Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2
Leases
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
June 30, 2022 December 31, 2021
Operating Leases:
Operating lease assets $ 38,929  $ 41,982 
Current portions of operating lease liabilities $ 5,953  $ 6,276 
Long-term portions of operating lease liabilities 32,642  35,135 
Total operating lease liabilities $ 38,595  $ 41,411 
Weighted-average remaining lease term 12 years 12 years
Weighted-average discount rate 5.6  % 5.7  %
Financing Leases:
Energy assets $ 30,989  $ 31,876 
Current portions of financing lease liabilities $ 2,473  $ 3,125 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 15,200  16,101 
Total financing lease liabilities $ 17,673  $ 19,226 
Weighted-average remaining lease term 14 years 15 years
Weighted-average discount rate 12.1  % 12.1  %
The costs related to our leases were as follows:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Operating Leases:
Operating lease costs $ 2,063  $ 2,187  $ 4,354  $ 4,340 
Financing Leases:
Amortization expense 532  533  887  1,065 
Interest on lease liabilities 536  666  1,095  1,324 
Total lease costs $ 3,131  $ 3,386  $ 6,336  $ 6,729 
Supplemental cash flow information related to our leases was as follows:
Six Months Ended June 30,
2022 2021
Cash paid for amounts included in the measurement of operating lease liabilities $ 3,814  $ 4,355 
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities $ 1,712  $ 4,961 
The table below sets forth our estimated minimum future lease obligations under our leases:
  Operating Leases Financing Leases
Year ended December 31,  
2022 $ 4,185  $ 2,580 
2023 7,585  3,675 
2024 6,363  2,565 
2025 5,128  2,213 
2026 3,197  2,054 
Thereafter 29,102  19,810 
Total minimum lease payments 55,560  32,897 
Less: interest 16,965  15,224 
Present value of lease liabilities $ 38,595  $ 17,673 
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. In June 2022, we entered into another amendment to this facility which further extended the end date of the agreement from June 30, 2022 to September 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the six months ended June 30, 2022. As of June 30, 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 three energy asset for $4,423 in cash proceeds under this facility during the six months ended June 30, 2022. As of June 30, 2022, approximately $11,515 remained available under this lending commitment, however, the financing commitment expired July 15, 2022.
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 June 30, 2022 and 2021, and $114 for each of the six months ended June 30, 2022 and 2021
Leases LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
June 30, 2022 December 31, 2021
Operating Leases:
Operating lease assets $ 38,929  $ 41,982 
Current portions of operating lease liabilities $ 5,953  $ 6,276 
Long-term portions of operating lease liabilities 32,642  35,135 
Total operating lease liabilities $ 38,595  $ 41,411 
Weighted-average remaining lease term 12 years 12 years
Weighted-average discount rate 5.6  % 5.7  %
Financing Leases:
Energy assets $ 30,989  $ 31,876 
Current portions of financing lease liabilities $ 2,473  $ 3,125 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 15,200  16,101 
Total financing lease liabilities $ 17,673  $ 19,226 
Weighted-average remaining lease term 14 years 15 years
Weighted-average discount rate 12.1  % 12.1  %
The costs related to our leases were as follows:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Operating Leases:
Operating lease costs $ 2,063  $ 2,187  $ 4,354  $ 4,340 
Financing Leases:
Amortization expense 532  533  887  1,065 
Interest on lease liabilities 536  666  1,095  1,324 
Total lease costs $ 3,131  $ 3,386  $ 6,336  $ 6,729 
Supplemental cash flow information related to our leases was as follows:
Six Months Ended June 30,
2022 2021
Cash paid for amounts included in the measurement of operating lease liabilities $ 3,814  $ 4,355 
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities $ 1,712  $ 4,961 
The table below sets forth our estimated minimum future lease obligations under our leases:
  Operating Leases Financing Leases
Year ended December 31,  
2022 $ 4,185  $ 2,580 
2023 7,585  3,675 
2024 6,363  2,565 
2025 5,128  2,213 
2026 3,197  2,054 
Thereafter 29,102  19,810 
Total minimum lease payments 55,560  32,897 
Less: interest 16,965  15,224 
Present value of lease liabilities $ 38,595  $ 17,673 
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. In June 2022, we entered into another amendment to this facility which further extended the end date of the agreement from June 30, 2022 to September 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the six months ended June 30, 2022. As of June 30, 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 three energy asset for $4,423 in cash proceeds under this facility during the six months ended June 30, 2022. As of June 30, 2022, approximately $11,515 remained available under this lending commitment, however, the financing commitment expired July 15, 2022.
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 June 30, 2022 and 2021, and $114 for each of the six months ended June 30, 2022 and 2021
Leases LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
June 30, 2022 December 31, 2021
Operating Leases:
Operating lease assets $ 38,929  $ 41,982 
Current portions of operating lease liabilities $ 5,953  $ 6,276 
Long-term portions of operating lease liabilities 32,642  35,135 
Total operating lease liabilities $ 38,595  $ 41,411 
Weighted-average remaining lease term 12 years 12 years
Weighted-average discount rate 5.6  % 5.7  %
Financing Leases:
Energy assets $ 30,989  $ 31,876 
Current portions of financing lease liabilities $ 2,473  $ 3,125 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 15,200  16,101 
Total financing lease liabilities $ 17,673  $ 19,226 
Weighted-average remaining lease term 14 years 15 years
Weighted-average discount rate 12.1  % 12.1  %
The costs related to our leases were as follows:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Operating Leases:
Operating lease costs $ 2,063  $ 2,187  $ 4,354  $ 4,340 
Financing Leases:
Amortization expense 532  533  887  1,065 
Interest on lease liabilities 536  666  1,095  1,324 
Total lease costs $ 3,131  $ 3,386  $ 6,336  $ 6,729 
Supplemental cash flow information related to our leases was as follows:
Six Months Ended June 30,
2022 2021
Cash paid for amounts included in the measurement of operating lease liabilities $ 3,814  $ 4,355 
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities $ 1,712  $ 4,961 
The table below sets forth our estimated minimum future lease obligations under our leases:
  Operating Leases Financing Leases
Year ended December 31,  
2022 $ 4,185  $ 2,580 
2023 7,585  3,675 
2024 6,363  2,565 
2025 5,128  2,213 
2026 3,197  2,054 
Thereafter 29,102  19,810 
Total minimum lease payments 55,560  32,897 
Less: interest 16,965  15,224 
Present value of lease liabilities $ 38,595  $ 17,673 
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. In June 2022, we entered into another amendment to this facility which further extended the end date of the agreement from June 30, 2022 to September 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the six months ended June 30, 2022. As of June 30, 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 three energy asset for $4,423 in cash proceeds under this facility during the six months ended June 30, 2022. As of June 30, 2022, approximately $11,515 remained available under this lending commitment, however, the financing commitment expired July 15, 2022.
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 June 30, 2022 and 2021, and $114 for each of the six months ended June 30, 2022 and 2021