i had to spend money on a consultant, study esoteric accounting, and get @neroden's help to understand what is going on. and it actually makes good sense to me. and i believe that using the hlbv accounting method it does reflect changes in value that are building towards solarcity. whether the market views it that way or not remains to be seen. they are related to the number of deals in the spe's and the number of deals installed this quarter too (my view). the deals in the spe's determine depreciation that flows through to noncontrolling interests, the deals installed this quarter drive a cost vs. sale price adjustment. so those are the two big factors. a simple regression will show a good linear regression fit to cost of revenues (r-square 0.85). while there is not specific information, there are numerous links i posted about hlbv's which discuss how the valuation method is done on alternative energy deals. @neroden i've beaten this horse to death you want to take a shot to see if solarcity nci can be explained in plain terms?