)	(366,225)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(396,198)	(197,330)	(491,583)	(266,021)
Net income (loss) attributable to common stockholders	$ 55,474	$ (12,426)	$ (184,914)	$ (100,204)
Net income (loss) per share attributable to common stockholders
Basic (in dollars per share)	$ 0.26	$ (0.06)	$ (0.86)	$ (0.48)
Diluted (in dollars per share)	$ 0.25	$ (0.06)	$ (0.86)	$ (0.48)
Weighted average shares used to compute net income (loss) per share attributable to common stockholders
Basic (in shares)	216,017	211,128	215,153	210,474
Diluted (in shares)	221,849	211,128	215,153	210,474
Customer agreements and incentives
Revenue:
Total revenue	$ 302,149	$ 259,886	$ 548,623	$ 469,578
Operating expenses:
Costs	268,687	202,554	505,592	404,339
Solar energy systems and product sales
Revenue:
Total revenue	288,044	324,694	631,419	610,786
Operating expenses:
Costs	$ 270,538	$ 292,479	$ 590,556	$ 542,323

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to common stockholders	$ 55,474	$ (12,426)	$ (184,914)	$ (100,204)
Unrealized gain on derivatives, net of income taxes	39,825	47,760	9,391	112,206
Adjustment for net (gain) loss on derivatives recognized into earnings, net of income taxes	(6,612)	2,567	(11,766)	6,570
Other comprehensive income (loss)	33,213	50,327	(2,375)	118,776
Comprehensive income (loss)	$ 88,687	$ 37,901	$ (187,289)	$ 18,572

Consolidated Statements of Rede

Consolidated Statements of Redeemable Noncontrolling Interests and Equity - USD ($) shares in Thousands, $ in Thousands	Total	Redeemable Noncontrolling Interests	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				208,176
Beginning balance at Dec. 31, 2021		$ 594,973
Beginning balance at Dec. 31, 2021	$ 6,977,614		$ 6,254,736	$ 21	$ 6,330,344	$ (73,050)	$ (2,579)	$ 722,878
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)				951
Exercise of stock options	7,491		7,491		7,491
Issuance of restricted stock units, net of tax withholdings (in shares)				2,117
Issuance of restricted stock units, net of tax withholdings	0
Shares issued in connection with the Employee Stock Purchase Plan (in shares)				699
Shares issued in connection with the Employee Stock Purchase Plan	10,345		10,345		10,345
Stock-based compensation	73,299		73,299		73,299
Contributions from noncontrolling interests and redeemable noncontrolling interests	431,732	100,019						431,732
Distributions to noncontrolling interests and redeemable noncontrolling interests	(73,006)	(32,204)						(73,006)
Net income (loss)	(343,177)	(23,048)	(100,204)				(100,204)	(242,973)
Acquisition of noncontrolling interests	(30,173)		(17,763)		(17,763)			(12,410)
Other comprehensive income (loss), net of taxes	118,776		118,776			118,776
Ending balance at Jun. 30, 2022		639,740
Ending balance (in shares) at Jun. 30, 2022				211,943
Ending balance at Jun. 30, 2022	7,172,901		6,346,680	$ 21	6,403,716	45,726	(102,783)	826,221
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				209,417
Beginning balance at Mar. 31, 2022		630,511
Beginning balance at Mar. 31, 2022	7,050,751		6,264,342	$ 21	6,359,279	(4,601)	(90,357)	786,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)				712
Exercise of stock options	4,952		4,952		4,952
Issuance of restricted stock units, net of tax withholdings (in shares)				1,115
Issuance of restricted stock units, net of tax withholdings	0
Shares issued in connection with the Employee Stock Purchase Plan (in shares)				699
Shares issued in connection with the Employee Stock Purchase Plan	10,345		10,345		10,345
Stock-based compensation	29,140		29,140		29,140
Contributions from noncontrolling interests and redeemable noncontrolling interests	265,558	35,699						265,558
Distributions to noncontrolling interests and redeemable noncontrolling interests	(37,972)	(16,914)						(37,972)
Net income (loss)	(200,200)	(9,556)	(12,426)				(12,426)	(187,774)
Other comprehensive income (loss), net of taxes	50,327		50,327			50,327
Ending balance at Jun. 30, 2022		639,740
Ending balance (in shares) at Jun. 30, 2022				211,943
Ending balance at Jun. 30, 2022	7,172,901		6,346,680	$ 21	6,403,716	45,726	(102,783)	826,221
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				211,943
Beginning balance (in shares)				214,184
Beginning balance at Dec. 31, 2022	609,702	609,702
Beginning balance at Dec. 31, 2022	$ 7,569,315		6,708,122	$ 21	6,470,194	67,109	170,798	861,193
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	495			525
Exercise of stock options	$ 3,318		3,318		3,318
Issuance of restricted stock units, net of tax withholdings (in shares)				1,588
Issuance of restricted stock units, net of tax withholdings	1		1	$ 1
Shares issued in connection with the Employee Stock Purchase Plan (in shares)				747
Shares issued in connection with the Employee Stock Purchase Plan	10,549		10,549		10,549
Stock-based compensation	58,284		58,284		58,284
Contributions from noncontrolling interests and redeemable noncontrolling interests	737,544	19,995						737,544
Distributions to noncontrolling interests and redeemable noncontrolling interests	(87,017)	(34,380)						(87,017)
Net income (loss)	(702,994)	26,497	(184,914)				(184,914)	(518,080)
Acquisition of noncontrolling interests	(1,081)	(12,241)	4,469		4,469			(5,550)
Other comprehensive income (loss), net of taxes	(2,375)		(2,375)			(2,375)
Ending balance at Jun. 30, 2023	609,573	609,573
Ending balance (in shares) at Jun. 30, 2023				217,044
Ending balance at Jun. 30, 2023	7,585,544		6,597,454	$ 22	6,546,814	64,734	(14,116)	988,090
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				215,166
Beginning balance at Mar. 31, 2023		604,707
Beginning balance at Mar. 31, 2023	7,563,047		6,467,758	$ 21	6,505,806	31,521	(69,590)	1,095,289
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)				326
Exercise of stock options	1,990		1,990		1,990
Issuance of restricted stock units, net of tax withholdings (in shares)				805
Issuance of restricted stock units, net of tax withholdings	1		1	$ 1
Shares issued in connection with the Employee Stock Purchase Plan (in shares)				747
Shares issued in connection with the Employee Stock Purchase Plan	10,549		10,549		10,549
Stock-based compensation	28,479		28,479		28,479
Contributions from noncontrolling interests and redeemable noncontrolling interests	339,794	19,995						339,794
Distributions to noncontrolling interests and redeemable noncontrolling interests	(41,546)	(17,378)						(41,546)
Net income (loss)	(349,973)	9,249	55,474				55,474	(405,447)
Acquisition of noncontrolling interests	(10)	(7,000)	(10)		(10)			0
Other comprehensive income (loss), net of taxes	33,213		33,213			33,213
Ending balance at Jun. 30, 2023	609,573	$ 609,573
Ending balance (in shares) at Jun. 30, 2023				217,044
Ending balance at Jun. 30, 2023	$ 7,585,544		$ 6,597,454	$ 22	$ 6,546,814	$ 64,734	$ (14,116)	$ 988,090
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				217,044

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net loss	$ (676,497)	$ (366,225)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization, net of amortization of deferred grants	249,889	213,236
Deferred income taxes	(40,937)	0
Stock-based compensation expense	56,503	65,872
Interest on pass-through financing obligations	9,756	10,057
Reduction in pass-through financing obligations	(20,047)	(19,698)
Unrealized gain on derivatives	(5,731)	(123,716)
Other noncash items	78,684	6,505
Changes in operating assets and liabilities:
Accounts receivable	(12,702)	(79,466)
Inventories	(7,836)	(40,600)
Prepaid and other assets	(250,680)	(173,400)
Accounts payable	(19,832)	(34,497)
Accrued expenses and other liabilities	(48,510)	20,125
Deferred revenue	46,447	67,546
Net cash used in operating activities	(641,493)	(454,261)
Investing activities:
Payments for the costs of solar energy systems	(1,198,940)	(940,995)
Purchase of equity investment	0	(75,000)
Purchases of property and equipment, net	(11,632)	(4,303)
Net cash used in investing activities	(1,210,572)	(1,020,298)
Financing activities:
Proceeds from state tax credits, net of recapture	4,033	0
Proceeds from line of credit	356,384	780,967
Repayment of line of credit	(279,736)	(441,066)
Payment of debt fees	(17,121)	(30,589)
Proceeds from pass-through financing and other obligations, net	4,320	4,262
Payment of finance lease obligations	(10,760)	(6,776)
Contributions received from noncontrolling interests and redeemable noncontrolling interests	757,539	531,751
Distributions paid to noncontrolling interests and redeemable noncontrolling interests	(121,344)	(100,331)
Acquisition of noncontrolling interest	(14,184)	(30,173)
Net proceeds related to stock-based award activities	13,869	17,836
Net cash provided by financing activities	1,820,120	1,487,256
Net change in cash and restricted cash	(31,945)	12,697
Cash and restricted cash, beginning of period	953,023	850,431
Cash and restricted cash, end of period	921,078	863,128
Supplemental disclosures of cash flow information
Cash paid for interest	198,754	128,737
Cash paid for income taxes	0	0
Supplemental disclosures of noncash investing and financing activities
Purchases of solar energy systems and property and equipment included in accounts payable and accrued expenses	70,820	56,233
Right-of-use assets obtained in exchange for new finance lease liabilities	44,852	10,367
Non-recourse debt
Financing activities:
Proceeds from issuance of non-recourse debt	1,465,110	1,385,978
Repayment of non-recourse debt	$ (337,990)	$ (624,603)

