LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
Leases [Abstract] |
|
Summary of Assets and Liabilities, Lessee |
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Operating Leases: |
|
|
|
Right-of-use (“ROU”) assets |
$ |
77,181 |
|
|
$ |
80,149 |
|
|
|
|
|
Current portions of operating lease liabilities |
$ |
7,616 |
|
|
$ |
10,536 |
|
Long-term portions of operating lease liabilities |
57,547 |
|
|
59,479 |
|
Total operating lease liabilities |
$ |
65,163 |
|
|
$ |
70,015 |
|
Weighted-average remaining lease term |
18 years |
|
19 years |
Weighted-average discount rate |
6.6 |
% |
|
6.6 |
% |
|
|
|
|
Financing Leases: |
|
|
|
Energy assets |
$ |
24,106 |
|
|
$ |
25,158 |
|
|
|
|
|
Current portions of financing lease liabilities |
$ |
702 |
|
|
$ |
637 |
|
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs |
11,967 |
|
|
12,267 |
|
Total financing lease liabilities |
$ |
12,669 |
|
|
$ |
12,904 |
|
Weighted-average remaining lease term |
12 years |
|
12 years |
Weighted-average discount rate |
12.0 |
% |
|
12.0 |
% |
|
Summary of Other Lease Cost Details |
The costs related to our leases were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Operating Leases: |
|
|
|
|
|
|
|
Operating lease costs |
$ |
3,189 |
|
|
$ |
3,176 |
|
|
$ |
6,512 |
|
|
$ |
6,232 |
|
|
|
|
|
|
|
|
|
Financing Leases: |
|
|
|
|
|
|
|
Amortization expense |
526 |
|
|
526 |
|
|
1,052 |
|
|
1,052 |
|
Interest on lease liabilities |
391 |
|
|
389 |
|
|
777 |
|
|
781 |
|
|
|
|
|
|
|
|
|
Total lease costs |
$ |
4,106 |
|
|
$ |
4,091 |
|
|
$ |
8,341 |
|
|
$ |
8,065 |
|
Supplemental cash flow information related to our leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
2025 |
|
2024 |
Cash paid for amounts included in the measurement of operating lease liabilities |
$ |
8,665 |
|
|
$ |
9,682 |
|
ROU assets obtained in exchange for new operating lease liabilities (1)
|
$ |
1,563 |
|
|
$ |
13,573 |
|
|
|
|
|
(1) Includes non-monetary lease transactions of $0 and $10,378 in 2025 and 2024, respectively. See disclosure below for additional information. |
|
|
|
|
|
Summary of Operating Lease Liability Maturity |
The table below sets forth our future lease obligations under our leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Leases |
|
Financing Leases |
Year ended December 31, |
|
|
|
2025 |
$ |
6,214 |
|
|
$ |
1,127 |
|
2026 |
10,268 |
|
|
2,054 |
|
2027 |
9,022 |
|
|
1,922 |
|
2028 |
7,601 |
|
|
1,955 |
|
2029 |
5,617 |
|
|
1,892 |
|
Thereafter |
72,774 |
|
|
14,044 |
|
Total lease payments |
111,496 |
|
|
22,994 |
|
Less: interest |
46,333 |
|
|
10,325 |
|
Present value of lease liabilities |
$ |
65,163 |
|
|
$ |
12,669 |
|
|
Summary of Finance Lease Liability Maturity |
The table below sets forth our future lease obligations under our leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Leases |
|
Financing Leases |
Year ended December 31, |
|
|
|
2025 |
$ |
6,214 |
|
|
$ |
1,127 |
|
2026 |
10,268 |
|
|
2,054 |
|
2027 |
9,022 |
|
|
1,922 |
|
2028 |
7,601 |
|
|
1,955 |
|
2029 |
5,617 |
|
|
1,892 |
|
Thereafter |
72,774 |
|
|
14,044 |
|
Total lease payments |
111,496 |
|
|
22,994 |
|
Less: interest |
46,333 |
|
|
10,325 |
|
Present value of lease liabilities |
$ |
65,163 |
|
|
$ |
12,669 |
|
|