| Unaudited Quarterly Supplemental Financial Information | Unaudited Selected Quarterly Financial Data The consolidated statements of operations data, presented on a quarterly basis for the years ended December 31, 2019 and 2018 , are unaudited. These data have been prepared in accordance with U.S. GAAP for interim financial information and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. We have restated herein our previously issued unaudited selected quarterly financial data for the quarters ended March 31, 2019, June 30, 2019 and 2018, September 30, 2019 and 2018, and December 31, 2018 and revised our unaudited selected quarterly financial data for the quarter ended March 31, 2018. See Note 2, Restatement and Revision of Previously Issued Consolidated Financial Statements , for further information. In addition, our unaudited selected quarterly financial data for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, as previously reported, did not originally reflect the adoption of ASU 2014-09 related to the presentation of ASC 606 Revenue From Contracts With Customers . ASC 606 was adopted in the fourth quarter of 2019 and was applied on the modified retrospective method for periods commencing January 1, 2019. Our condensed consolidated statements of operations data for the interim periods within fiscal year 2019 have been recast accordingly. See Note 1, Accounting Guidance Implemented in Fiscal Year 2019 , Revenue Recognition , for additional information related to our adoption of ASU 2014-09. The following presents our consolidated statements of operations by quarter (in thousands) (unaudited): 2019 2018 Three Months Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Sept. 30 June 30 March 31 As Restated and Recast As Restated As Revised Revenue: Product $ 158,427 $ 163,902 $ 144,081 $ 90,926 $ 103,937 $ 102,433 $ 78,497 $ 115,771 Installation 14,429 21,102 13,076 12,219 11,066 24,691 19,643 12,795 Service 25,628 23,665 23,026 23,467 21,778 21,056 20,299 20,134 Electricity 15,059 15,638 20,143 20,389 20,364 20,439 19,863 19,882 Total revenue 213,543 224,307 200,326 147,001 157,145 168,619 138,302 168,582 Cost of revenue: Product 141,782 91,697 113,228 88,772 86,154 69,053 49,603 76,465 Installation 16,901 26,141 17,685 15,760 20,651 35,506 29,951 9,198 Service 17,127 36,427 18,763 27,921 31,818 24,470 19,702 24,699 Electricity 12,785 27,317 22,300 12,984 11,601 12,180 12,062 13,785 Total cost of revenue 188,595 181,582 171,976 145,437 150,224 141,209 111,318 124,147 Gross profit 24,948 42,725 28,350 1,564 6,921 27,410 26,984 44,435 Operating expenses: Research and development 22,148 23,389 29,772 28,859 32,970 27,021 14,413 14,731 Sales and marketing 17,357 17,649 18,194 20,373 24,951 21,396 8,167 8,293 General and administrative 33,315 36,599 43,662 39,074 47,471 40,999 15,359 14,988 Total operating expenses 72,820 77,637 91,628 88,306 105,392 89,416 37,939 38,012 Income (loss) from operations (47,872 ) (34,912 ) (63,278 ) (86,742 ) (98,471 ) (62,006 ) (10,955 ) 6,423 Interest income 862 1,214 1,700 1,885 1,996 1,467 444 415 Interest expense (21,635 ) (21,323 ) (22,722 ) (21,800 ) (21,757 ) (22,125 ) (27,147 ) (25,992 ) Interest expense to related parties (1,933 ) (1,605 ) (1,606 ) (1,612 ) (1,628 ) (1,966 ) (2,672 ) (2,627 ) Other income (expense), net 138 525 (222 ) 265 636 (705 ) (855 ) (75 ) Gain (loss) on revaluation of warrant liabilities and embedded derivatives (540 ) (540 ) (540 ) (540 ) 192 900 (19,197 ) (4,034 ) Loss before income taxes (70,980 ) (56,641 ) (86,668 ) (108,544 ) (119,032 ) (84,435 ) (60,382 ) (25,890 ) Income tax provision (benefit) 31 136 258 208 1,079 (3 ) 128 333 Net loss (71,011 ) (56,777 ) (86,926 ) (108,752 ) (120,111 ) (84,432 ) (60,510 ) (26,223 ) Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests (5,178 ) (5,027 ) (5,015 ) (3,832 ) (4,662 ) (3,930 ) (4,512 ) (4,632 ) Net loss attributable to Class A and Class B common stockholders (65,833 ) (51,750 ) (81,911 ) (104,920 ) (115,449 ) (80,502 ) (55,998 ) (21,591 ) Less: deemed dividend to noncontrolling interest (2,454 ) — — — — — — — Net loss available to Class A and Class B common stockholders $ (68,287 ) $ (51,750 ) $ (81,911 ) $ (104,920 ) $ (115,449 ) $ (80,502 ) $ (55,998 ) $ (21,591 ) Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.58 ) $ (0.44 ) $ (0.72 ) $ (0.94 ) $ (1.06 ) $ (0.99 ) $ (5.31 ) $ (2.08 ) Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 118,588 116,330 113,624 111,842 109,416 81,321 10,536 10,404 Restatement and Recasting and Revision of Previously Issued Unaudited Financial Data Following are the restatement and recasting of previously reported condensed consolidated balance sheets for the quarters ended March 31, 2019, June 30, 2019, and September 30, 2019, restatement of previously reported condensed consolidated balance sheets for the quarters ended June 30, 2018 and September 30, 2018, and revision of previously reported condensed consolidated balance sheet for the quarter ended March 31, 2018. March 31, 2019 As Previously Reported Restatement Impacts As Restated ASC 606 Adoption Impacts As Restated & Recast Assets Current assets: Cash and cash equivalents $ 320,414 $ — $ 320,414 $ — $ 320,414 Restricted cash 18,419 — 18,419 — 18,419 Accounts receivable 84,070 3,995 1 88,065 (2,418 ) 85,647 Inventories 116,544 3,327 2 119,871 — 119,871 Deferred cost of revenue 66,316 (13,405 ) 3 52,911 — 52,911 Customer financing receivable 5,717 — 5,717 — 5,717 Prepaid expenses and other current assets 28,362 1,582 4 29,944 129 30,073 Total current assets 639,842 (4,501 ) 635,341 (2,289 ) 633,052 Property, plant and equipment, net 475,385 236,246 5 711,631 — 711,631 Customer financing receivable, non-current 65,620 — 65,620 — 65,620 Restricted cash (noncurrent) 31,101 — 31,101 — 31,101 Deferred cost of revenue, non-current 72,516 (70,583 ) 3 1,933 — 1,933 Other long-term assets 34,386 8,486 6 42,872 2,575 45,447 Total assets $ 1,318,850 $ 169,648 $ 1,488,498 $ 286 $ 1,488,784 Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest Current liabilities: Accounts payable $ 64,425 $ — $ 64,425 $ — $ 64,425 Accrued warranty 16,736 (1,219 ) 7 15,517 (1,280 ) 14,237 Accrued expenses and other current liabilities 67,966 (3,893 ) 8 64,073 — 64,073 Financing obligations — 8,819 10 8,819 — 8,819 Deferred revenue and customer deposits 89,557 (16,153 ) 11 73,404 1,665 75,069 Current portion of recourse debt 15,683 — 15,683 — 15,683 Current portion of non-recourse debt 19,486 — 19,486 — 19,486 Current portion of non-recourse debt from related parties 2,341 — 2,341 — 2,341 Total current liabilities 276,194 (12,446 ) 263,748 385 264,133 Derivative liabilities 11,166 4,556 15,722 — 15,722 Deferred revenue and customer deposits, net of current portion 201,863 (115,432 ) 11 86,431 17,320 103,751 Financing obligations, non-current — 394,037 10 394,037 — 394,037 Long-term portion of recourse debt 357,876 — 357,876 — 357,876 Long-term portion of non-recourse debt 284,541 — 284,541 — 284,541 Long-term portion of recourse debt from related parties 27,734 — 27,734 — 27,734 Long-term portion of non-recourse debt from related parties 33,417 — 33,417 — 33,417 March 31, 2019 As Previously Reported Restatement Impacts As Restated ASC 606 Adoption Impacts As Restated & Recast Other long-term liabilities 58,032 (29,062 ) 8 28,970 — 28,970 Total liabilities 1,250,823 241,653 1,492,476 17,705 1,510,181 Redeemable noncontrolling interest 58,802 — 58,802 — 58,802 Stockholders’ deficit: Common stock 11 — 11 — 11 Additional paid-in capital 2,551,256 755 12 2,552,011 — 2,552,011 Accumulated other comprehensive income 5 — 5 — 5 Accumulated deficit (2,656,711 ) (72,760 ) (2,729,471 ) (17,419 ) (2,746,890 ) Total stockholders’ deficit (105,439 ) (72,005 ) (177,444 ) (17,419 ) (194,863 ) Noncontrolling interest 114,664 — 114,664 — 114,664 Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest $ 1,318,850 $ 169,648 $ 1,488,498 $ 286 $ 1,488,784 1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end. 2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation cost of $3.8 million and reclassification of inventories of $0.5 million held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net. 3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $13.9 million (short-term) and $70.6 million (long-term), net capitalization of stock-based compensation costs of $2.1 million into current deferred cost of revenue, and the correction of certain other immaterial misstatements identified to relieve installation deferred cost of revenue of $1.7 million . 