Organization

Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Sunrun Inc. (“Sunrun” or the “Company”) was formed in 2007. The Company is engaged in the design, development, installation, sale, ownership and maintenance of residential solar energy systems (“Projects”) in the United States. Sunrun acquires customers directly and through relationships with various solar and strategic partners (“Partners”). The Projects are constructed either by Sunrun or by Sunrun’s Partners and are owned by the Company. Sunrun’s customers enter into an agreement to utilize the solar energy system (“Customer Agreement”) which typically has an initial term of 20 or 25 years. Sunrun monitors, maintains and insures the Projects. The Company also sells solar energy systems and products, such as panels and racking and solar leads generated to customers. The Company has formed various subsidiaries (“Funds”) to finance the development of Projects. These Funds, structured as limited liability companies, obtain financing from outside investors and purchase or lease Projects from Sunrun under master purchase or master lease agreements. The Company currently utilizes three legal structures in its investment Funds, which are referred to as: (i) pass-through financing obligations, (ii) partnership-flips and (iii) joint venture (“JV”) inverted leases.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. The results of the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2023 or other future periods. The consolidated financial statements reflect the accounts and operations of the Company and those of its subsidiaries, including Funds, in which the Company has a controlling financial interest. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as variable interest entities (“VIEs”), through arrangements that do not involve controlling voting interests. In accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 810 (“ASC 810”) Consolidation , the Company consolidates any VIE of which it is the primary beneficiary. The primary beneficiary, as defined in ASC 810, is the party that has (1) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether it continues to be the primary beneficiary. The consolidated financial statements reflect the assets and liabilities of VIEs that are consolidated. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company regularly makes estimates and assumptions, including, but not limited to, revenue recognition constraints that result in variable consideration, the discount rate used to adjust the promised amount of consideration for the effects of a significant financing component, the estimates that affect the collectability of accounts receivable, the valuation of inventories, the useful lives of solar energy systems, the useful lives of property and equipment, the valuation and useful lives of intangible assets, the effective interest rate used to amortize pass-through financing obligations, the discount rate uses for operating and financing leases, the valuation of stock-based compensation, the determination of valuation allowances associated with deferred tax assets, the fair value of debt instruments disclosed and the redemption value of redeemable noncontrolling interests. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Actual results may differ from such estimates. Segment Information The Company has one operating segment with one business activity, providing solar energy services and products to customers. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who manages operations on a consolidated basis for purposes of allocating resources. When evaluating performance and allocating resources, the CODM reviews financial information presented on a consolidated basis. 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, 2023 2022 2023 2022 Customer agreements $ 274,490 $ 232,003 $ 499,578 $ 422,505 Incentives 27,659 27,883 49,045 47,073 Customer agreements and incentives 302,149 259,886 548,623 469,578 Solar energy systems 202,483 209,314 431,385 409,313 Products 85,561 115,380 200,034 201,473 Solar energy systems and product sales 288,044 324,694 631,419 610,786 Total revenue $ 590,193 $ 584,580 $ 1,180,042 $ 1,080,364 Revenue from Customer Agreements includes payments by customers for the use of the system as well as utility and other rebates assigned by the customer to the Company in the Customer Agreement. Revenue from incentives includes revenue from solar renewable energy credits (“SRECs”) and the sale of commercial investment tax credits ("Commercial ITCs"). Cash and Restricted Cash Restricted cash represents amounts related to obligations under certain financing transactions and future replacement of solar energy system components. 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 statement of cash flows. Cash and restricted cash consists of the following (in thousands): Six Months Ended June 30, 2023 2022 Beginning of period: Cash $ 740,508 $ 617,634 Restricted cash, current and long-term 212,515 232,797 Total $ 953,023 $ 850,431 End of period: Cash $ 669,094 $ 522,460 Restricted cash, current and long-term 251,984 340,668 Total $ 921,078 $ 863,128 Accounts Receivable Accounts receivable consist of amounts due from customers, as well as state and utility rebates due from government agencies and utility companies. Under Customer Agreements, the customers typically assign incentive rebates to the Company. Accounts receivable, net, consists of the following (in thousands): June 30, 2023 December 31, 2022 Customer receivables $ 225,841 $ 218,712 Other receivables 4,055 8,924 Allowance for credit losses (14,485) (13,381) Total $ 215,411 $ 214,255 Goodwill Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed. Goodwill is reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount may be impaired. The Company has determined that it operates as one reporting unit and the Company’s goodwill is recorded at the enterprise level. The Company performs its annual impairment test of goodwill on October 1 of each fiscal year or whenever events or circumstances change or occur that would indicate that goodwill might be impaired. When assessing goodwill for impairment, the Company uses qualitative and if necessary, quantitative methods in accordance with FASB ASC Topic 350, Goodwill . The Company also considers its enterprise value and if necessary, discounted cash flow model, which involves assumptions and estimates, including the Company’s future financial performance, weighted average cost of capital and interpretation of currently enacted tax laws. Circumstances that could indicate impairment and require the Company to perform a quantitative impairment test include significant declines in the Company’s financial results or enterprise value relative to its net book value or a sustained decline in the Company's stock price below its book value, coupled with declines in valuations for comparable public companies or acquisition premiums. As of October 1, 2022, the Company concluded that the fair value of the Company exceeded its carrying value. Since December 31, 2021, the trading price of the Company’s common stock has generally declined. A sustained decrease in the Company’s stock price is one of the qualitative factors to be considered as part of an impairment test when evaluating whether events or changes in circumstances may indicate that it is more likely than not that a potential goodwill impairment exists. During the first quarter of fiscal 2023, due to a material sustained decline of the Company’s market capitalization after consideration of a control premium below the book value of equity, the Company performed a quantitative assessment as of March 31, 2023 related to the recoverability of its goodwill for its one reporting unit. The Company estimated the fair value of its reporting unit primarily based on consideration of an income approach analysis. Under the income approach, future cash flows of the Company were estimated and converted to present value based on a discount rate reflecting a market participant risk-adjusted rate of return. The significant assumptions and estimates used in the assessment include, among others, estimated future net annual contracted cash flows under its existing long term customer agreements, as well as future growth estimates which rely on management judgements. The Company also compared the total invested capital (including market capitalization) to the fair value of its reporting unit to assess the reasonableness of fair value after consideration of a control premium. The fair value of the Company’s one reporting unit exceeded its carrying amount as of March 31, 2023. Holding all other assumptions constant, a 100 basis point increase in the discount rate assumption would not have resulted in impairment. Should, among other events and circumstances, industry conditions deteriorate, the outlook for future operating results and cash flow decline or regulations change, costs of equity or debt capital increase, valuations for comparable public companies or comparable acquisition valuations decrease, or the Company's market capitalization experience a further sustained decline below its book value, the Company may need to further reassess the recoverability of goodwill in future periods. The Company performed a qualitative assessment at June 30, 2023 and concluded no further evaluation was required. Deferred Revenue When the Company receives consideration, or when such consideration is unconditionally due, from a customer prior to delivering goods or services to the customer under the terms of a Customer Agreement, the Company records deferred revenue. Such deferred revenue consists of amounts for which the criteria for revenue recognition have not yet been met and includes amounts that are collected or assigned from customers, including upfront deposits and prepayments, and rebates. Deferred revenue relating to financing components represents the cumulative excess of interest expense recorded on financing component elements over the related revenue recognized to date and will eventually net to zero by the end of the initial term. Amounts received related to the sales of SRECs which have not yet been delivered to the counterparty are recorded as deferred revenue. The opening balance of deferred revenue was $873.6 million as of December 31, 2021. Deferred revenue consists of the following (in thousands): June 30, 2023 December 31, 2022 Under Customer Agreements: Payments received, net $ 871,166 $ 840,771 Financing component balance 68,756 65,326 939,922 906,097 Under SREC contracts: Payments received, net 190,217 179,416 Financing component balance 11,860 10,460 202,077 189,876 Total $ 1,141,999 $ 1,095,973 During the three months ended June 30, 2023 and 2022, the Company recognized revenue of $29.6 million and $25.5 million, respectively, and in the six months ended June 30, 2023 and 2022, the Company recognized revenue of $53.6 million and $45.9 million, respectively, from amounts included in deferred revenue at the beginning of the respective periods. Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized and includes deferred revenue as well as amounts that will be invoiced and recognized as revenue in future periods. Contracted but not yet recognized revenue was approximately $21.6 billion as of June 30, 2023, of which the Company expects to recognize approximately 5% over the next 12 months. The annual recognition is not expected to vary significantly over the next 10 years as the vast majority of existing Customer Agreements have at least 10 years remaining, given that the average age of the Company's fleet of residential solar energy systems under Customer Agreements is less than five years due to the Company being formed in 2007 and having experienced significant growth in the last few years. The annual recognition on these existing contracts will gradually decline over the midpoint of the Customer Agreements over the following 10 years as the typical 20- or 25-year initial term expires on individual Customer Agreements. Fair Value of Financial Instruments The Company defines fair value as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses valuation approaches to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. The FASB establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: • Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; • Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and • Level 3—Inputs that are unobservable, significant to the measurement of the fair value of the assets or liabilities and are supported by little or no market data. The Company's financial instruments include cash, receivables, accounts payable, accrued expenses, distributions payable to noncontrolling interests, derivatives, contingent consideration, and recourse and non-recourse debt. Revenue Recognition The Company recognizes revenue when control of goods or services is transferred to its customers, in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. Customer agreements and incentives Customer agreements and incentives revenue is primarily comprised of revenue from Customer Agreements in which the Company provides continuous access to a functioning solar energy system and revenue from the sales of SRECs generated by the Company’s solar energy systems to third parties. The Company begins to recognize revenue on Customer Agreements when permission to operate ("PTO") is given by the local utility company or on the date daily operation commences if utility approval is not required. Revenue recognition does not necessarily follow the receipt of cash. For Customer Agreements that include a fixed fee per month which entitles the customer to any and all electricity generated by the system, and for which the Company’s obligation is to provide continuous access to a functioning solar energy system, the Company recognizes revenue evenly over the time that it satisfies its performance obligations, which is over the initial term of the Customer Agreements. For Customer Agreements that charge a fixed price per kilowatt hour, and for which the Company’s obligation is the provision of electricity from a solar energy system, revenue is recognized based on the actual amount of power generated at rates specified under the contracts. Customer Agreements typically have an initial term of 20 or 25 years. After the initial contract term, Customer Agreements typically automatically renew annually or for five years. SREC revenue arises from the sale of environmental credits generated by solar energy systems and is generally recognized upon delivery of the SRECs to the counterparty or upon reporting of the electricity generation. For pass-through financing obligation Funds, the value attributable to the monetization of Commercial ITCs are recognized in the period a solar energy system is granted PTO - see Note 10 , Pass-Through Financing Obligations . In determining the transaction price, the Company adjusts the promised amount of consideration for the effects of the time value of money when the timing of payments provides it with a significant benefit of financing the transfer of goods or services to the customer. In those circumstances, the contract contains a significant financing component. When adjusting the promised amount of consideration for a significant financing component, the Company uses the discount rate that would be reflected in a separate financing transaction between the entity and its customer at contract inception and recognizes the revenue amount on a straight-line basis over the term of the Customer Agreement, and interest expense using the effective interest rate method. Consideration from customers is considered variable due to the performance guarantee under Customer Agreements and liquidating damage provisions under SREC contracts in the event minimum deliveries are not achieved. Performance guarantees provide a credit to the customer if the system's cumulative production, as measured on various PTO anniversary dates, is below the Company's guarantee of a specified minimum. Revenue is recognized to the extent it is probable that a significant reversal of such revenue will not occur. The Company capitalizes incremental costs incurred to obtain a contract in Other Assets in the consolidated balance sheets. These amounts are amortized on a straight-line basis over the term of the Customer Agreements, and are included in Sales and marketing in the consolidated statements of operations. Solar energy systems and product sales For solar energy systems sold to customers, revenue is recognized when the solar energy system passes inspection by the authority having jurisdiction, which inspection generally occurs after installation but prior to PTO, at which time the Company has met the performance obligation in the contract. For solar energy system sales that include delivery obligations up until interconnection to the local power grid with permission to operate, the Company recognizes revenue at PTO. Certain solar energy systems sold to customers include fees for extended warranty and maintenance services. These fees are recognized over the life of the service agreement. The Company’s installation Projects are typically completed in less than twelve months. Product sales consist of solar panels, racking systems, inverters, other solar energy products sold to resellers, roofing repair, and customer leads. Product sales revenue is recognized at the time when control is transferred, upon shipment, or as services are delivered. Customer lead revenue, included in product sales, is recognized at the time the lead is delivered. Taxes assessed by government authorities that are directly imposed on revenue producing transactions are excluded from solar energy systems and product sales. Cost of Revenue Customer agreements and incentives Cost of revenue for customer agreements and incentives is primarily comprised of (1) the depreciation of the cost of the solar energy systems, as reduced by amortization of deferred grants, (2) solar energy system operations, monitoring and maintenance costs including associated personnel costs, and (3) allocated corporate overhead costs. Solar energy systems and product sales Cost of revenue for solar energy systems and non-lead generation product sales consist of direct and indirect material and labor costs for solar energy systems installations and product sales. Also included are engineering and design costs, estimated warranty costs, freight costs, allocated corporate overhead costs, vehicle depreciation costs and personnel costs associated with supply chain, logistics, operations management, safety and quality control. Cost of revenue for lead generations consists of costs related to direct-response advertising activities associated with generating customer leads. Recently Issued and Adopted Accounting Standards Accounting standards adopted effective January 1, 2023: In October 2022, the FASB issued ASU No. 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which requires entities to disclose the key terms of supplier finance programs they use in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. This ASU is effective for fiscal periods beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2022-04 effective January 1, 2023 and there was no impact to its financial statement disclosures. In July 2023, the FASB issued ASU No. 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718)

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement At June 30, 2023 and December 31, 2022, the carrying value of receivables, accounts payable, accrued expenses and distributions payable to noncontrolling interests approximates fair value due to their short-term nature and falls under the Level 2 hierarchy. The carrying values and fair values of debt instruments are as follows (in thousands): June 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Recourse debt $ 945,907 $ 835,907 $ 898,040 $ 787,340 Senior debt 3,971,785 3,916,048 3,238,633 3,176,774 Subordinated debt 1,911,283 1,798,785 1,743,048 1,625,258 Securitization debt 2,774,862 2,436,519 2,519,428 2,169,247 Total $ 9,603,837 $ 8,987,259 $ 8,399,149 $ 7,758,619 At June 30, 2023 and December 31, 2022, the fair value of certain recourse debt and certain senior, subordinated and securitization loans approximate their carrying values because their interest rates are variable rates that approximate rates currently available to the Company. At June 30, 2023 and December 31, 2022, the fair value of the Company’s other debt instruments are based on rates currently offered for debt with similar maturities and terms. The Company’s fair value of the debt instruments fell under the Level 2 hierarchy. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market. At June 30, 2023 and December 31, 2022, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy, are as follows (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Derivative assets: Interest rate swaps $ — $ 174,625 $ — $ 174,625 Total $ — $ 174,625 $ — $ 174,625 Derivative liabilities: Interest rate swaps $ — $ 16,239 $ — $ 16,239 Total $ — $ 16,239 $ — $ 16,239 December 31, 2022 Level 1 Level 2 Level 3 Total Derivative assets: Interest rate swaps $ — $ 177,827 $ — $ 177,827 Total $ — $ 177,827 $ — $ 177,827 Derivative liabilities: Interest rate swaps $ — $ 8,247 $ — $ 8,247 Total $ — $ 8,247 $ — $ 8,247 The above balances are recorded in other assets and other liabilities, respectively, in the consolidated balance sheets, except for $72.2 million and $55.0 million as of June 30, 2023 and December 31, 2022, respectively, which is recorded in prepaid and other assets.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 697,991 $ 671,880 Work-in-process 93,749 112,024 Total $ 791,740 $ 783,904

Solar Energy Systems, net

Solar Energy Systems, net	6 Months Ended
	Jun. 30, 2023
Solar Energy Systems Disclosure [Abstract]
Solar Energy Systems, net	Solar Energy Systems, net Solar energy systems, net consists of the following (in thousands): June 30, 2023 December 31, 2022 Solar energy system equipment costs $ 11,408,910 $ 10,529,852 Inverters and batteries 1,535,189 1,384,776 Total solar energy systems 12,944,099 11,914,628 Less: accumulated depreciation and amortization (1,912,611) (1,682,296) Add: construction-in-progress 905,133 756,029 Total solar energy systems, net $ 11,936,621 $ 10,988,361 All solar energy systems, including construction-in-progress, have been leased to or are subject to signed Customer Agreements with customers. The Company recorded depreciation expense related to solar energy

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following (in thousands): June 30, 2023 December 31, 2022 Costs to obtain contracts - customer agreements $ 1,335,379 $ 1,096,346 Costs to obtain contracts - incentives 2,481 2,481 Accumulated amortization of costs to obtain contracts (138,708) (112,968) Unbilled receivables 385,906 324,385 Allowance for credit losses on unbilled receivables (3,947) (3,322) Equity investment 186,226 186,197 Operating lease right-of-use assets 105,535 104,759 Other assets 202,777 229,640 Total $ 2,075,649 $ 1,827,518 The Company recorded amortization of costs to obtain contracts of $13.8 million and $9.1 million for the three months ended June 30, 2023 and 2022, respectively, and $26.0 million and $17.2 million for the six months ended June 30, 2023 and 2022, respectively, in Sales and marketing in the consolidated statements of operations. The majority of unbilled receivables arise from fixed price escalators included in the Company's long-term Customer Agreements. The escalator is included in calculating the total estimated transaction value for an individual Customer Agreement. The total estimated transaction value is then recognized over the term of the Customer Agreement. The amount of unbilled receivables increases while billings for an individual Customer Agreement are less than the revenue recognized for that Customer Agreement. Conversely, the amount of unbilled receivables decreases once the billings become higher than the amount of revenue recognized in the period. At the end of the initial term of a Customer Agreement, the cumulative amounts recognized as revenue and billed to date are the same, therefore the unbilled receivable balance for an individual Customer Agreement will be zero. The Company applies an estimated loss-rate in order to determine the current expected credit loss for unbilled receivables. The estimated loss-rate is determined by analyzing historical credit losses, residential first and second mortgage foreclosures and consumers' utility default rates, as well as current economic conditions. The Company reviews individual customer collection status of electricity billings to determine whether the unbilled receivables for an individual customer should be written off, including the possibility of a service transfer to a potential new homeowner.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following (in thousands): June 30, 2023 December 31, 2022 Accrued employee compensation $ 97,244 $ 101,621 Accrued interest 81,254 63,595 Operating lease obligations 32,862 31,307 Other accrued expenses 176,419 209,943 Total $ 387,779 $ 406,466

