XML 23 R13.htm IDEA: XBRL DOCUMENT v3.22.1
Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases Leases
Real Estate Operating Leases
The Company leases real estate property at approximately 79 locations of which all leases have commenced as of March 31, 2022. These leases are classified as operating leases. As of March 31, 2022, the remaining lease terms vary from approximately one month to eight years. For certain leases the Company has options to extend the lease term for periods varying from two months to ten years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. For leases with an initial term of 12 months or longer, the Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payment. Any fixed payments related to non-lease components, such as common area maintenance or other services provided by the landlord, are accounted for as a component of the lease payment and therefore, a part of the total lease cost.
Flexdrive Program
The Company operates a fleet of rental vehicles through Flexdrive Services, LLC (“Flexdrive”), a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases and are included in property and equipment, net on the condensed consolidated balance sheets. As of March 31, 2022, the remaining lease terms vary between 1 month to 3 years. These leases generally do not contain any non-lease components and, as such, all payments due under these arrangements are allocated to the respective lease component.
Lease Position as of March 31, 2022
The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
March 31, 2022December 31, 2021
Operating Leases
Assets
Operating lease right-of-use assets$213,111$223,412
Liabilities
Operating lease liabilities, current$51,710$53,765
Operating lease liabilities, non-current200,018210,232
Total operating lease liabilities$251,728$263,997
Finance Leases
Assets
Finance lease right-of-use assets(1)
$25,972$26,802
Liabilities
Finance lease liabilities, current(2)
12,59913,556
Finance lease liabilities, non-current(3)
13,96414,242
Total finance lease liabilities$26,563$27,798
Weighted-average remaining lease term (years)
Operating leases5.55.6
Finance leases2.22.2
Weighted-average discount rate
Operating leases6.3 %6.3 %
Finance leases2.6 %2.8 %
_______________
(1)This balance is included within property and equipment, net on the condensed consolidated balance sheets and is primarily related to Flexdrive leases.
(2)This balance is included within other current liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive leases.
(3)This balance is included within other liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive leases.
Lease Costs
The table below presents certain information related to the costs for operating leases and finance leases for the three and nine months ended March 31, 2022 and 2021 (in thousands):
Three Months Ended March 31,
20222021
Operating Leases
Operating lease cost$17,603 $17,861 
Finance Leases
Amortization of right-of-use assets4,195 7,806 
Interest on lease liabilities189 294 
Other Lease Costs
Short-term lease cost1,477 1,855 
Variable lease cost (1)
4,208 1,961 
Total lease cost$27,672 $29,777 
_______________
(1)Consists primarily of common area maintenance, taxes and utilities for real estate leases, and certain vehicle-related charges under the Flexdrive program.
Sublease income was $3.7 million for the three months ended March 31, 2022 which was primarily related to subleases from the Company's transaction with Woven Planet in the third quarter of 2021. Sublease income is included within other income, net on the condensed consolidated statement of operations. The related lease expense for these leases is included within operating expenses on the condensed consolidated statement of operations.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
Three Months Ended March 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$19,622 $21,158 
Operating cash flows from finance leases241 279 
Financing cash flows from finance leases8,031 9,894 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2022 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2022$48,868 $10,682 $59,550 
202360,080 10,906 70,986 
202453,690 5,654 59,344 
202542,304 69 42,373 
202628,474 — 28,474 
Thereafter68,097 — 68,097 
Total minimum lease payments301,513 27,311 328,824 
Less: amount of lease payments representing interest(49,785)(748)(50,533)
Present value of future lease payments251,728 26,563 278,291 
Less: current obligations under leases(51,710)(12,599)(64,309)
Long-term lease obligations$200,018 $13,964 $213,982 
Future lease payments receivable in car rental transactions under the Flexdrive Program are not material since the lease term is less than a month.
Leases Leases
Real Estate Operating Leases
The Company leases real estate property at approximately 79 locations of which all leases have commenced as of March 31, 2022. These leases are classified as operating leases. As of March 31, 2022, the remaining lease terms vary from approximately one month to eight years. For certain leases the Company has options to extend the lease term for periods varying from two months to ten years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. For leases with an initial term of 12 months or longer, the Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payment. Any fixed payments related to non-lease components, such as common area maintenance or other services provided by the landlord, are accounted for as a component of the lease payment and therefore, a part of the total lease cost.
Flexdrive Program
The Company operates a fleet of rental vehicles through Flexdrive Services, LLC (“Flexdrive”), a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases and are included in property and equipment, net on the condensed consolidated balance sheets. As of March 31, 2022, the remaining lease terms vary between 1 month to 3 years. These leases generally do not contain any non-lease components and, as such, all payments due under these arrangements are allocated to the respective lease component.
Lease Position as of March 31, 2022
The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
March 31, 2022December 31, 2021
Operating Leases
Assets
Operating lease right-of-use assets$213,111$223,412
Liabilities
Operating lease liabilities, current$51,710$53,765
Operating lease liabilities, non-current200,018210,232
Total operating lease liabilities$251,728$263,997
Finance Leases
Assets
Finance lease right-of-use assets(1)
$25,972$26,802
Liabilities
Finance lease liabilities, current(2)
12,59913,556
Finance lease liabilities, non-current(3)
13,96414,242
Total finance lease liabilities$26,563$27,798
Weighted-average remaining lease term (years)
Operating leases5.55.6
Finance leases2.22.2
Weighted-average discount rate
Operating leases6.3 %6.3 %
Finance leases2.6 %2.8 %
_______________
(1)This balance is included within property and equipment, net on the condensed consolidated balance sheets and is primarily related to Flexdrive leases.
(2)This balance is included within other current liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive leases.
(3)This balance is included within other liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive leases.
Lease Costs
The table below presents certain information related to the costs for operating leases and finance leases for the three and nine months ended March 31, 2022 and 2021 (in thousands):
Three Months Ended March 31,
20222021
Operating Leases
Operating lease cost$17,603 $17,861 
Finance Leases
Amortization of right-of-use assets4,195 7,806 
Interest on lease liabilities189 294 
Other Lease Costs
Short-term lease cost1,477 1,855 
Variable lease cost (1)
4,208 1,961 
Total lease cost$27,672 $29,777 
_______________
(1)Consists primarily of common area maintenance, taxes and utilities for real estate leases, and certain vehicle-related charges under the Flexdrive program.
Sublease income was $3.7 million for the three months ended March 31, 2022 which was primarily related to subleases from the Company's transaction with Woven Planet in the third quarter of 2021. Sublease income is included within other income, net on the condensed consolidated statement of operations. The related lease expense for these leases is included within operating expenses on the condensed consolidated statement of operations.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
Three Months Ended March 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$19,622 $21,158 
Operating cash flows from finance leases241 279 
Financing cash flows from finance leases8,031 9,894 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2022 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2022$48,868 $10,682 $59,550 
202360,080 10,906 70,986 
202453,690 5,654 59,344 
202542,304 69 42,373 
202628,474 — 28,474 
Thereafter68,097 — 68,097 
Total minimum lease payments301,513 27,311 328,824 
Less: amount of lease payments representing interest(49,785)(748)(50,533)
Present value of future lease payments251,728 26,563 278,291 
Less: current obligations under leases(51,710)(12,599)(64,309)
Long-term lease obligations$200,018 $13,964 $213,982 
Future lease payments receivable in car rental transactions under the Flexdrive Program are not material since the lease term is less than a month.