4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue. 5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $232.6 million . This includes a net capitalization of stock-based compensation cost for these assets of $3.6 million . 6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue. 7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.4 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities, reducing accrued warranty by $0.8 million . 8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed. 9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations. 10 Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue. 11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability. 12 Additional paid-in capital — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million recorded within other expense, net. June 30, 2019 As Previously Reported Restatement Impacts As Restated ASC 606 Adoption Impacts As Restated & Recast Assets Current assets: Cash and cash equivalents $ 308,009 $ — $ 308,009 $ — $ 308,009 Restricted cash 23,706 — 23,706 — 23,706 Accounts receivable 38,296 4,172 1 42,468 (2,430 ) 40,038 Inventories 104,934 1,955 2 106,889 — 106,889 Deferred cost of revenue 86,434 (6,127 ) 3 80,307 — 80,307 Customer financing receivable 5,817 — 5,817 — 5,817 Prepaid expenses and other current assets 25,088 1,252 4 26,340 143 26,483 Total current assets 592,284 1,252 593,536 (2,287 ) 591,249 Property, plant and equipment, net 406,610 234,649 5 641,259 — 641,259 Customer financing receivable, non-current 64,146 — 64,146 — 64,146 Restricted cash (noncurrent) 39,351 — 39,351 — 39,351 Deferred cost of revenue, non-current 59,213 (55,367 ) 3 3,846 — 3,846 Other long-term assets 60,975 9,118 6 70,093 2,743 72,836 Total assets $ 1,222,579 $ 189,652 $ 1,412,231 $ 456 $ 1,412,687 Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest Current liabilities: Accounts payable 61,427 — 61,427 — 61,427 Accrued warranty 12,393 (1,154 ) 7 11,239 (999 ) 10,240 Accrued expenses and other current liabilities 109,722 (4,329 ) 8 105,393 — 105,393 Financing obligations — 10,027 10 10,027 — 10,027 Deferred revenue and customer deposits 129,321 (13,847 ) 11 115,474 3,264 118,738 Current portion of recourse debt 15,681 — 15,681 — 15,681 Current portion of non-recourse debt 7,654 — 7,654 — 7,654 Current portion of non-recourse debt from related parties 2,889 — 2,889 — 2,889 Total current liabilities 339,087 (9,303 ) 329,784 2,265 332,049 Derivative liabilities 13,079 5,096 18,175 — 18,175 Deferred revenue and customer deposits, net of current portion 181,221 (95,840 ) 11 85,381 25,369 110,750 Financing obligations, non-current — 400,078 10 400,078 — 400,078 Long-term portion of recourse debt 362,424 — 362,424 — 362,424 Long-term portion of non-recourse debt 219,182 — 219,182 — 219,182 Long-term portion of recourse debt from related parties 27,734 — 27,734 — 27,734 Long-term portion of non-recourse debt from related parties 32,643 — 32,643 — 32,643 Other long-term liabilities 58,417 (28,438 ) 8 29,979 — 29,979 Total liabilities 1,233,787 271,593 1,505,380 27,634 1,533,014 Redeemable noncontrolling interest 505 — 505 — 505 Stockholders’ deficit: June 30, 2019 As Previously Reported Restatement Impacts As Restated ASC 606 Adoption Impacts As Restated & Recast Common stock 11 — 11 — 11 Additional paid-in capital 2,603,279 755 12 2,604,034 — 2,604,034 Accumulated other comprehensive loss (148 ) — (148 ) — (148 ) Accumulated deficit (2,718,927 ) (82,696 ) (2,801,623 ) (27,178 ) (2,828,801 ) Total stockholders’ deficit (115,785 ) (81,941 ) (197,726 ) (27,178 ) (224,904 ) Noncontrolling interest 104,072 — 104,072 — 104,072 Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest $ 1,222,579 $ 189,652 $ 1,412,231 $ 456 $ 1,412,687 1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end. 2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation costs of $2.0 million . 