Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
March 31, 2022 December 31, 2021
Operating Leases:
Operating lease assets $ 39,485  $ 41,982 
Current portions of operating lease liabilities $ 6,134  $ 6,276 
Long-term portions of operating lease liabilities 32,854  35,135 
Total operating lease liabilities $ 38,988  $ 41,411 
Weighted-average remaining lease term 12 years 12 years
Weighted-average discount rate 5.7  % 5.7  %
Financing Leases:
Energy assets $ 31,521  $ 31,876 
Current portions of financing lease liabilities $ 3,226  $ 3,125 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 15,973  16,101 
Total financing lease liabilities $ 19,199  $ 19,226 
Weighted-average remaining lease term 15 years 15 years
Weighted-average discount rate 12.1  % 12.1  %
The costs related to our leases were as follows:
Three Months Ended March 31,
2022 2021
Operating Leases:
Operating lease costs $ 2,291  $ 2,153 
Financing Leases:
Amortization expense 355  532 
Interest on lease liabilities 559  658 
Total lease costs $ 3,205  $ 3,343 
Supplemental cash flow information related to our leases was as follows:
Three Months Ended March 31,
2022 2021
Cash paid for amounts included in the measurement of operating lease liabilities $ 1,907  $ 2,423 
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities $ 367  $ 3,773 
The table below sets forth our estimated minimum future lease obligations under our leases:
  Operating Leases Financing Leases
Year ended December 31,  
2022 $ 6,134  $ 5,124 
2023 7,176  3,676 
2024 5,943  2,565 
2025 4,725  2,213 
2026 2,880  2,054 
Thereafter 28,615  19,813 
Total minimum lease payments 55,473  35,445 
Less: interest 16,485  16,246 
Present value of lease liabilities $ 38,988  $ 19,199 
Sale-leasebacks
In March 2022, we entered into an amendment to our August 2018 long-term financing facility which extended the end date of the agreement from March 31, 2022 to June 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the three months ended March 31, 2022. As of March 31, 2022, approximately $220,367 remained available under this lending commitment.
In March 2022, we entered into an amendment to our December 2020 long-term financing facility which extended the end date of the agreement from December 31, 2021 to July 15, 2022. We sold and leased back one energy asset for $4,423 in cash proceeds under this facility during three months ended March 31, 2022. As of March 31, 2022, approximately $11,515 remained available under this lending commitment.
These transactions are accounted for as failed sale leasebacks and are classified as long-term financing facilities. See Note 7 for additional information.
Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for each of the three months ended March 31, 2022 and 2021
Leases LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
March 31, 2022 December 31, 2021
Operating Leases:
Operating lease assets $ 39,485  $ 41,982 
Current portions of operating lease liabilities $ 6,134  $ 6,276 
Long-term portions of operating lease liabilities 32,854  35,135 
Total operating lease liabilities $ 38,988  $ 41,411 
Weighted-average remaining lease term 12 years 12 years
Weighted-average discount rate 5.7  % 5.7  %
Financing Leases:
Energy assets $ 31,521  $ 31,876 
Current portions of financing lease liabilities $ 3,226  $ 3,125 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 15,973  16,101 
Total financing lease liabilities $ 19,199  $ 19,226 
Weighted-average remaining lease term 15 years 15 years
Weighted-average discount rate 12.1  % 12.1  %
The costs related to our leases were as follows:
Three Months Ended March 31,
2022 2021
Operating Leases:
Operating lease costs $ 2,291  $ 2,153 
Financing Leases:
Amortization expense 355  532 
Interest on lease liabilities 559  658 
Total lease costs $ 3,205  $ 3,343 
Supplemental cash flow information related to our leases was as follows:
Three Months Ended March 31,
2022 2021
Cash paid for amounts included in the measurement of operating lease liabilities $ 1,907  $ 2,423 
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities $ 367  $ 3,773 
The table below sets forth our estimated minimum future lease obligations under our leases:
  Operating Leases Financing Leases
Year ended December 31,  
2022 $ 6,134  $ 5,124 
2023 7,176  3,676 
2024 5,943  2,565 
2025 4,725  2,213 
2026 2,880  2,054 
Thereafter 28,615  19,813 
Total minimum lease payments 55,473  35,445 
Less: interest 16,485  16,246 
Present value of lease liabilities $ 38,988  $ 19,199 
Sale-leasebacks
In March 2022, we entered into an amendment to our August 2018 long-term financing facility which extended the end date of the agreement from March 31, 2022 to June 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the three months ended March 31, 2022. As of March 31, 2022, approximately $220,367 remained available under this lending commitment.
In March 2022, we entered into an amendment to our December 2020 long-term financing facility which extended the end date of the agreement from December 31, 2021 to July 15, 2022. We sold and leased back one energy asset for $4,423 in cash proceeds under this facility during three months ended March 31, 2022. As of March 31, 2022, approximately $11,515 remained available under this lending commitment.
These transactions are accounted for as failed sale leasebacks and are classified as long-term financing facilities. See Note 7 for additional information.
Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for each of the three months ended March 31, 2022 and 2021
Leases LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
March 31, 2022 December 31, 2021
Operating Leases:
Operating lease assets $ 39,485  $ 41,982 
Current portions of operating lease liabilities $ 6,134  $ 6,276 
Long-term portions of operating lease liabilities 32,854  35,135 
Total operating lease liabilities $ 38,988  $ 41,411 
Weighted-average remaining lease term 12 years 12 years
Weighted-average discount rate 5.7  % 5.7  %
Financing Leases:
Energy assets $ 31,521  $ 31,876 
Current portions of financing lease liabilities $ 3,226  $ 3,125 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 15,973  16,101 
Total financing lease liabilities $ 19,199  $ 19,226 
Weighted-average remaining lease term 15 years 15 years
Weighted-average discount rate 12.1  % 12.1  %
The costs related to our leases were as follows:
Three Months Ended March 31,
2022 2021
Operating Leases:
Operating lease costs $ 2,291  $ 2,153 
Financing Leases:
Amortization expense 355  532 
Interest on lease liabilities 559  658 
Total lease costs $ 3,205  $ 3,343 
Supplemental cash flow information related to our leases was as follows:
Three Months Ended March 31,
2022 2021
Cash paid for amounts included in the measurement of operating lease liabilities $ 1,907  $ 2,423 
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities $ 367  $ 3,773 
The table below sets forth our estimated minimum future lease obligations under our leases:
  Operating Leases Financing Leases
Year ended December 31,  
2022 $ 6,134  $ 5,124 
2023 7,176  3,676 
2024 5,943  2,565 
2025 4,725  2,213 
2026 2,880  2,054 
Thereafter 28,615  19,813 
Total minimum lease payments 55,473  35,445 
Less: interest 16,485  16,246 
Present value of lease liabilities $ 38,988  $ 19,199 
Sale-leasebacks
In March 2022, we entered into an amendment to our August 2018 long-term financing facility which extended the end date of the agreement from March 31, 2022 to June 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the three months ended March 31, 2022. As of March 31, 2022, approximately $220,367 remained available under this lending commitment.
In March 2022, we entered into an amendment to our December 2020 long-term financing facility which extended the end date of the agreement from December 31, 2021 to July 15, 2022. We sold and leased back one energy asset for $4,423 in cash proceeds under this facility during three months ended March 31, 2022. As of March 31, 2022, approximately $11,515 remained available under this lending commitment.
These transactions are accounted for as failed sale leasebacks and are classified as long-term financing facilities. See Note 7 for additional information.
Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for each of the three months ended March 31, 2022 and 2021