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Indebtedness	Indebtedness As of June 30, 2023, debt consisted of the following (in thousands, except percentages): June 30, 2023 December 31, 2022 Unused Borrowing Capacity (1) Weighted Average Interest Rate at June 30, 2023 (2) Weighted Average Interest Rate at December 31, 2022 (2) Contractual Interest Rate (3) Contractual Maturity Date Recourse debt Bank line of credit (4) $ 551,898 $ 505,158 $ — 8.70% 6.01% SOFR +3.25% January 2025 0% Convertible Senior Notes (5) 400,000 400,000 — —% —% —% February 2026 Total recourse debt 951,898 905,158 — Unamortized debt discount (5,991) (7,118) — Total recourse debt, net 945,907 898,040 — Non-recourse debt (6) Senior revolving and delayed draw loans (7) 1,820,200 1,560,002 46,500 7.39% 6.49% SOFR +2.00%- 3.10% April 2025 - March 2027 Senior non-revolving loans (10) 2,150,880 1,680,444 — 6.85% 6.00% 4.66% - 4.70%; SOFR +1.75% - 2.50% April 2024 - November 2040 Subordinated revolving and delayed draw loans (7)(11) 196,000 333,800 — 11.43% 9.58% SOFR +3.50% - 9.10% April 2024 - March 2027 Subordinated loans (8)(9) 1,748,478 1,442,336 — 8.94% 8.76% 7.00% - 10.50%; SOFR +6.00% - 6.75% November 2025 - January 2042 Securitized loans 2,800,832 2,531,465 — 4.10% 3.87% 2.27% - 5.75% July 2024 - July 2059 Total non-recourse debt 8,716,390 7,548,047 46,500 Unamortized debt discount, net (58,460) (46,938) — Total non-recourse debt, net 8,657,930 7,501,109 46,500 Total debt, net $ 9,603,837 $ 8,399,149 $ 46,500 (1) Represents the additional amount the Company could borrow, if any, based on the state of its existing assets as of June 30, 2023. (2) Reflects weighted average contractual, unhedged rates. See Note 9, Derivatives for hedge rates. (3) Ranges shown reflect fixed interest rate and rates using SOFR. (4) The former working capital facility was terminated in January 2022 and was replaced by this syndicated working capital facility with banks has a total commitment up to $600.0 million and is secured by substantially all of the unencumbered assets of the Company, as well as ownership interests in certain subsidiaries of the Company. Borrowings under the Facility may be designated as Base Rate Loans or Term SOFR Loans, subject to certain terms and conditions under the Credit Agreement. Base Rate Loans accrue interest at a rate per year equal to 2.25% plus the highest of (a) the federal funds rate plus 0.50%, (b) the interest rate determined from time to time by the Administrative Agent as its prime rate and notified to the Company, (c) the Adjusted Term SOFR Rate (defined below) for a one-month interest period in effect on such day (or if such day is not a business day, the immediately preceding business day) plus 1.00% and (d) 0.00%. Term SOFR Loans accrue interest at a rate per annum equal to (a) 3.25% plus (b) the greater of (i) 0.00% and (ii) the sum of (x) the forward-looking term rate for a period comparable to the applicable available tenor based on SOFR that is published by CME Group Benchmark Administration Ltd or a successor for the applicable interest period and (y) (1) if the applicable interest period is one month, 0.11448%, (2) if the applicable interest period is three months, 0.26161% or (c) if the applicable interest period is six months, 0.42826% (the rate pursuant to clause (b), the "Adjusted Term SOFR Rate"). This facility is subject to various restrictive covenants, such as the completion and presentation of audited consolidated financial statements, maintaining a minimum modified interest coverage ratio, a minimum modified current ratio, a maximum modified leverage ratio, and a minimum unencumbered cash balance, in each case, tested quarterly. The Company was in compliance with all debt covenants as of June 30, 2023. (5) These convertible senior notes ("Notes") will not bear regular interest, and the principal amount of the notes will not accrete. The Notes may bear special interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under the Indenture or if the Notes are not freely tradeable as required by the Indenture. The Notes will mature on February 1, 2026, unless earlier repurchased by the Company, redeemed by the Company or converted pursuant to their terms. The initial conversion rate of the Notes is 8.4807 shares of the Company’s common stock, par value $0.0001 per share, per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $117.91 per share. The conversion rate will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid special interest. In addition, upon the occurrence of a make-whole fundamental change or an issuance of a notice of redemption, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its Notes in connection with such make-whole fundamental change or notice of redemption. The debt discount recorded on the Notes is being amortized to interest expense at an effective interest rate of 0.57%. As of June 30, 2023, $5.5 million of the debt discount was amortized to interest expense inception to date. In connection with the offering of the Notes, the Company entered into privately negotiated capped call transactions (“Capped Calls”) with certain of the initial purchasers and/or their respective affiliates at a cost of approximately $28.0 million. The Capped Calls are classified as equity and were recorded to additional paid-in-capital within stockholders’ equity as of March 31, 2021. The Capped Calls each have an initial strike price of approximately $117.91 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls have initial cap prices of $157.22 per share. The Capped Calls cover, subject to anti-dilution adjustments, approximately 3.4 million shares of common stock. The Capped Calls are expected generally to reduce the potential dilution to the common stock upon any conversion of Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the Notes, as the case may be, in the event the market price per share of common stock, as measured under the Capped Calls, is greater than the strike price of the Capped Call, with such offset subject to a cap. If, however, the market price per share of the common stock, as measured under the Capped Calls, exceeds the cap price of the Capped Calls, there would be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that the then-market price per share of the common stock exceeds the cap price. The final components of the Capped Calls are scheduled to expire on January 29, 2026. None of the conversion criteria has been met as of June 30, 2023. (6) Certain loans under this category are part of project equity transactions. (7) Pursuant to the terms of the aggregation facilities within this category the Company may draw up to an aggregate principal amount of $2.2 billion in revolver borrowings depending on the available borrowing base at the time. (8) A loan under this category with an outstanding balance of $134.1 million as of June 30, 2023 contains a put option that can be exercised beginning in 2036 that would require the Company to pay off the entire loan on November 30, 2037. (9) Loans under this category with a floating rate had a total outstanding balance of $306.1 million as of June 30, 2023. (10) As of June 30, 2023, a loan under this category had a balance of $165.7 million with a maturity date of April 2024. Although there is no assurance that the Company will be able to do so, the Company believes that it is probable that it will be able to extend or otherwise refinance the facility prior to maturity. (11) As of June 30, 2023, a loan under this category had a balance of $150.0 million with a maturity date of April 2024. Although there is no assurance that the Company will be able to do so, the Company believes that it is probable that it will be able to extend or otherwise refinance the facility prior to maturity. Senior and Subordinated Debt Facilities Each of the Company's senior and subordinated debt facilities contain customary covenants, including the requirement to maintain certain financial measurements and provide lender reporting. Each of the senior and subordinated debt facilities also contain certain provisions in the event of default that entitle lenders to take certain actions including acceleration of amounts due under the facilities and acquisition of membership interests and assets that are pledged to the lenders under the terms of the senior and subordinated debt facilities. The facilities are non-recourse to the Company and are secured by net cash flows from Customer Agreements or inventories less certain operating, maintenance and other expenses that are available to the borrower after distributions to tax equity investors, where applicable. Under the terms of these facilities, the Company's subsidiaries pay interest and principal from the net cash flows available to the subsidiaries. The Company was in compliance with all debt covenants as of June 30, 2023. Non-Recourse Financings In connection with each of the Company's non-recourse financings (including securitized note facilities), assets (consisting of membership interests in project companies that own photovoltaic systems and related customer agreements) were contributed by the Company to special purpose subsidiaries of the Company (each a “Non-Recourse Borrower”). Each of such financings contains customary covenants including the requirement to provide reporting to the indenture trustee or collateral agent and, if applicable, ratings agencies. Each of the financings also contains certain provisions which entitle the indenture trustee or collateral agent to take certain actions upon the occurrence of an event of default, including acceleration of amounts due under the facilities and the foreclosure on the assets of the Non-Recourse Borrower that are pledged to the lenders under the terms thereof. The facilities are non-recourse to the Company and are secured by first priority security interests by each Non-Recourse Borrower in favor of the indenture trustee or collateral agent in all of the Non-Recourse Borrower’s assets including the cash flows from Customer Agreements which are available to each Non-Recourse Borrower after giving effect to certain operating, maintenance and other expenses and, where applicable, distributions to tax equity investors. As a result of such security interests, the assets of each Non-Recourse Borrower are not available to the creditors of the Company unless and until distributions from such entities are made to the Company as permitted under the applicable facility documentation. Under the terms of these financings, each Non-Recourse Borrower pays interest and principal from such net cash flows. The Company was in compliance with all debt covenants as of June 30, 2023.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Interest Rate Swaps The Company uses interest rate swaps to hedge variable interest payments due on certain of its term loans and aggregation facility. These swaps allow the Company to incur fixed interest rates on these loans and receive payments based on variable interest rates with the swap counterparty based on SOFR (daily, one month, three month) on the notional amounts over the life of the swaps. In the second quarter of 2023, the Company entered into bilateral agreements with its swap counterparties to transition the remaining portion of its swaps to SOFR. The Company made various elections under FASB ASC Topic 848, Reference Rate Reform , related to changes in critical terms of the hedging relationships due to reference rate reform to not result in a de-designation of these hedging relationships. As of June 30, 2023, all of the Company's interest rate swap agreements were indexed to SOFR. The interest rate swaps have been designated as cash flow hedges. The credit risk adjustment associated with these swaps is the risk of non-performance by the counterparties to the contracts. In the six months ended June 30, 2023, the hedge relationships on the Company’s interest rate swaps have been assessed as highly effective as the quarterly assessment performed determined changes in cash flows of the derivative instruments have been highly effective in offsetting the changes in the cash flows of the hedged items, are expected to be highly effective in the future and the critical terms of the interest rate swaps match the critical terms of the underlying forecasted hedged transactions. Accordingly, changes in the fair value of these derivatives are recorded as a component of accumulated other comprehensive income, net of income taxes. Changes in the fair value of these derivatives are subsequently reclassified into earnings, and are included in interest expense, net in the Company’s statements of operations, in the period that the hedged forecasted transactions affect earnings. To the extent that the hedge relationships are not effective, changes in the fair value of these derivatives are recorded in other expenses, net in the Company's statements of operations on a prospective basis. The Company’s master netting and other similar arrangements allow net settlements under certain conditions. When those conditions are met, the Company presents derivatives at net fair value. As of June 30, 2023, the information related to these offsetting arrangements were as follows (in thousands): Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet Notional Amount (1) Assets: Derivatives designated as hedging instruments $ 124,519 $ (15) $ 124,504 $ 2,048,121 Derivatives not designated as hedging instruments 50,106 (9,148) 40,958 2,017,485 Total derivative assets $ 174,625 $ (9,163) $ 165,462 $ 4,065,606 Liabilities: Derivatives designated as hedging instruments $ (6,073) $ 17 $ (6,056) $ 16,718 Derivatives not designated as hedging instruments (10,166) 9,146 (1,020) 684,955 Total derivative liabilities $ (16,239) $ 9,163 $ (7,076) $ 701,673 Total $ 158,386 $ — $ 158,386 $ 4,767,279 (1) Comprised of 101 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness ) at 0.31% to 3.85% per annum. These swaps mature from April 30, 2024 to January 31, 2043. As of December 31, 2022, the information related to these offsetting arrangements were as follows (in thousands): Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet Notional Amount Assets: Derivatives designated as hedging instruments $ 133,168 $ — $ 133,168 $ 2,122,222 Derivatives not designated as hedging instruments 44,659 (4,523) 40,136 1,095,820 Total derivative assets $ 177,827 $ (4,523) $ 173,304 $ 3,218,042 Liabilities: Derivatives designated as hedging instruments (3,724) — (3,724) — Derivatives not designated as hedging instruments (4,523) 4,523 — — Total derivative liabilities $ (8,247) $ 4,523 $ (3,724) $ — Total $ 169,580 $ — $ 169,580 $ 3,218,042 The gains on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands): Three months ended June 30, 2023 2022 Derivatives designated as cash flow hedges: Interest rate swaps $ (51,073) $ (47,236) Six months ended June 30, 2023 2022 Derivatives designated as cash flow hedges: Interest rate swaps $ (13,045) $ (110,764) The (gains) losses on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands): Three months ended June 30, 2023 2022 Interest expense, net Other expense, net Interest expense, net Other expense, net Derivatives designated as cash flow hedges: Interest rate swaps: (Gains) losses reclassified from AOCI into income $ (9,032) $ — $ 3,486 $ — Derivatives not designated as cash flow hedges: Interest rate swaps: Losses (gains) recognized into income — (42,723) — (54,373) Total (gains) losses $ (9,032) $ (42,723) $ 3,486 $ (54,373) Six months ended June 30, 2023 2022 Interest expense, net Other expense, net Interest expense, net Other expense, net Derivatives designated as cash flow hedges: Interest rate swaps: (Gains) losses reclassified from AOCI into income $ (16,071) $ — $ 8,913 $ — Derivatives not designated as cash flow hedges: Interest rate swaps: Losses (gains) recognized into income — (17,673) — (121,012) Total (gains) losses $ (16,071) $ (17,673) $ 8,913 $ (121,012) All amounts in Accumulated other comprehensive income (loss) ("AOCI") in the consolidated statements of redeemable noncontrolling interests and equity relate to derivatives, refer to the consolidated statements of comprehensive (loss) income. The net gain (loss) on derivatives includes the tax effect of $8.8 million and $0.4 million for the three months ended June 30, 2023 and 2022, respectively, and $0.7 million and $0.9 million for the six months ended June 30, 2023 and 2022, respectively. During the next 12 months, the Company expects to reclassify $35.6 million of net gains on derivative instruments from accumulated other comprehensive income to earnings. There were 43 undesignated derivative instruments recorded by the Company as of June 30, 2023.