3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $7.4 million (short-term) and $55.4 million (long-term), and net capitalization of stock-based compensation costs of $3.7 million into current deferred cost of revenue, and the correction of certain other immaterial misstatements identified to relieve installation deferred cost of revenue of $2.5 million . 4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue. 5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install cost of revenue are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $230.9 million . This includes a net capitalization of stock-based compensation costs for these assets of $3.7 million . 6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue. 7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.2 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities, reducing accrued warranty by $0.9 million . 8 Accrued expenses and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed. 9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations. 10 Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue. 11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability. 12 Additional paid-in capital — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million recorded within other expense, net. September 30, 2019 As Previously Reported Restatement Impacts As Restated ASC 606 Adoption Impacts As Restated & Recast Assets Current assets: Cash and cash equivalents $ 226,499 $ — $ 226,499 $ — $ 226,499 Restricted cash 14,486 — 14,486 — 14,486 Accounts receivable 26,737 4,216 1 30,953 (4,600 ) 26,353 Inventories 140,372 (7,765 ) 2 132,607 — 132,607 Deferred cost of revenue 50,707 (9,665 ) 3 41,042 — 41,042 Customer financing receivable 5,919 — 5,919 — 5,919 Prepaid expenses and other current assets 25,639 2,830 4 28,469 173 28,642 Total current assets 490,359 (10,384 ) 479,975 (4,427 ) 475,548 Property, plant and equipment, net 384,377 243,008 5 627,385 — 627,385 Customer financing receivable, non-current 62,615 — 62,615 — 62,615 Restricted cash (noncurrent) 116,890 — 116,890 — 116,890 Deferred cost of revenue, non-current 57,286 (53,562 ) 3 3,724 — 3,724 Other long-term assets 58,400 9,319 6 67,719 3,232 70,951 Total assets $ 1,169,927 $ 188,381 $ 1,358,308 $ (1,195 ) $ 1,357,113 Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest Current liabilities: Accounts payable $ 81,060 $ — $ 81,060 $ — $ 81,060 Accrued warranty 15,295 (1,159 ) 7 14,136 (1,274 ) 12,862 Accrued expense and other current liabilities 82,150 (2,534 ) 8 79,616 — 79,616 Financing obligations — 10,420 10 10,420 — 10,420 Deferred revenue and customer deposits 88,060 (13,856 ) 11 74,204 3,347 77,551 Current portion of recourse debt 15,678 — 15,678 — 15,678 Current portion of non-recourse debt 7,983 — 7,983 — 7,983 Current portion of non-recourse debt from related parties 3,500 — 3,500 — 3,500 Total current liabilities 293,726 (7,129 ) 286,597 2,073 288,670 Derivative liabilities 14,648 5,636 20,284 — 20,284 Deferred revenue and customer deposits, net of current portion 179,712 (92,390 ) 11 87,322 34,954 122,276 Financing obligations, non-current — 397,272 10 397,272 — 397,272 Long-term portion of recourse debt 359,959 — 359,959 — 359,959 Long-term portion of non-recourse debt 217,334 — 217,334 — 217,334 Long-term portion of recourse debt from related parties 27,734 — 27,734 — 27,734 Long-term portion of non-recourse debt from related parties 31,781 — 31,781 — 31,781 Other long-term liabilities 56,117 (27,264 ) 8 28,853 (1 ) 28,852 Total liabilities 1,181,011 276,125 1,457,136 37,026 1,494,162 Redeemable noncontrolling interest 557 — 557 — 557 September 30, 2019 As Previously Reported Restatement Impacts As Restated ASC 606 Adoption Impacts As Restated & Recast Stockholders’ deficit: Common stock 12 — 12 — 12 Additional paid-in capital 2,647,118 756 12 