Ameresco, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Included in the above energy assets are financing lease assets and associated accumulated depreciation and amortization, as follows:


	September 30, 2020		December 31, 2019
Financing lease assets	$	42,402	$	42,402
Less - accumulated depreciation and amortization	(7,865)		(6,268)
Financing lease assets, net	$	34,537	$	36,134

Supplemental balance sheet information related to leases at September 30, 2020 and December 31, 2019 is as follows:


	September 30, 2020			December 31, 2019
Operating Leases:
Operating lease assets	$	36,336		$	32,791
Current operating lease liabilities	6,010			5,802
Long-term portions of operating lease liabilities	32,509			29,101
Total operating lease liabilities	$	38,519		$	34,903
Weighted-average remaining lease term	11 years			11 years
Weighted-average discount rate	6.0		%	6.3		%

Financing Leases:
Energy assets, net	$	34,537		$	36,134
Current portions of financing lease liabilities	4,746			4,997
Long-term financing lease liabilities, less current portions and net of deferred financing fees	21,352			23,500
Total financing lease liabilities	$	26,098		$	28,497
Weighted-average remaining lease term	16 years			17 years
Weighted-average discount rate	11.9		%	11.8		%

Included in the above depreciation and amortization expense on energy assets is depreciation and amortization on financing lease assets, as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Location	2020		2019		2020		2019
Cost of revenues	$	533	$	533	$	1,597	$	1,597

The costs related to the Company’s leases are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating Lease:
Operating lease costs	$	2,001	$	1,913	$	5,933	$	5,660

Financing Lease:
Amortization expense	533		533		1,597		1,597
Interest on lease liabilities	723		854		2,282		2,750
Total lease costs	$	3,257	$	3,300	$	9,812	$	10,007

The Company’s estimated minimum future lease obligations under our leases are as follows:


	Operating Leases		Financing Leases
Year ended December 31,
2020	$	2,339	$	4,014
2021	7,342		6,792
2022	6,716		5,178
2023	5,381		3,676
2024	4,500		2,565
Thereafter	28,115		24,080
Total minimum lease payments	$	54,393	$	46,305
Less: interest	15,874		20,207
Present value of lease liabilities	$	38,519	$	26,098

The Company’s estimated minimum future lease obligations under our leases are as follows:


	Operating Leases		Financing Leases
Year ended December 31,
2020	$	2,339	$	4,014
2021	7,342		6,792
2022	6,716		5,178
2023	5,381		3,676
2024	4,500		2,565
Thereafter	28,115		24,080
Total minimum lease payments	$	54,393	$	46,305
Less: interest	15,874		20,207
Present value of lease liabilities	$	38,519	$	26,098

A summary of amounts related to sale leasebacks in the Company’s condensed consolidated balance sheets is as follows:


	September 30, 2020		December 31, 2019
Financing lease assets, net	$	34,537	$	36,134
Deferred loss, short-term, net	115		115
Deferred loss, long-term, net	1,715		1,801
Total deferred loss	$	1,830	$	1,916
Financing lease liabilities, short-term	4,746		4,997
Financing lease liabilities, long-term	21,352		23,500
Total financing lease liabilities	$	26,098	$	28,497
Deferred gain, short-term, net	345		345
Deferred gain, long-term, net	5,206		5,463
Total deferred gain	$	5,551	$	5,808