Pass-Through Financing Obligati

Pass-Through Financing Obligations	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Pass-Through Financing Obligations	Pass-Through Financing Obligations The Company's pass-through financing obligations ("financing obligations") arise when the Company leases solar energy systems to Fund investors who are considered commercial customers under a master lease agreement, and these investors in turn are assigned the Customer Agreements with customers. The Company receives all of the value attributable to the accelerated tax depreciation and some or all of the value attributable to the other incentives. Given the assignment of operating cash flows, these arrangements are accounted for as financing obligations. The Company also sells the rights and related value attributable to the Commercial ITC to these investors. Under these financing obligation arrangements, wholly owned subsidiaries of the Company finance the cost of solar energy systems with investors for an initial term of 22 years, and one fund for 7 years. The solar energy systems are subject to Customer Agreements with an initial term of typically 20 or 25 years that automatically renew annually or for five years. These solar energy systems are reported under the line item solar energy systems, net in the consolidated balance sheets. As of June 30, 2023 and December 31, 2022, the cost of the solar energy systems placed in service under the financing obligation arrangements was $696.7 million and $699.5 million, respectively. The accumulated depreciation related to these assets as of June 30, 2023 and December 31, 2022 was $180.0 million and $167.9 million, respectively. The investors make a series of large up-front payments and, in certain cases, subsequent smaller quarterly payments (lease payments) to the subsidiaries of the Company. The Company accounts for the payments received from the investors under the financing obligation arrangements as borrowings by recording the proceeds received as financing obligations on its consolidated balance sheets, and cash provided by financing activities in its consolidated statement of cash flows. These financing obligations are reduced over a period of approximately 22 years, or over 7 years in the case of one fund, by customer payments under the Customer Agreements, and proceeds from the contracted resale of SRECs as they are received by the investor. In addition, funds paid for the Commercial ITC value upfront are initially recorded as a refund liability and recognized as revenue as the associated solar energy system reaches PTO. The Commercial ITC value is reflected in cash provided by operations on the consolidated statement of cash flows. The Company accounts for the Customer Agreements, as well as the resale of SRECs consistent with the Company’s revenue recognition accounting policies as described in Note 2, Summary of Significant Accounting Policies. Interest is calculated on the financing obligations using the effective interest rate method. The effective interest rate, which is adjusted on a prospective basis, is the interest rate that equates the present value of the estimated cash amounts to be received by the investor over the lease term with the present value of the cash amounts paid by the investor to the Company, adjusted for amounts received by the investor. The financing obligations are nonrecourse once the associated assets have been placed in service and all the contractual arrangements have been assigned to the investor. Under the majority of the financing obligations, the investor has a right to extend its right to receive cash flows from the customers beyond the initial term in certain circumstances. Depending on the arrangement, the Company has the option to settle the outstanding financing obligation on the ninth or eleventh anniversary of the Fund inception at a price equal to the higher of (a) the fair value of future remaining cash flows or (b) the amount that would result in the investor earning their targeted return. In several of these financing obligations, the investor has an option to require repayment of the entire outstanding balance on the tenth anniversary of the Fund inception at a price equal to the fair value of the future remaining cash flows. Under the majority of the financing obligations, the Company is responsible for services such as warranty support, accounting, lease servicing and performance reporting to customers. As part of the warranty and performance guarantee with the customers in applicable funds, the Company guarantees certain specified minimum annual solar energy production output for the solar energy systems leased to the customers, which the Company accounts for as disclosed in Note 2, Summary of Significant Accounting Policies.

VIE Arrangements

VIE Arrangements	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VIE Arrangements	VIE Arrangements The Company consolidated various VIEs at June 30, 2023 and December 31, 2022. The carrying amounts and classification of the VIEs’ assets and liabilities included in the consolidated balance sheets are as follows (in thousands): June 30, 2023 December 31, 2022 Assets Current assets Cash $ 346,259 $ 457,005 Restricted cash 43,898 44,514 Accounts receivable, net 86,041 66,847 Inventories 357,224 193,836 Prepaid expenses and other current assets 14,140 12,698 Total current assets 847,562 774,900 Solar energy systems, net 9,702,082 8,968,835 Other assets 332,327 287,771 Total assets $ 10,881,971 $ 10,031,506 Liabilities Current liabilities Accounts payable $ 19,907 $ 36,315 Distributions payable to noncontrolling interests and redeemable noncontrolling interests 32,104 32,051 Accrued expenses and other liabilities 35,446 32,512 Deferred revenue, current portion 50,850 49,037 Non-recourse debt, current portion 182,427 39,894 Total current liabilities 320,734 189,809 Deferred revenue, net of current portion 606,731 572,420 Non-recourse debt, net of current portion 1,342,808 1,449,513 Other liabilities 16,375 15,260 Total liabilities $ 2,286,648 $ 2,227,002 The Company holds certain variable interests in nonconsolidated VIEs established as a result of six pass-through Fund arrangements as further explained in Note 10, Pass-Through Financing Obligations. The Company does not have material exposure to losses as a result of its involvement with the VIEs in excess of the amount of the pass-through financing obligation recorded in the Company’s consolidated financial statements. The Company is not considered the primary beneficiary of these VIEs.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests and Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Redeemable Noncontrolling Interests and Equity	Redeemable Noncontrolling Interests and Equity During certain specified periods of time, noncontrolling interests in certain funding arrangements have the right to put all of their membership interests to the Company. During a specific period of time, the Company has the right to call all membership units of the related redeemable noncontrolling interests.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options The following table summarizes the activity for all stock options under all of the Company’s equity incentive plans for the six months ended June 30, 2023 (shares and aggregate intrinsic value in thousands): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2022 5,217 $ 16.08 5.68 $ 58,784 Granted — — Exercised (495) 6.72 Canceled (85) 31.03 Outstanding at June 30, 2023 4,637 $ 16.81 5.24 $ 29,938 Options vested and exercisable at June 30, 2023 3,674 $ 13.21 4.43 $ 29,010 Restricted Stock Units The following table summarizes the activity for all restricted stock units (“RSUs”) under all of the Company’s equity incentive plans for the six months ended June 30, 2023 (shares in thousands): Number of Awards Weighted Average Grant Date Fair Value Unvested balance at December 31, 2022 4,542 $ 31.60 Granted 5,369 20.83 Issued (1,588) 27.78 Canceled / forfeited (433) 30.22 Unvested balance at June 30, 2023 7,890 $ 25.13 Warrants for Strategic Partners The Company has issued warrants for up to 846,943 shares of its common stock to certain strategic partners (calculated using the respective quarter of grant's closing stock price). The exercise price of each warrant is $0.01 per share, and 31,876 warrants were exercised during the six months ended June 30, 2023. There were 309,226 warrants exercised during the six months ended June 30, 2022. The Company recognized stock-based compensation expense of $1.1 million and $1.1 million during the three months ended June 30, 2023 and 2022, respectively, and $2.1 million and $2.1 million during the six months ended June 30, 2023 and 2022, respectively, under performance and time-based warrants. Employee Stock Purchase Plan Under the Company's 2015 Employee Stock Purchase Plan ("ESPP"), eligible employees are offered shares bi-annually through a 24-month offering period that encompasses four six-month purchase periods. Each purchase period begins on the first trading day on or after May 15 and November 15 of each year. Employees may purchase a limited number of shares of the Company’s common stock via regular payroll deductions at a discount of 15% of the lower of the fair market value of the Company’s common stock on the first trading date of each offering period or on the exercise date. Employees may deduct up to 15% of payroll, with a cap of $25,000 of fair market value of shares in any calendar year and 10,000 shares per employee per purchase period. Stock-Based Compensation Expense The Company recognized stock-based compensation expense, including ESPP expenses, in the consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of customer agreements and incentives $ 2,048 $ 2,169 $ 3,889 $ 5,356 Cost of solar energy systems and product sales 1,494 1,682 3,262 5,014 Sales and marketing 14,835 13,490 29,712 37,624 Research and development 452 743 894 1,696 General and administration 9,408 8,569 18,746 16,182 Total $ 28,237 $ 26,653 $ 56,503 $ 65,872 During the three and six months ended June 30, 2023, stock-based compensation expense capitalized to solar energy systems, net in the Company’s consolidated balance sheet was $2.8 million and $5.2 million, respectively, and was $2.5 million and $7.4 million during the three and six months ended June 30, 2022, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax (benefit) expense rate for the three months ended June 30, 2023 and 2022 was (5.8)% and (1.6)%, respectively, and for the six months ended June 30, 2023 and 2022 was 5.7% and 0.0%, respectively. The differences between the actual consolidated effective income tax rate and the U.S. federal statutory rate were primarily attributable to the allocation of losses on noncontrolling interests and income tax expense related to the valuation allowance. The Company sells solar energy systems to investment Funds. As the investment Funds are consolidated by the Company, the gain on the sale of the assets has been eliminated in the consolidated financial statements, however gains on sale are recognized for tax purposes and the tax effects of which, both current and deferred, are included in the Company’s income tax provision.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit As of June 30, 2023 and December 31, 2022, the Company had $23.8 million and $44.4 million, respectively, of unused letters of credit outstanding, which each carry fees of 0.50% - 3.25% per annum and 0.50% - 3.25% per annum, respectively. Guarantees Certain tax equity funds and debt facilities require the Company to maintain an aggregate amount of $35.0 million of unencumbered cash and cash equivalents at the end of each month. Purchase Commitment The Company entered into purchase commitments, which have the ability to be canceled without significant penalties, with multiple suppliers to purchase $254.0 million of photovoltaic modules, inverters and batteries by the end of 2023. Warranty Accrual The Company accrues warranty costs when revenue is recognized for solar energy systems sales, based on the estimated future costs of meeting its warranty obligations. Warranty costs primarily consist of replacement costs for supplies and labor costs for service personnel since warranties for equipment and materials are covered by the original manufacturer’s warranty (other than a small deductible in certain cases). As such, the warranty reserve is immaterial in all periods presented. The Company makes and revises these estimates based on the number of solar energy systems under warranty, the Company’s historical experience with warranty claims, assumptions on warranty claims to occur over a systems’ warranty period and the Company’s estimated replacement costs. A warranty is provided for solar energy systems sold. However, for the solar energy systems under Customer Agreements, the Company does not accrue a warranty liability because those systems are owned by consolidated subsidiaries of the Company. Instead, any repair costs on those solar energy systems are expensed when they are incurred as a component of customer agreements and incentives costs of revenue. Commercial ITC Indemnification The Company is contractually committed to compensate its investors for any losses that they may suffer in certain limited circumstances resulting from reductions in Commercial ITCs, including any reduction in depreciable basis. Generally, such obligations would arise as a result of reductions to the value of the underlying solar energy systems as assessed by the Internal Revenue Service (the “IRS”). The Company set the purchase prices and claimed values based on fair market values determined with the assistance of an independent third-party appraisal with respect to the systems that generate Commercial ITCs (and the associated depreciable basis) that are passed-through to, and claimed by, the Fund investors. In April 2018, the Company purchased an insurance policy providing for certain payments by the insurers in the event there is a final determination (including a judicial determination) that reduced the Commercial ITCs and depreciation claimed in respect of solar energy systems sold or transferred to most Funds through April 2018, or later, in the case of Funds added to the policy after such date. In general, the policy indemnifies the Company and related parties for additional taxes (including penalties and interest) owed in respect of lost Commercial ITCs, depreciation, gross-up costs and expenses incurred in defending such claim, subject to negotiated exclusions from, and limitations to, coverage. The Company purchased similar additional insurance policies in January 2021, October 2022 and May 2023. At each balance sheet date, the Company assesses and recognizes, when applicable, the potential exposure from this obligation based on all the information available at that time, including any audits undertaken by the IRS. The IRS is auditing one of the Company's investors in an audit involving a review of the fair market value determination of the Company's solar energy systems in the investment fund, which is covered by the Company’s 2018 insurance policy. If this audit results in an adverse final determination, the Company may be subject to an indemnity obligation to its investor, which may result in certain limited out-of-pocket costs and potential increased insurance premiums in the future. Litigation The Company is subject to certain legal proceedings, claims, investigations and administrative proceedings in the ordinary course of its business. The Company records a provision for a liability when it is both probable that the liability has been incurred and the amount of the liability can be reasonably estimated. These provisions, if any, are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Depending on the nature and timing of any such proceedings that may arise, an unfavorable resolution of a matter could materially affect the Company’s future consolidated results of operations, cash flows or financial position in a particular period. In the normal course of business, the Company has from time to time been named as a party to various legal claims, actions , or complaints. While the outcome of these matters cannot currently be predicted with certainty, the Company does not currently believe that the outcome of any of these claims will have a material adverse effect, individually or in the aggregate, on its consolidated financial position, results of operations or cash flows. The Company accrues for losses that are probable and can be reasonably estimated. The Company evaluates the adequacy of its legal reserves based on its assessment of many factors, including interpretations of the law and assumptions about the future outcome of each case based on available information.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period adjusted to include the effect of potentially dilutive securities. Potentially dilutive securities are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive. The computation of the Company’s basic and diluted net income (loss) per share is as follows (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ 55,474 $ (12,426) $ (184,914) $ (100,204) Debt Discount Amortization 534 — — — Net income (loss) available to common stockholders $ 56,008 $ (12,426) $ (184,914) $ (100,204) Denominator: Weighted average shares used to compute net income (loss) per share attributable to common stockholders, basic 216,017 211,128 215,153 210,474 Weighted average effect of potentially dilutive shares to purchase common stock 5,832 — — — Weighted average shares used to compute net income (loss) per share attributable to common stockholders, diluted 221,849 211,128 215,153 210,474 Net income (loss) per share attributable to common stockholders Basic $ 0.26 $ (0.06) $ (0.86) $ (0.48) Diluted $ 0.25 $ (0.06) $ (0.86) $ (0.48) The following shares were excluded from the computation of diluted net income (loss) per share as the impact of including those shares would be anti-dilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding stock options 1,599 1,796 1,536 1,711 Unvested restricted stock units 8,154 4,499 6,039 4,136 Convertible Senior Notes (if converted) — 3,392 1,696 3,392 Total 9,753 9,687 9,271 9,239

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Advances Receivable—Related Party Net amounts due from direct-sales professionals were $13.4 million and $18.1 million as of June 30, 2023 and December 31, 2022, respectively. The Company provided a reserve of $2.1 million and $1.9 million as of June 30, 2023 and December 31, 2022, respectively, related to advances to direct-sales professionals who have terminated their employment agreement with the Company.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to common stockholders	$ 55,474	$ (12,426)	$ (184,914)	$ (100,204)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 2, 2023, Danny Abajian, our Chief Financial Officer, adopted a trading plan for the sale of the Company’s common stock that is intended to satisfy the affirmative defense of Rule 10b5-1(c). The trading plan will expire on May 30, 2025 and provides for an aggregate of approximately 297,339 shares of common stock to be sold, should the Company's stock price reach a series of certain price thresholds.
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Danny Abajian [Member]
Trading Arrangements, by Individual
Name	Danny Abajian, our Chief Financial Officer,
Adoption Date	June 2, 2023
Arrangement Duration	728 days
Aggregate Available	297,339	297,339