2,647,874 — 2,647,874 Accumulated other comprehensive loss (147 ) — (147 ) — (147 ) Accumulated deficit (2,753,830 ) (88,500 ) (2,842,330 ) (38,221 ) (2,880,551 ) Total stockholders’ deficit (106,847 ) (87,744 ) (194,591 ) (38,221 ) (232,812 ) Noncontrolling interest 95,206 — 95,206 — 95,206 Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest $ 1,169,927 $ 188,381 $ 1,358,308 $ (1,195 ) $ 1,357,113 1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end. 2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation costs of $3.7 million , and reclassification of inventories of $11.5 million on held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net. 3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $7.4 million (short-term) and $53.6 million (long-term), and net capitalization of stock-based compensation costs of $0.8 million into current deferred cost of revenue, and the correction of certain other immaterial misstatements identified to relieve installation deferred cost of revenue of $3.1 million . 4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue. 5 Property, plant and equipment, net — The correction of these misstatements resulted from the change of accounting for Managed Services transactions and similar arrangements, whereby product and install costs of goods sold are now recorded as property, plant and equipment, net in the cases where the risks of ownership have not completely transferred to the financing party of $239.3 million . This includes a net capitalization of stock-based compensation costs for these assets of $3.7 million . 6 Other long-term assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements whereby the timing difference of capacity billings to end customers and the payments received from the financing entity is recorded within long term receivables and prepaid property tax and insurance payments are now classified within other long-term assets, rather than offset against long-term deferred revenue. 7 Accrued warranty — The correction of these misstatements resulted from the change of accounting for accrued warranty which is now recorded on an as-incurred basis for our Managed Services Agreements and similar arrangements, reducing accrued warranty by $0.1 million and the change of accounting for the grid pricing escalation guarantees we provided in some of our sales arrangements, which are now recorded as derivative liabilities, reducing accrued warranty by $1.1 million . 8 Accrued expense and other current liabilities and other long-term liabilities — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which historical accrued liabilities recorded at inception of the agreements, as well as subsequent reductions of those liabilities, were reversed. 9 Financing obligations, current and non-current — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements, whereby instead of recognizing the upfront proceeds received from the bank as revenue, the proceeds received are classified as financing obligations. 10 Deferred revenue and customer deposits, current and non-current — The correction of these misstatements resulted from the change of accounting for the recognition of product and installation revenue from upfront or ratable recognition to recognition of the capacity payments received from the end customer as power is generated by the Energy Servers as electricity revenue. 11 Derivative liabilities — The correction of these misstatements resulted from the change of accounting for embedded derivatives related to grid pricing escalation guarantees we provided in some of our sales arrangements. These are now recorded as derivative liabilities and were previously treated as an accrued liability. 