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. The results of the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2023 or other future periods. The consolidated financial statements reflect the accounts and operations of the Company and those of its subsidiaries, including Funds, in which the Company has a controlling financial interest. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as variable interest entities (“VIEs”), through arrangements that do not involve controlling voting interests. In accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 810 (“ASC 810”) Consolidation , the Company consolidates any VIE of which it is the primary beneficiary. The primary beneficiary, as defined in ASC 810, is the party that has (1) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether it continues to be the primary beneficiary. The consolidated financial statements reflect the assets and liabilities of VIEs that are consolidated. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company regularly makes estimates and assumptions, including, but not limited to, revenue recognition constraints that result in variable consideration, the discount rate used to adjust the promised amount of consideration for the effects of a significant financing component, the estimates that affect the collectability of accounts receivable, the valuation of inventories, the useful lives of solar energy systems, the useful lives of property and equipment, the valuation and useful lives of intangible assets, the effective interest rate used to amortize pass-through financing obligations, the discount rate uses for operating and financing leases, the valuation of stock-based compensation, the determination of valuation allowances associated with deferred tax assets, the fair value of debt instruments disclosed and the redemption value of redeemable noncontrolling interests. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Actual results may differ from such estimates.
Segment Information	Segment Information The Company has one operating segment with one business activity, providing solar energy services and products to customers. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who manages operations on a consolidated basis for purposes of allocating resources. When evaluating performance and allocating resources, the CODM reviews financial information presented on a consolidated basis.
Cash and Restricted Cash	Cash and Restricted Cash Restricted cash represents amounts related to obligations under certain financing transactions and future replacement of solar energy system components.
Accounts Receivable	Accounts Receivable Accounts receivable consist of amounts due from customers, as well as state and utility rebates due from government agencies and utility companies. Under Customer Agreements, the customers typically assign incentive rebates to the Company.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed. Goodwill is reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount may be impaired. The Company has determined that it operates as one reporting unit and the Company’s goodwill is recorded at the enterprise level. The Company performs its annual impairment test of goodwill on October 1 of each fiscal year or whenever events or circumstances change or occur that would indicate that goodwill might be impaired. When assessing goodwill for impairment, the Company uses qualitative and if necessary, quantitative methods in accordance with FASB ASC Topic 350, Goodwill . The Company also considers its enterprise value and if necessary, discounted cash flow model, which involves assumptions and estimates, including the Company’s future financial performance, weighted average cost of capital and interpretation of currently enacted tax laws. Circumstances that could indicate impairment and require the Company to perform a quantitative impairment test include significant declines in the Company’s financial results or enterprise value relative to its net book value or a sustained decline in the Company's stock price below its book value, coupled with declines in valuations for comparable public companies or acquisition premiums. As of October 1, 2022, the Company concluded that the fair value of the Company exceeded its carrying value. Since December 31, 2021, the trading price of the Company’s common stock has generally declined. A sustained decrease in the Company’s stock price is one of the qualitative factors to be considered as part of an impairment test when evaluating whether events or changes in circumstances may indicate that it is more likely than not that a potential goodwill impairment exists. During the first quarter of fiscal 2023, due to a material sustained decline of the Company’s market capitalization after consideration of a control premium below the book value of equity, the Company performed a quantitative assessment as of March 31, 2023 related to the recoverability of its goodwill for its one reporting unit. The Company estimated the fair value of its reporting unit primarily based on consideration of an income approach analysis. Under the income approach, future cash flows of the Company were estimated and converted to present value based on a discount rate reflecting a market participant risk-adjusted rate of return. The significant assumptions and estimates used in the assessment include, among others, estimated future net annual contracted cash flows under its existing long term customer agreements, as well as future growth estimates which rely on management judgements. The Company also compared the total invested capital (including market capitalization) to the fair value of its reporting unit to assess the reasonableness of fair value after consideration of a control premium. The fair value of the Company’s one reporting unit exceeded its carrying amount as of March 31, 2023. Holding all other assumptions constant, a 100 basis point increase in the discount rate assumption would not have resulted in impairment. Should, among other events and circumstances, industry conditions deteriorate, the outlook for future operating results and cash flow decline or regulations change, costs of equity or debt capital increase, valuations for comparable public companies or comparable acquisition valuations decrease, or the Company's market capitalization experience a further sustained decline below its book value, the Company may need to further reassess the recoverability of goodwill in future periods. The Company performed a qualitative assessment at June 30, 2023 and concluded no further evaluation was required.
Deferred Revenue, Revenue Recognition, Cost of Revenue	Deferred Revenue When the Company receives consideration, or when such consideration is unconditionally due, from a customer prior to delivering goods or services to the customer under the terms of a Customer Agreement, the Company records deferred revenue. Such deferred revenue consists of amounts for which the criteria for revenue recognition have not yet been met and includes amounts that are collected or assigned from customers, including upfront deposits and prepayments, and rebates. Deferred revenue relating to financing components represents the cumulative excess of interest expense recorded on financing component elements over the related revenue recognized to date and will eventually net to zero by the end of the initial term. Amounts received related to the sales of SRECs which have not yet been delivered to the counterparty are recorded as deferred revenue. Revenue Recognition The Company recognizes revenue when control of goods or services is transferred to its customers, in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. Customer agreements and incentives Customer agreements and incentives revenue is primarily comprised of revenue from Customer Agreements in which the Company provides continuous access to a functioning solar energy system and revenue from the sales of SRECs generated by the Company’s solar energy systems to third parties. The Company begins to recognize revenue on Customer Agreements when permission to operate ("PTO") is given by the local utility company or on the date daily operation commences if utility approval is not required. Revenue recognition does not necessarily follow the receipt of cash. For Customer Agreements that include a fixed fee per month which entitles the customer to any and all electricity generated by the system, and for which the Company’s obligation is to provide continuous access to a functioning solar energy system, the Company recognizes revenue evenly over the time that it satisfies its performance obligations, which is over the initial term of the Customer Agreements. For Customer Agreements that charge a fixed price per kilowatt hour, and for which the Company’s obligation is the provision of electricity from a solar energy system, revenue is recognized based on the actual amount of power generated at rates specified under the contracts. Customer Agreements typically have an initial term of 20 or 25 years. After the initial contract term, Customer Agreements typically automatically renew annually or for five years. SREC revenue arises from the sale of environmental credits generated by solar energy systems and is generally recognized upon delivery of the SRECs to the counterparty or upon reporting of the electricity generation. For pass-through financing obligation Funds, the value attributable to the monetization of Commercial ITCs are recognized in the period a solar energy system is granted PTO - see Note 10 , Pass-Through Financing Obligations . In determining the transaction price, the Company adjusts the promised amount of consideration for the effects of the time value of money when the timing of payments provides it with a significant benefit of financing the transfer of goods or services to the customer. In those circumstances, the contract contains a significant financing component. When adjusting the promised amount of consideration for a significant financing component, the Company uses the discount rate that would be reflected in a separate financing transaction between the entity and its customer at contract inception and recognizes the revenue amount on a straight-line basis over the term of the Customer Agreement, and interest expense using the effective interest rate method. Consideration from customers is considered variable due to the performance guarantee under Customer Agreements and liquidating damage provisions under SREC contracts in the event minimum deliveries are not achieved. Performance guarantees provide a credit to the customer if the system's cumulative production, as measured on various PTO anniversary dates, is below the Company's guarantee of a specified minimum. Revenue is recognized to the extent it is probable that a significant reversal of such revenue will not occur. The Company capitalizes incremental costs incurred to obtain a contract in Other Assets in the consolidated balance sheets. These amounts are amortized on a straight-line basis over the term of the Customer Agreements, and are included in Sales and marketing in the consolidated statements of operations. Solar energy systems and product sales For solar energy systems sold to customers, revenue is recognized when the solar energy system passes inspection by the authority having jurisdiction, which inspection generally occurs after installation but prior to PTO, at which time the Company has met the performance obligation in the contract. For solar energy system sales that include delivery obligations up until interconnection to the local power grid with permission to operate, the Company recognizes revenue at PTO. Certain solar energy systems sold to customers include fees for extended warranty and maintenance services. These fees are recognized over the life of the service agreement. The Company’s installation Projects are typically completed in less than twelve months. Product sales consist of solar panels, racking systems, inverters, other solar energy products sold to resellers, roofing repair, and customer leads. Product sales revenue is recognized at the time when control is transferred, upon shipment, or as services are delivered. Customer lead revenue, included in product sales, is recognized at the time the lead is delivered. Taxes assessed by government authorities that are directly imposed on revenue producing transactions are excluded from solar energy systems and product sales. Cost of Revenue Customer agreements and incentives Cost of revenue for customer agreements and incentives is primarily comprised of (1) the depreciation of the cost of the solar energy systems, as reduced by amortization of deferred grants, (2) solar energy system operations, monitoring and maintenance costs including associated personnel costs, and (3) allocated corporate overhead costs. Solar energy systems and product sales Cost of revenue for solar energy systems and non-lead generation product sales consist of direct and indirect material and labor costs for solar energy systems installations and product sales. Also included are engineering and design costs, estimated warranty costs, freight costs, allocated corporate overhead costs, vehicle depreciation costs and personnel costs associated with supply chain, logistics, operations management, safety and quality control. Cost of revenue for lead generations consists of costs related to direct-response advertising activities associated with generating customer leads.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company defines fair value as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses valuation approaches to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. The FASB establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: • Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; • Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and • Level 3—Inputs that are unobservable, significant to the measurement of the fair value of the assets or liabilities and are supported by little or no market data. The Company's financial instruments include cash, receivables, accounts payable, accrued expenses, distributions payable to noncontrolling interests, derivatives, contingent consideration, and recourse and non-recourse debt.
Recently Issued and Adopted Accounting Standards	Recently Issued and Adopted Accounting Standards Accounting standards adopted effective January 1, 2023: In October 2022, the FASB issued ASU No. 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which requires entities to disclose the key terms of supplier finance programs they use in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. This ASU is effective for fiscal periods beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2022-04 effective January 1, 2023 and there was no impact to its financial statement disclosures. In July 2023, the FASB issued ASU No. 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 2022 2023 2022 Customer agreements $ 274,490 $ 232,003 $ 499,578 $ 422,505 Incentives 27,659 27,883 49,045 47,073 Customer agreements and incentives 302,149 259,886 548,623 469,578 Solar energy systems 202,483 209,314 431,385 409,313 Products 85,561 115,380 200,034 201,473 Solar energy systems and product sales 288,044 324,694 631,419 610,786 Total revenue $ 590,193 $ 584,580 $ 1,180,042 $ 1,080,364
Schedule of Cash and Restricted Cash	Cash and restricted cash consists of the following (in thousands): Six Months Ended June 30, 2023 2022 Beginning of period: Cash $ 740,508 $ 617,634 Restricted cash, current and long-term 212,515 232,797 Total $ 953,023 $ 850,431 End of period: Cash $ 669,094 $ 522,460 Restricted cash, current and long-term 251,984 340,668 Total $ 921,078 $ 863,128
Schedule of Cash and Restricted Cash	Cash and restricted cash consists of the following (in thousands): Six Months Ended June 30, 2023 2022 Beginning of period: Cash $ 740,508 $ 617,634 Restricted cash, current and long-term 212,515 232,797 Total $ 953,023 $ 850,431 End of period: Cash $ 669,094 $ 522,460 Restricted cash, current and long-term 251,984 340,668 Total $ 921,078 $ 863,128
Schedule of Accounts Receivable, Net	Accounts receivable, net, consists of the following (in thousands): June 30, 2023 December 31, 2022 Customer receivables $ 225,841 $ 218,712 Other receivables 4,055 8,924 Allowance for credit losses (14,485) (13,381) Total $ 215,411 $ 214,255
Schedule of Deferred Revenue	The opening balance of deferred revenue was $873.6 million as of December 31, 2021. Deferred revenue consists of the following (in thousands): June 30, 2023 December 31, 2022 Under Customer Agreements: Payments received, net $ 871,166 $ 840,771 Financing component balance 68,756 65,326 939,922 906,097 Under SREC contracts: Payments received, net 190,217 179,416 Financing component balance 11,860 10,460 202,077 189,876 Total $ 1,141,999 $ 1,095,973

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Debt Instruments	The carrying values and fair values of debt instruments are as follows (in thousands): June 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Recourse debt $ 945,907 $ 835,907 $ 898,040 $ 787,340 Senior debt 3,971,785 3,916,048 3,238,633 3,176,774 Subordinated debt 1,911,283 1,798,785 1,743,048 1,625,258 Securitization debt 2,774,862 2,436,519 2,519,428 2,169,247 Total $ 9,603,837 $ 8,987,259 $ 8,399,149 $ 7,758,619
Schedule of Fair Value, Financial Instruments Measured on Recurring Basis	At June 30, 2023 and December 31, 2022, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy, are as follows (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Derivative assets: Interest rate swaps $ — $ 174,625 $ — $ 174,625 Total $ — $ 174,625 $ — $ 174,625 Derivative liabilities: Interest rate swaps $ — $ 16,239 $ — $ 16,239 Total $ — $ 16,239 $ — $ 16,239 December 31, 2022 Level 1 Level 2 Level 3 Total Derivative assets: Interest rate swaps $ — $ 177,827 $ — $ 177,827 Total $ — $ 177,827 $ — $ 177,827 Derivative liabilities: Interest rate swaps $ — $ 8,247 $ — $ 8,247 Total $ — $ 8,247 $ — $ 8,247

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 697,991 $ 671,880 Work-in-process 93,749 112,024 Total $ 791,740 $ 783,904

Solar Energy Systems, net (Tabl

Solar Energy Systems, net (Tables)	6 Months Ended
	Jun. 30, 2023
Solar Energy Systems Disclosure [Abstract]
Schedule of Solar Energy Systems, Net	Solar energy systems, net consists of the following (in thousands): June 30, 2023 December 31, 2022 Solar energy system equipment costs $ 11,408,910 $ 10,529,852 Inverters and batteries 1,535,189 1,384,776 Total solar energy systems 12,944,099 11,914,628 Less: accumulated depreciation and amortization (1,912,611) (1,682,296) Add: construction-in-progress 905,133 756,029 Total solar energy systems, net $ 11,936,621 $ 10,988,361

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following (in thousands): June 30, 2023 December 31, 2022 Costs to obtain contracts - customer agreements $ 1,335,379 $ 1,096,346 Costs to obtain contracts - incentives 2,481 2,481 Accumulated amortization of costs to obtain contracts (138,708) (112,968) Unbilled receivables 385,906 324,385 Allowance for credit losses on unbilled receivables (3,947) (3,322) Equity investment 186,226 186,197 Operating lease right-of-use assets 105,535 104,759 Other assets 202,777 229,640 Total $ 2,075,649 $ 1,827,518

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following (in thousands): June 30, 2023 December 31, 2022 Accrued employee compensation $ 97,244 $ 101,621 Accrued interest 81,254 63,595 Operating lease obligations 32,862 31,307 Other accrued expenses 176,419 209,943 Total $ 387,779 $ 406,466

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	As of June 30, 2023, debt consisted of the following (in thousands, except percentages): June 30, 2023 December 31, 2022 Unused Borrowing Capacity (1) Weighted Average Interest Rate at June 30, 2023 (2) Weighted Average Interest Rate at December 31, 2022 (2) Contractual Interest Rate (3) Contractual Maturity Date Recourse debt Bank line of credit (4) $ 551,898 $ 505,158 $ — 8.70% 6.01% SOFR +3.25% January 2025 0% Convertible Senior Notes (5) 400,000 400,000 — —% —% —% February 2026 Total recourse debt 951,898 905,158 — Unamortized debt discount (5,991) (7,118) — Total recourse debt, net 945,907 898,040 — Non-recourse debt (6) Senior revolving and delayed draw loans (7) 1,820,200 1,560,002 46,500 7.39% 6.49% SOFR +2.00%- 3.10% April 2025 - March 2027 Senior non-revolving loans (10) 2,150,880 1,680,444 — 6.85% 6.00% 4.66% - 4.70%; SOFR +1.75% - 2.50% April 2024 - November 2040 Subordinated revolving and delayed draw loans (7)(11) 196,000 333,800 — 11.43% 9.58% SOFR +3.50% - 9.10% April 2024 - March 2027 Subordinated loans (8)(9) 1,748,478 1,442,336 — 8.94% 8.76% 7.00% - 10.50%; SOFR +6.00% - 6.75% November 2025 - January 2042 Securitized loans 2,800,832 2,531,465 — 4.10% 3.87% 2.27% - 5.75% July 2024 - July 2059 Total non-recourse debt 8,716,390 7,548,047 46,500 Unamortized debt discount, net (58,460) (46,938) — Total non-recourse debt, net 8,657,930 7,501,109 46,500 Total debt, net $ 9,603,837 $ 8,399,149 $ 46,500 (1) Represents the additional amount the Company could borrow, if any, based on the state of its existing assets as of June 30, 2023. (2) Reflects weighted average contractual, unhedged rates. See Note 9, Derivatives for hedge rates. (3) Ranges shown reflect fixed interest rate and rates using SOFR. (4) The former working capital facility was terminated in January 2022 and was replaced by this syndicated working capital facility with banks has a total commitment up to $600.0 million and is secured by substantially all of the unencumbered assets of the Company, as well as ownership interests in certain subsidiaries of the Company. Borrowings under the Facility may be designated as Base Rate Loans or Term SOFR Loans, subject to certain terms and conditions under the Credit Agreement. Base Rate Loans accrue interest at a rate per year equal to 2.25% plus the highest of (a) the federal funds rate plus 0.50%, (b) the interest rate determined from time to time by the Administrative Agent as its prime rate and notified to the Company, (c) the Adjusted Term SOFR Rate (defined below) for a one-month interest period in effect on such day (or if such day is not a business day, the immediately preceding business day) plus 1.00% and (d) 0.00%. Term SOFR Loans accrue interest at a rate per annum equal to (a) 3.25% plus (b) the greater of (i) 0.00% and (ii) the sum of (x) the forward-looking term rate for a period comparable to the applicable available tenor based on SOFR that is published by CME Group Benchmark Administration Ltd or a successor for the applicable interest period and (y) (1) if the applicable interest period is one month, 0.11448%, (2) if the applicable interest period is three months, 0.26161% or (c) if the applicable interest period is six months, 0.42826% (the rate pursuant to clause (b), the "Adjusted Term SOFR Rate"). This facility is subject to various restrictive covenants, such as the completion and presentation of audited consolidated financial statements, maintaining a minimum modified interest coverage ratio, a minimum modified current ratio, a maximum modified leverage ratio, and a minimum unencumbered cash balance, in each case, tested quarterly. The Company was in compliance with all debt covenants as of June 30, 2023. (5) These convertible senior notes ("Notes") will not bear regular interest, and the principal amount of the notes will not accrete. The Notes may bear special interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under the Indenture or if the Notes are not freely tradeable as required by the Indenture. The Notes will mature on February 1, 2026, unless earlier repurchased by the Company, redeemed by the Company or converted pursuant to their terms. The initial conversion rate of the Notes is 8.4807 shares of the Company’s common stock, par value $0.0001 per share, per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $117.91 per share. The conversion rate will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid special interest. In addition, upon the occurrence of a make-whole fundamental change or an issuance of a notice of redemption, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its Notes in connection with such make-whole fundamental change or notice of redemption. The debt discount recorded on the Notes is being amortized to interest expense at an effective interest rate of 0.57%. As of June 30, 2023, $5.5 million of the debt discount was amortized to interest expense inception to date. In connection with the offering of the Notes, the Company entered into privately negotiated capped call transactions (“Capped Calls”) with certain of the initial purchasers and/or their respective affiliates at a cost of approximately $28.0 million. The Capped Calls are classified as equity and were recorded to additional paid-in-capital within stockholders’ equity as of March 31, 2021. The Capped Calls each have an initial strike price of approximately $117.91 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls have initial cap prices of $157.22 per share. The Capped Calls cover, subject to anti-dilution adjustments, approximately 3.4 million shares of common stock. The Capped Calls are expected generally to reduce the potential dilution to the common stock upon any conversion of Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the Notes, as the case may be, in the event the market price per share of common stock, as measured under the Capped Calls, is greater than the strike price of the Capped Call, with such offset subject to a cap. If, however, the market price per share of the common stock, as measured under the Capped Calls, exceeds the cap price of the Capped Calls, there would be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that the then-market price per share of the common stock exceeds the cap price. The final components of the Capped Calls are scheduled to expire on January 29, 2026. None of the conversion criteria has been met as of June 30, 2023. (6) Certain loans under this category are part of project equity transactions. (7) Pursuant to the terms of the aggregation facilities within this category the Company may draw up to an aggregate principal amount of $2.2 billion in revolver borrowings depending on the available borrowing base at the time. (8) A loan under this category with an outstanding balance of $134.1 million as of June 30, 2023 contains a put option that can be exercised beginning in 2036 that would require the Company to pay off the entire loan on November 30, 2037. (9) Loans under this category with a floating rate had a total outstanding balance of $306.1 million as of June 30, 2023. (10) As of June 30, 2023, a loan under this category had a balance of $165.7 million with a maturity date of April 2024. Although there is no assurance that the Company will be able to do so, the Company believes that it is probable that it will be able to extend or otherwise refinance the facility prior to maturity. (11) As of June 30, 2023, a loan under this category had a balance of $150.0 million with a maturity date of April 2024. Although there is no assurance that the Company will be able to do so, the Company believes that it is probable that it will be able to extend or otherwise refinance the facility prior to maturity.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Offsetting Assets	As of June 30, 2023, the information related to these offsetting arrangements were as follows (in thousands): Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet Notional Amount (1) Assets: Derivatives designated as hedging instruments $ 124,519 $ (15) $ 124,504 $ 2,048,121 Derivatives not designated as hedging instruments 50,106 (9,148) 40,958 2,017,485 Total derivative assets $ 174,625 $ (9,163) $ 165,462 $ 4,065,606 Liabilities: Derivatives designated as hedging instruments $ (6,073) $ 17 $ (6,056) $ 16,718 Derivatives not designated as hedging instruments (10,166) 9,146 (1,020) 684,955 Total derivative liabilities $ (16,239) $ 9,163 $ (7,076) $ 701,673 Total $ 158,386 $ — $ 158,386 $ 4,767,279 (1) Comprised of 101 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness ) at 0.31% to 3.85% per annum. These swaps mature from April 30, 2024 to January 31, 2043. As of December 31, 2022, the information related to these offsetting arrangements were as follows (in thousands): Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet Notional Amount Assets: Derivatives designated as hedging instruments $ 133,168 $ — $ 133,168 $ 2,122,222 Derivatives not designated as hedging instruments 44,659 (4,523) 40,136 1,095,820 Total derivative assets $ 177,827 $ (4,523) $ 173,304 $ 3,218,042 Liabilities: Derivatives designated as hedging instruments (3,724) — (3,724) — Derivatives not designated as hedging instruments (4,523) 4,523 — — Total derivative liabilities $ (8,247) $ 4,523 $ (3,724) $ — Total $ 169,580 $ — $ 169,580 $ 3,218,042
Schedule of Offsetting Liabilities	As of June 30, 2023, the information related to these offsetting arrangements were as follows (in thousands): Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet Notional Amount (1) Assets: Derivatives designated as hedging instruments $ 124,519 $ (15) $ 124,504 $ 2,048,121 Derivatives not designated as hedging instruments 50,106 (9,148) 40,958 2,017,485 Total derivative assets $ 174,625 $ (9,163) $ 165,462 $ 4,065,606 Liabilities: Derivatives designated as hedging instruments $ (6,073) $ 17 $ (6,056) $ 16,718 Derivatives not designated as hedging instruments (10,166) 9,146 (1,020) 684,955 Total derivative liabilities $ (16,239) $ 9,163 $ (7,076) $ 701,673 Total $ 158,386 $ — $ 158,386 $ 4,767,279 (1) Comprised of 101 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness ) at 0.31% to 3.85% per annum. These swaps mature from April 30, 2024 to January 31, 2043. As of December 31, 2022, the information related to these offsetting arrangements were as follows (in thousands): Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet Notional Amount Assets: Derivatives designated as hedging instruments $ 133,168 $ — $ 133,168 $ 2,122,222 Derivatives not designated as hedging instruments 44,659 (4,523) 40,136 1,095,820 Total derivative assets $ 177,827 $ (4,523) $ 173,304 $ 3,218,042 Liabilities: Derivatives designated as hedging instruments (3,724) — (3,724) — Derivatives not designated as hedging instruments (4,523) 4,523 — — Total derivative liabilities $ (8,247) $ 4,523 $ (3,724) $ — Total $ 169,580 $ — $ 169,580 $ 3,218,042
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The gains on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands): Three months ended June 30, 2023 2022 Derivatives designated as cash flow hedges: Interest rate swaps $ (51,073) $ (47,236) Six months ended June 30, 2023 2022 Derivatives designated as cash flow hedges: Interest rate swaps $ (13,045) $ (110,764) The (gains) losses on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands): Three months ended June 30, 2023 2022 Interest expense, net Other expense, net Interest expense, net Other expense, net Derivatives designated as cash flow hedges: Interest rate swaps: (Gains) losses reclassified from AOCI into income $ (9,032) $ — $ 3,486 $ — Derivatives not designated as cash flow hedges: Interest rate swaps: Losses (gains) recognized into income — (42,723) — (54,373) Total (gains) losses $ (9,032) $ (42,723) $ 3,486 $ (54,373) Six months ended June 30, 2023 2022 Interest expense, net Other expense, net Interest expense, net Other expense, net Derivatives designated as cash flow hedges: Interest rate swaps: (Gains) losses reclassified from AOCI into income $ (16,071) $ — $ 8,913 $ — Derivatives not designated as cash flow hedges: Interest rate swaps: Losses (gains) recognized into income — (17,673) — (121,012) Total (gains) losses $ (16,071) $ (17,673) $ 8,913 $ (121,012)

VIE Arrangements (Tables)

VIE Arrangements (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Carrying Amounts and Classification of the VIEs' Assets and Liabilities Included in the Consolidated Balance Sheets	The carrying amounts and classification of the VIEs’ assets and liabilities included in the consolidated balance sheets are as follows (in thousands): June 30, 2023 December 31, 2022 Assets Current assets Cash $ 346,259 $ 457,005 Restricted cash 43,898 44,514 Accounts receivable, net 86,041 66,847 Inventories 357,224 193,836 Prepaid expenses and other current assets 14,140 12,698 Total current assets 847,562 774,900 Solar energy systems, net 9,702,082 8,968,835 Other assets 332,327 287,771 Total assets $ 10,881,971 $ 10,031,506 Liabilities Current liabilities Accounts payable $ 19,907 $ 36,315 Distributions payable to noncontrolling interests and redeemable noncontrolling interests 32,104 32,051 Accrued expenses and other liabilities 35,446 32,512 Deferred revenue, current portion 50,850 49,037 Non-recourse debt, current portion 182,427 39,894 Total current liabilities 320,734 189,809 Deferred revenue, net of current portion 606,731 572,420 Non-recourse debt, net of current portion 1,342,808 1,449,513 Other liabilities 16,375 15,260 Total liabilities $ 2,286,648 $ 2,227,002

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Summary of Stock Option Activity	The following table summarizes the activity for all stock options under all of the Company’s equity incentive plans for the six months ended June 30, 2023 (shares and aggregate intrinsic value in thousands): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2022 5,217 $ 16.08 5.68 $ 58,784 Granted — — Exercised (495) 6.72 Canceled (85) 31.03 Outstanding at June 30, 2023 4,637 $ 16.81 5.24 $ 29,938 Options vested and exercisable at June 30, 2023 3,674 $ 13.21 4.43 $ 29,010
Schedule of Activity for all Restricted Stock Units (RSUs)	The following table summarizes the activity for all restricted stock units (“RSUs”) under all of the Company’s equity incentive plans for the six months ended June 30, 2023 (shares in thousands): Number of Awards Weighted Average Grant Date Fair Value Unvested balance at December 31, 2022 4,542 $ 31.60 Granted 5,369 20.83 Issued (1,588) 27.78 Canceled / forfeited (433) 30.22 Unvested balance at June 30, 2023 7,890 $ 25.13
Schedule of Stock-Based Compensation Expense	The Company recognized stock-based compensation expense, including ESPP expenses, in the consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of customer agreements and incentives $ 2,048 $ 2,169 $ 3,889 $ 5,356 Cost of solar energy systems and product sales 1,494 1,682 3,262 5,014 Sales and marketing 14,835 13,490 29,712 37,624 Research and development 452 743 894 1,696 General and administration 9,408 8,569 18,746 16,182 Total $ 28,237 $ 26,653 $ 56,503 $ 65,872