12 Additional paid-in capital — Relates to the correction of an unadjusted misstatement in the valuation of our 6% Notes derivative, resulting in a credit to additional paid-in capital and additional expense of $0.8 million recorded within other expense, net. March 31, 2018 As Previously Reported Revision Impacts As Revised Assets Current assets: Cash and cash equivalents $ 88,227 $ — $ 88,227 Restricted cash 22,998 — 22,998 Short-term investments 20,138 — 20,138 Accounts receivable 58,520 3,476 1 61,996 Inventories 97,079 (3,047 ) 2 94,032 Deferred cost of revenue 81,229 (37,814 ) 3 43,415 Customer financing receivable 5,303 — 5,303 Prepaid expenses and other current assets 27,836 1,108 4 28,944 Total current assets 401,330 (36,277 ) 365,053 Property, plant and equipment, net 487,169 215,059 5 702,228 Customer financing receivable, non-current 71,337 — 71,337 Restricted cash (noncurrent) 32,367 — 32,367 Deferred cost of revenue, non-current 155,658 (155,605 ) 3 53 Other long-term assets 36,773 6,406 6 43,179 Total assets $ 1,184,634 $ 29,583 $ 1,214,217 Liabilities, Convertible Redeemable Preferred Stock, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest Current liabilities: Accounts payable $ 47,755 $ — $ 47,755 Accrued warranty 16,723 (329 ) 7 16,394 Accrued expenses and other current liabilities 57,683 (4,029 ) 8 53,654 Financing obligations — 6,556 10 6,556 Deferred revenue and customer deposits 99,449 (27,963 ) 11 71,486 Current portion of recourse debt 6,017 — 6,017 Current portion of non-recourse debt 17,583 — 17,583 Current portion of non-recourse debt from related parties 1,525 — 1,525 Total current liabilities 246,735 (25,765 ) 220,970 Preferred stock warrant liabilities 6,554 — 6,554 Derivative liabilities 163,854 4,217 168,071 Deferred revenue and customer deposits, net of current portion 306,153 (216,652 ) 11 89,501 Financing obligations, non-current — 321,682 10 321,682 Long-term portion of recourse debt 517,483 — 517,483 Long-term portion of non-recourse debt 302,345 — 302,345 Long-term portion of recourse debt from related parties 70,202 — 70,202 Long-term portion of non-recourse debt from related parties 35,312 — 35,312 Other long-term liabilities 51,860 (30,107 ) 8 21,753 Total liabilities 1,700,498 53,375 1,753,873 March 31, 2018 As Previously Reported Revision Impacts As Revised Redeemable noncontrolling interest 58,176 — 58,176 Convertible redeemable preferred stock 1,465,841 — 1,465,841 Stockholders’ deficit: Common stock 1 — 1 Additional paid-in capital 158,605 — 158,605 Accumulated other comprehensive income 117 — 117 Accumulated deficit (2,348,363 ) (23,792 ) (2,372,155 ) Total stockholders’ deficit (2,189,640 ) (23,792 ) (2,213,432 ) Noncontrolling interest 149,759 — 149,759 Total liabilities, redeemable noncontrolling interest, convertible redeemable preferred stock, stockholders' deficit and noncontrolling interest $ 1,184,634 $ 29,583 $ 1,214,217 1 Accounts receivable — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements, for which the amount recorded to accounts receivable represents amounts invoiced for capacity billings to end customers which have not yet been collected by the financing entity as of the period end. 2 Inventories — The correction of these misstatements resulted from the change of accounting for inventory, including net capitalization of stock-based compensation costs of $0.3 million , and reclassification of inventories of $3.4 million held for shipments to customers under the Managed Services Program and similar arrangements to construction in progress within property, plant and equipment, net. 3 Deferred cost of revenue, current and non-current — The correction of these misstatements resulted from reclassifying deferred cost of revenue to property, plant and equipment, net for the leased Energy Servers under the Managed Services Agreements and similar sale-leaseback arrangements of $38.2 million (short-term) and $155.6 million (long-term), and net capitalization of stock-based compensation costs of $0.3 million into current deferred cost of revenue. 4 Prepaid expenses and other current assets — The correction of these misstatements resulted from the change of accounting for Managed Services Agreements and similar arrangements where prepaid property tax and insurance payments are now classified within prepaid expenses, rather than offset against deferred revenue. 5 Property, plant and equipment, net — The correction of thes |