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	The computation of the Company’s basic and diluted net income (loss) per share is as follows (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ 55,474 $ (12,426) $ (184,914) $ (100,204) Debt Discount Amortization 534 — — — Net income (loss) available to common stockholders $ 56,008 $ (12,426) $ (184,914) $ (100,204) Denominator: Weighted average shares used to compute net income (loss) per share attributable to common stockholders, basic 216,017 211,128 215,153 210,474 Weighted average effect of potentially dilutive shares to purchase common stock 5,832 — — — Weighted average shares used to compute net income (loss) per share attributable to common stockholders, diluted 221,849 211,128 215,153 210,474 Net income (loss) per share attributable to common stockholders Basic $ 0.26 $ (0.06) $ (0.86) $ (0.48) Diluted $ 0.25 $ (0.06) $ (0.86) $ (0.48)
Schedule of Shares Excluded From Computation of Diluted Net Loss Per Share	The following shares were excluded from the computation of diluted net income (loss) per share as the impact of including those shares would be anti-dilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding stock options 1,599 1,796 1,536 1,711 Unvested restricted stock units 8,154 4,499 6,039 4,136 Convertible Senior Notes (if converted) — 3,392 1,696 3,392 Total 9,753 9,687 9,271 9,239

Organization (Details)

Organization (Details)	6 Months Ended
	Jun. 30, 2023 investment_fund
Operating Leased Assets [Line Items]
Power purchase or lease agreement term	22 years
Number of types of investment funds used by the company	3
Minimum
Operating Leased Assets [Line Items]
Power purchase or lease agreement term	20 years
Maximum
Operating Leased Assets [Line Items]
Power purchase or lease agreement term	25 years

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) reporting_unit segment business_activity	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments | segment			1
Number of business activities | business_activity			1
Number of reporting units | reporting_unit			1
Deferred revenue	$ 1,141,999		$ 1,141,999		$ 1,095,973	$ 873,600
Deferred revenue, revenue recognized	29,600	$ 25,500	53,600	$ 45,900
Contracted but not yet recognized	$ 21,600,000		$ 21,600,000
Revenue expected to recognize over next twelve months, percent			5%
Revenue recognized, term, existing deferred revenue			10 years
Customer agreement, initial term	22 years		22 years
Renewal term	5 years		5 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Customer agreement, initial term	20 years		20 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Customer agreement, initial term	25 years		25 years
Solar energy systems
Summary Of Significant Accounting Policies [Line Items]
Average age			5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Revenues from External Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue, Major Customer [Line Items]
Total revenue	$ 590,193	$ 584,580	$ 1,180,042	$ 1,080,364
Customer agreements and incentives
Revenue, Major Customer [Line Items]
Total revenue	302,149	259,886	548,623	469,578
Customer agreements
Revenue, Major Customer [Line Items]
Total revenue	274,490	232,003	499,578	422,505
Incentives
Revenue, Major Customer [Line Items]
Total revenue	27,659	27,883	49,045	47,073
Solar energy systems and product sales
Revenue, Major Customer [Line Items]
Total revenue	288,044	324,694	631,419	610,786
Solar energy systems
Revenue, Major Customer [Line Items]
Total revenue	202,483	209,314	431,385	409,313
Products
Revenue, Major Customer [Line Items]
Total revenue	$ 85,561	$ 115,380	$ 200,034	$ 201,473

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash	$ 669,094	$ 740,508	$ 522,460	$ 617,634
Restricted cash, current and long-term	251,984	212,515	340,668	232,797
Total	$ 921,078	$ 953,023	$ 863,128	$ 850,431

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Customer receivables	$ 225,841	$ 218,712
Other receivables	4,055	8,924
Allowance for credit losses	(14,485)	(13,381)
Total	$ 215,411	$ 214,255

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 1,141,999	$ 1,095,973	$ 873,600
Under Customer Agreements:
Deferred Revenue Arrangement [Line Items]
Deferred revenue	939,922	906,097
Under Customer Agreements: | Payments received, net
Deferred Revenue Arrangement [Line Items]
Deferred revenue	871,166	840,771
Under Customer Agreements: | Financing component balance
Deferred Revenue Arrangement [Line Items]
Deferred revenue	68,756	65,326
Under SREC contracts:
Deferred Revenue Arrangement [Line Items]
Deferred revenue	202,077	189,876
Under SREC contracts: | Payments received, net
Deferred Revenue Arrangement [Line Items]
Deferred revenue	190,217	179,416
Under SREC contracts: | Financing component balance
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 11,860	$ 10,460

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Carrying Values and Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 9,603,837	$ 8,399,149
Carrying Value | Recourse debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	945,907	898,040
Carrying Value | Senior debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	3,971,785	3,238,633
Carrying Value | Subordinated debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	1,911,283	1,743,048
Carrying Value | Securitization debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	2,774,862	2,519,428
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	8,987,259	7,758,619
Fair Value | Recourse debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	835,907	787,340
Fair Value | Senior debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	3,916,048	3,176,774
Fair Value | Subordinated debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	1,798,785	1,625,258
Fair Value | Securitization debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 2,436,519	$ 2,169,247

Fair Value Measurement - Sche_2

Fair Value Measurement - Schedule of Fair Value, Financial Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets:	$ 165,462	$ 173,304
Derivative liabilities:	7,076	3,724
Prepaid and other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	72,200	55,000
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets:	174,625	177,827
Derivative liabilities:	16,239	8,247
Fair Value, Measurements, Recurring | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets:	174,625	177,827
Derivative liabilities:	16,239	8,247
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets:	0	0
Derivative liabilities:	0	0
Fair Value, Measurements, Recurring | Level 1 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets:	0	0
Derivative liabilities:	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets:	174,625	177,827
Derivative liabilities:	16,239	8,247
Fair Value, Measurements, Recurring | Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets:	174,625	177,827
Derivative liabilities:	16,239	8,247
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets:	0	0
Derivative liabilities:	0	0
Fair Value, Measurements, Recurring | Level 3 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets:	0	0
Derivative liabilities:	$ 0	$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 697,991	$ 671,880
Work-in-process	93,749	112,024
Total	$ 791,740	$ 783,904

Solar Energy Systems, net (Deta

Solar Energy Systems, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Subject to or Available for Operating Lease [Line Items]
Total solar energy systems	$ 12,944,099	$ 11,914,628
Less: accumulated depreciation and amortization	(1,912,611)	(1,682,296)
Add: construction-in-progress	905,133	756,029
Total solar energy systems, net	11,936,621	10,988,361
Solar energy system equipment costs
Property Subject to or Available for Operating Lease [Line Items]
Total solar energy systems	11,408,910	10,529,852
Inverters and batteries
Property Subject to or Available for Operating Lease [Line Items]
Total solar energy systems	$ 1,535,189	$ 1,384,776

Solar Energy Systems, net - Add

Solar Energy Systems, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Solar Energy Systems Disclosure [Abstract]
Depreciation expense	$ 120.8	$ 105	$ 237.4	$ 205.5
Amortization of deferred grants	$ 2	$ 2	$ 4.1	$ 4.1

Other Assets - Schedule of Prep

Other Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Other Assets [Line Items]
Accumulated amortization of costs to obtain contracts	$ (138,708)		$ (138,708)		$ (112,968)
Unbilled receivables	385,906		385,906		324,385
Allowance for credit losses on unbilled receivables	(3,947)		(3,947)		(3,322)
Equity investment	186,226		186,226		186,197
Operating lease right-of-use assets	105,535		105,535		104,759
Other assets	202,777		202,777		229,640
Total	$ 2,075,649		$ 2,075,649		$ 1,827,518
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total		Total		Total
Amortization cost	$ 13,800	$ 9,100	$ 26,000	$ 17,200
Customer agreements
Other Assets [Line Items]
Costs to obtain contracts- customer agreements	1,335,379		1,335,379		$ 1,096,346
Incentives
Other Assets [Line Items]
Costs to obtain contracts- customer agreements	$ 2,481		$ 2,481		$ 2,481

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued employee compensation	$ 97,244	$ 101,621
Accrued interest	81,254	63,595
Operating lease obligations	32,862	31,307
Other accrued expenses	176,419	209,943
Total	$ 387,779	$ 406,466
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total

Indebtedness - Schedule of Debt

Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt, net	$ 9,603,837	$ 8,399,149
Unused borrowing capacity	46,500
Recourse debt
Debt Instrument [Line Items]
Total debt, gross	951,898	905,158
Unamortized debt discount	(5,991)	(7,118)
Total debt, net	945,907	898,040
Unused borrowing capacity	0
Recourse debt | Bank Line Of Credit
Debt Instrument [Line Items]
Total debt, gross	551,898	$ 505,158
Unused borrowing capacity	$ 0
Weighted average interest rate	8.70%	6.01%
Recourse debt | Bank Line Of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate during period	3.25%
Recourse debt | 0% Convertible Senior Notes
Debt Instrument [Line Items]
Total debt, gross	$ 400,000	$ 400,000
Unused borrowing capacity	$ 0
Weighted average interest rate	0%	0%
Interest rate during period	0%
Non Recourse Debt
Debt Instrument [Line Items]
Total debt, gross	$ 8,716,390	$ 7,548,047
Total debt, net	8,657,930	7,501,109
Unused borrowing capacity	46,500
Non Recourse Debt | Senior revolving and delayed draw loans
Debt Instrument [Line Items]
Total debt, gross	1,820,200	$ 1,560,002
Unused borrowing capacity	$ 46,500
Weighted average interest rate	7.39%	6.49%
Non Recourse Debt | Senior revolving and delayed draw loans | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Interest rate during period	2%
Non Recourse Debt | Senior revolving and delayed draw loans | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Interest rate during period	3.10%
Non Recourse Debt | Senior non-revolving loans
Debt Instrument [Line Items]
Total debt, gross	$ 2,150,880	$ 1,680,444
Total debt, net	165,700
Unused borrowing capacity	$ 0
Weighted average interest rate	6.85%	6%
Non Recourse Debt | Senior non-revolving loans | Minimum
Debt Instrument [Line Items]
Interest rate during period	4.66%
Non Recourse Debt | Senior non-revolving loans | Maximum
Debt Instrument [Line Items]
Interest rate during period	4.70%
Non Recourse Debt | Senior non-revolving loans | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Interest rate during period	1.75%
Non Recourse Debt | Senior non-revolving loans | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Interest rate during period	2.50%
Non Recourse Debt | Subordinated revolving and delayed draw loans
Debt Instrument [Line Items]
Total debt, gross	$ 196,000	$ 333,800
Total debt, net	150,000
Unused borrowing capacity	$ 0
Weighted average interest rate	11.43%	9.58%
Non Recourse Debt | Subordinated revolving and delayed draw loans | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Interest rate during period	3.50%
Non Recourse Debt | Subordinated revolving and delayed draw loans | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Interest rate during period	9.10%
Non Recourse Debt | Subordinated Loans
Debt Instrument [Line Items]
Total debt, gross	$ 1,748,478	$ 1,442,336
Total debt, net	134,100
Unused borrowing capacity	$ 0
Weighted average interest rate	8.94%	8.76%
Non Recourse Debt | Subordinated Loans | Minimum
Debt Instrument [Line Items]
Interest rate during period	7%
Non Recourse Debt | Subordinated Loans | Maximum
Debt Instrument [Line Items]
Interest rate during period	10.50%
Non Recourse Debt | Subordinated Loans | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Interest rate during period	6%
Non Recourse Debt | Subordinated Loans | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Interest rate during period	6.75%
Non Recourse Debt | Subordinated Loans | Floating Rate
Debt Instrument [Line Items]
Total debt, net	$ 306,100
Non Recourse Debt | Securitized loans
Debt Instrument [Line Items]
Total debt, gross	2,800,832	$ 2,531,465
Unused borrowing capacity	$ 0
Weighted average interest rate	4.10%	3.87%
Non Recourse Debt | Securitized loans | Minimum
Debt Instrument [Line Items]
Interest rate during period	2.27%
Non Recourse Debt | Securitized loans | Maximum
Debt Instrument [Line Items]
Interest rate during period	5.75%
Unamortized debt discount, net
Debt Instrument [Line Items]
Unamortized debt discount, net	$ (58,460)	$ (46,938)

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details) $ / shares in Units, shares in Millions		3 Months Ended		6 Months Ended
	Feb. 25, 2022	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Jan. 31, 2022 USD ($)
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Debt discount amortization		$ 534,000	$ 0	$ 0	$ 0
Loan outstanding balance		9,603,837,000		9,603,837,000		$ 8,399,149,000
Recourse debt
Debt Instrument [Line Items]
Loan outstanding balance		945,907,000		945,907,000		898,040,000
Non-recourse debt
Debt Instrument [Line Items]
Loan outstanding balance		$ 8,657,930,000		$ 8,657,930,000		7,501,109,000
Bank Line Of Credit | Recourse debt
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity							$ 600,000,000
Bank Line Of Credit | Recourse debt | Base Rate
Debt Instrument [Line Items]
Interest rate		2.25%		2.25%
Bank Line Of Credit | Recourse debt | Federal Funds Rate
Debt Instrument [Line Items]
Interest rate		0.50%		0.50%
Bank Line Of Credit | Recourse debt | Prime Rate
Debt Instrument [Line Items]
Interest rate		1%		1%
2022 Credit Agreement, Base Rate Loans | Line of Credit | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0%
2022 Credit Agreement, SOFR Rate Loans | Line of Credit
Debt Instrument [Line Items]
Interest rate	3.25%
2022 Credit Agreement, SOFR Rate Loans | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	0%
2022 Credit Agreement, SOFR Rate Loans | Line of Credit | One Month, Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.11448%
2022 Credit Agreement, SOFR Rate Loans | Line of Credit | Three Month, Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.26161%
2022 Credit Agreement, SOFR Rate Loans | Line of Credit | Six Month, Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.42826%
Convertible Senior Notes Due 2026 | Convertible Debt
Debt Instrument [Line Items]
Initial conversion rate				0.0084807
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001
Conversion price (in usd per share) | $ / shares		$ 117.91		$ 117.91
Debt discount amortization				$ 5,500,000
Effective interest rate		0.57%		0.57%
Convertible Senior Notes Due 2026 | Convertible Debt | Capped Call
Debt Instrument [Line Items]
Conversion price (in usd per share) | $ / shares		$ 157.22		$ 157.22
Payments for capped call transaction				$ 28,000,000
Capped call price per share (in dollars per share) | $ / shares				$ 117.91
Number of shares covered by capped calls (in shares) | shares				3.4
Senior revolving and delayed draw loans | Non-recourse debt
Debt Instrument [Line Items]
Aggregate principal amount						$ 2,200,000,000
Subordinated Loans | Non-recourse debt
Debt Instrument [Line Items]
Loan outstanding balance		$ 134,100,000		$ 134,100,000
Senior non-revolving loans | Non-recourse debt
Debt Instrument [Line Items]
Loan outstanding balance		165,700,000		165,700,000
Subordinated revolving and delayed draw loans | Non-recourse debt
Debt Instrument [Line Items]
Loan outstanding balance		$ 150,000,000		$ 150,000,000

Derivatives - Offsetting Arrang

Derivatives - Offsetting Arrangements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Derivative assets, gross amounts of recognized assets	$ 174,625	$ 177,827
Derivative asset, gross amounts offset	(9,163)	(4,523)
Derivative assets, net amounts of assets	165,462	173,304
Derivative asset, notional amount	4,065,606	3,218,042
Liabilities:
Derivative liability, gross amounts of liabilities	(16,239)	(8,247)
Derivative liability, gross amounts offset	9,163	4,523
Derivative liabilities, net amounts of liabilities	(7,076)	(3,724)
Derivative liability, notional amount	701,673	0
Derivative, net, gross amounts of assets/liabilities	158,386	169,580
Derivative assets, net amounts of assets/liabilities	158,386	169,580
Derivative, notional amount	4,767,279	3,218,042
Derivatives designated as hedging instruments
Assets:
Derivative assets, gross amounts of recognized assets	124,519	133,168
Derivative asset, gross amounts offset	(15)	0
Derivative assets, net amounts of assets	124,504	133,168
Derivative asset, notional amount	2,048,121	2,122,222
Liabilities:
Derivative liability, gross amounts of liabilities	(6,073)	(3,724)
Derivative liability, gross amounts offset	17	0
Derivative liabilities, net amounts of liabilities	(6,056)	(3,724)
Derivative liability, notional amount	16,718	0
Derivatives not designated as hedging instruments
Assets:
Derivative assets, gross amounts of recognized assets	50,106	44,659
Derivative asset, gross amounts offset	(9,148)	(4,523)
Derivative assets, net amounts of assets	40,958	40,136
Derivative asset, notional amount	2,017,485	1,095,820
Liabilities:
Derivative liability, gross amounts of liabilities	(10,166)	(4,523)
Derivative liability, gross amounts offset	9,146	4,523
Derivative liabilities, net amounts of liabilities	(1,020)	0
Derivative liability, notional amount	$ 684,955	$ 0

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) derivative	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) derivative	Jun. 30, 2022 USD ($)
Derivatives, Fair Value [Line Items]
Net gain (loss) on derivatives, tax | $	$ 8.8	$ 0.4	$ 0.7	$ 0.9
Additional amount to be classified as an increase to interest expense during next 12 months | $	$ 35.6		$ 35.6
Derivative, undesignated, number of instruments held | derivative	43		43
Minimum | Secured Overnight Financing Rate (SOFR)
Derivatives, Fair Value [Line Items]
Interest rate	0.31%		0.31%
Maximum | Secured Overnight Financing Rate (SOFR)
Derivatives, Fair Value [Line Items]
Interest rate	3.85%		3.85%
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of interest rate swaps | derivative	101		101

Derivatives - Derivatives Desig

Derivatives - Derivatives Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest rate swaps | Derivatives designated as hedging instruments
Derivatives designated as cash flow hedges:
Interest rate swaps	$ (51,073)	$ (47,236)	$ (13,045)	$ (110,764)

Derivatives - Losses (Gains) on

Derivatives - Losses (Gains) on Derivatives Financial Instruments (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest expense, net
Derivatives designated as cash flow hedges:
(Gains) losses reclassified from AOCI into income	$ (9,032)	$ 3,486	$ (16,071)	$ 8,913
Derivatives not designated as cash flow hedges:
Losses (gains) recognized into income	0	0	0	0
Total (gains) losses	(9,032)	3,486	(16,071)	8,913
Other expense, net
Derivatives designated as cash flow hedges:
(Gains) losses reclassified from AOCI into income	0	0	0	0
Derivatives not designated as cash flow hedges:
Losses (gains) recognized into income	(42,723)	(54,373)	(17,673)	(121,012)
Total (gains) losses	$ (42,723)	$ (54,373)	$ (17,673)	$ (121,012)

Pass-Through Financing Obliga_2

Pass-Through Financing Obligations (Details) $ in Thousands	Jun. 30, 2023 USD ($) fund	Dec. 31, 2022 USD ($)
Lessor, Lease, Description [Line Items]
Solar energy systems, initial term	7 years
Number of fund | fund	1
Customer agreement, initial term	22 years
Renewal term	5 years
Solar energy systems, gross	$ 12,944,099	$ 11,914,628
Depreciation on lease	1,912,611	1,682,296
Solar Energy Systems Place In Service
Lessor, Lease, Description [Line Items]
Solar energy systems, gross	696,700	699,500
Depreciation on lease	$ 180,000	$ 167,900
Minimum
Lessor, Lease, Description [Line Items]
Customer agreement, initial term	20 years
Maximum
Lessor, Lease, Description [Line Items]
Solar energy systems, initial term	22 years
Customer agreement, initial term	25 years

VIE Arrangements - Carrying Amo

VIE Arrangements - Carrying Amounts and Classification of the VIEs' Assets and Liabilities Included in the Consolidated Balance Sheets (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2023 USD ($) investment_fund fund	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Current assets:
Cash		$ 669,094	$ 740,508	$ 522,460	$ 617,634
Restricted cash		251,836	212,367
Accounts receivable, net		215,411	214,255
Inventories		791,740	783,904
Prepaid expenses and other current assets		154,995	146,609
Total current assets		2,083,076	2,097,643
Solar energy systems, net		11,936,621	10,988,361
Other assets		2,075,649	1,827,518
Total assets	[1]	20,490,638	19,268,805
Current liabilities:
Accounts payable		328,827	339,166
Distributions payable to noncontrolling interests and redeemable noncontrolling interests		32,103	32,050
Accrued expenses and other liabilities		387,779	406,466
Deferred revenue, current portion		161,511	183,719
Non-recourse debt, current portion		470,530	157,810
Total current liabilities		1,421,682	1,155,451
Deferred revenue, net of current portion		980,488	912,254
Non-recourse debt, net of current portion		8,187,400	7,343,299
Other liabilities		142,782	140,290
Total liabilities	[1]	$ 12,295,521	11,089,788
Number of types of investment funds used by the company | investment_fund		3
Variable Interest Entities
Current assets:
Cash		$ 346,259	457,005
Restricted cash		43,898	44,514
Accounts receivable, net		86,041	66,847
Inventories		357,224	193,836
Prepaid expenses and other current assets		14,140	12,698
Total current assets		847,562	774,900
Solar energy systems, net		9,702,082	8,968,835
Other assets		332,327	287,771
Total assets		10,881,971	10,031,506
Current liabilities:
Accounts payable		19,907	36,315
Distributions payable to noncontrolling interests and redeemable noncontrolling interests		32,104	32,051
Accrued expenses and other liabilities		35,446	32,512
Deferred revenue, current portion		50,850	49,037
Non-recourse debt, current portion		182,427	39,894
Total current liabilities		320,734	189,809
Deferred revenue, net of current portion		606,731	572,420
Non-recourse debt, net of current portion		1,342,808	1,449,513
Other liabilities		16,375	15,260
Total liabilities		$ 2,286,648	$ 2,227,002
Number of types of investment funds used by the company | fund		6
[1]The Company’s consolidated assets as of June 30, 2023 and December 31, 2022 include $10,881,971 and $10,031,506, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net, as of June 30, 2023 and December 31, 2022 of $9,702,082 and $8,968,835, respectively; cash as of June 30, 2023 and December 31, 2022 of $346,259 and $457,005, respectively; restricted cash as of June 30, 2023 and December 31, 2022 of $43,898 and $44,514, respectively; accounts receivable, net as of June 30, 2023 and December 31, 2022 of $86,041 and $66,847, respectively; inventories as of June 30, 2023 and December 31, 2022 of $357,224 and 193,836, respectively; prepaid expenses and other current assets as of June 30, 2023 and December 31, 2022 of $14,140 and $12,698, respectively; and other assets as of June 30, 2023 and December 31, 2022 of $332,327 and $287,771, respectively. The Company’s consolidated liabilities as of June 30, 2023 and December 31, 2022 include $2,286,648 and $2,227,002, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2023 and December 31, 2022 of $19,907 and $36,315, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2023 and December 31, 2022 of $32,104 and $32,051, respectively; accrued expenses and other current liabilities as of June 30, 2023 and December 31, 2022 of $35,446 and $32,512, respectively; deferred revenue as of June 30, 2023 and December 31, 2022 of $657,581 and $621,457, respectively; non-recourse debt as of June 30, 2023 and December 31, 2022 of $1,525,235 and $1,489,407, respectively; and other liabilities as of June 30, 2023 and December 31, 2022 of $16,375 and $15,260, respectively.

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Options
Outstanding, beginning balance (in shares) | shares	5,217
Granted (in shares) | shares	0
Exercised (in shares) | shares	(495)
Canceled (in shares) | shares	(85)
Outstanding, ending balance (in shares) | shares	4,637	5,217
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 16.08
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	6.72
Canceled (in dollars per share) | $ / shares	31.03
Outstanding, ending balance (in dollars per share) | $ / shares	$ 16.81	$ 16.08
Weighted-average remaining contractual life, options outstanding	5 years 2 months 26 days	5 years 8 months 4 days
Aggregate intrinsic value, options outstanding | $	$ 29,938	$ 58,784
Options vested and exercisable (in shares) | shares	3,674
Options vested and exercisable (in dollars per share) | $ / shares	$ 13.21
Weighted-average remaining contractual life, options vested and exercisable	4 years 5 months 4 days
Aggregate intrinsic value, options vested and exercisable | $	$ 29,010

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Activity for All Restricted Stock Units ("RSUs") (Details) - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Awards
Unvested, beginning balance (in shares) | shares	4,542
Granted (in shares) | shares	5,369
Issued (in shares) | shares	(1,588)
Canceled / forfeited (in shares) | shares	(433)
Unvested, ending balance (in shares) | shares	7,890
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) | $ / shares	$ 31.60
Granted (in dollars per share) | $ / shares	20.83
Issued (in dollars per share) | $ / shares	27.78
Canceled / forfeited (in dollars per share) | $ / shares	30.22
Unvested, ending balance (in dollars per share) | $ / shares	$ 25.13

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) purchase_period $ / shares shares	Jun. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrant, number purchased (in shares) | shares	846,943		846,943
Warrant, exercise price (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Number of warrants exercised (in shares) | shares			31,876	309,226
Compensation expense recognized | $	$ 28,237,000	$ 26,653,000	$ 56,503,000	$ 65,872,000
Convertible Senior Notes (if converted)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recognized | $	$ 1,100,000	$ 1,100,000	$ 2,100,000	$ 2,100,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, offering period			24 months
Number of purchase periods | purchase_period			4
Share-based compensation arrangement by share-based payment award, purchase period			6 months
Maximum percentage in payroll deductions to acquire shares of common stock	15%		15%
Maximum deductible fair market value of shares available for employee to purchase per calendar year | $			$ 25,000
Maximum number of shares available for employee to purchase per offering period (in shares) | shares			10,000

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense recognized	$ 28,237	$ 26,653	$ 56,503	$ 65,872
Stock-based compensation expense capitalized	2,800	2,500	5,200	7,400
Cost of customer agreements and incentives
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense recognized	2,048	2,169	3,889	5,356
Cost of solar energy systems and product sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense recognized	1,494	1,682	3,262	5,014
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense recognized	14,835	13,490	29,712	37,624
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense recognized	452	743	894	1,696
General and administration
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense recognized	$ 9,408	$ 8,569	$ 18,746	$ 16,182

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rates	(5.80%)	(1.60%)	5.70%	0%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Letters of credit outstanding, amount	$ 23.8	$ 44.4
Required cash and cash equivalents balance	35
Purchase commitment	$ 254
Letter of Credit | Minimum
Other Commitments [Line Items]
Letter of credit, fee percentage	0.50%	0.50%
Letter of Credit | Maximum
Other Commitments [Line Items]
Letter of credit, fee percentage	3.25%	3.25%

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss) attributable to common stockholders	$ 55,474	$ (12,426)	$ (184,914)	$ (100,204)
Debt Discount Amortization	534	0	0	0
Net loss available to common stockholders	$ 56,008	$ (12,426)	$ (184,914)	$ (100,204)
Denominator:
Weighted average shares used to compute net loss per share attributable to common stockholders, basic (in shares)	216,017	211,128	215,153	210,474
Weighted average effect of potentially dilutive shares to purchase common stock (in shares)	5,832	0	0	0
Weighted average shares used to compute net loss per share attributable to common stockholders, diluted (in shares)	221,849	211,128	215,153	210,474
Net income (loss) per share attributable to common stockholders
Basic (in dollars per share)	$ 0.26	$ (0.06)	$ (0.86)	$ (0.48)
Diluted (in dollars per share)	$ 0.25	$ (0.06)	$ (0.86)	$ (0.48)

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Shares Excluded From Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	9,753	9,687	9,271	9,239
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	1,599	1,796	1,536	1,711
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	8,154	4,499	6,039	4,136
Convertible Senior Notes (if converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	0	3,392	1,696	3,392

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts receivable, net	$ 215,411	$ 214,255
Advances to direct-sales professionals	2,100	1,900
Related Party
Related Party Transaction [Line Items]
Accounts receivable, net	$ 13,400	$ 18,100