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Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

LEASESWe lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install, various office spaces for selling and administrative activities to support our business, and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment.

The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets:

												As of March 31,						As of December 31,
(in thousands)						Classification						2023						2022
Assets
Non-Current
Operating						Operating lease right-of-use assets						$	74,602					$	76,174
Finance						Property and equipment, net						9,159						8,928
Total lease assets												$	83,761					$	85,102
Liabilities
Current
Operating						Current maturities of operating lease obligations						$	26,000					$	26,145
Financing						Current maturities of finance lease obligations						2,588						2,508
Non-Current
Operating						Operating lease obligations						48,339						49,789
Financing						Finance lease obligations						6,559						6,397
Total lease liabilities												$	83,486					$	84,839
Weighted-average remaining lease term:
Operating leases												3.9 years						4.0 years
Finance leases												3.8 years						3.6 years
Weighted-average discount rate:
Operating leases												4.60		%				4.41		%
Finance leases												6.08		%				5.76		%

Lease Costs

The table below presents certain information related to the lease costs for finance and operating leases:

												Three months ended March 31,
(in thousands)						Classification						2023						2022
Operating lease cost(1)						Administrative						$	9,203					$	7,759
Finance lease cost:
Amortization of leased assets(2)						Cost of sales						977						716
Interest on finance lease obligations						Interest expense, net						131						61
Total lease costs												$	10,311					$	8,536

(1)Includes variable lease costs of $1.2 million and $0.9 million for the three months ended March 31, 2023 and 2022, respectively, and short-term lease costs of $0.3 million for each of the three months ended March 31, 2023 and 2022.

(2)Includes variable lease costs of $0.2 million for each of the three months ended March 31, 2023 and 2022.

Other Information

The table below presents supplemental cash flow information related to leases (in thousands):

			Three months ended March 31,
			2023						2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases			$	7,691					$	6,463
Operating cash flows for finance leases			131						61
Financing cash flows for finance leases			727						521

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of March 31, 2023 (in thousands):

			Finance Leases						Operating Leases
									Related Party						Other						Total Operating
Remainder of 2023			$	2,354					$	1,068					$	21,268					$	22,336
2024			2,668						1,175						21,565						22,740
2025			2,299						1,017						14,742						15,759
2026			1,968						—						9,616						9,616
2027			997						—						5,252						5,252
Thereafter			17						—						5,559						5,559
Total minimum lease payments			10,303						$	3,260					$	78,002					81,262
Less: Amounts representing executory costs			(2)																		—
Less: Amounts representing interest			(1,154)																		(6,923)
Present value of future minimum lease payments			9,147																		74,339
Less: Current obligation under leases			(2,588)																		(26,000)
Long-term lease obligations			$	6,559																	$	48,339

Leases

LEASESWe lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install, various office spaces for selling and administrative activities to support our business, and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment.

The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets:

												As of March 31,						As of December 31,
(in thousands)						Classification						2023						2022
Assets
Non-Current
Operating						Operating lease right-of-use assets						$	74,602					$	76,174
Finance						Property and equipment, net						9,159						8,928
Total lease assets												$	83,761					$	85,102
Liabilities
Current
Operating						Current maturities of operating lease obligations						$	26,000					$	26,145
Financing						Current maturities of finance lease obligations						2,588						2,508
Non-Current
Operating						Operating lease obligations						48,339						49,789
Financing						Finance lease obligations						6,559						6,397
Total lease liabilities												$	83,486					$	84,839
Weighted-average remaining lease term:
Operating leases												3.9 years						4.0 years
Finance leases												3.8 years						3.6 years
Weighted-average discount rate:
Operating leases												4.60		%				4.41		%
Finance leases												6.08		%				5.76		%

Lease Costs

The table below presents certain information related to the lease costs for finance and operating leases:

												Three months ended March 31,
(in thousands)						Classification						2023						2022
Operating lease cost(1)						Administrative						$	9,203					$	7,759
Finance lease cost:
Amortization of leased assets(2)						Cost of sales						977						716
Interest on finance lease obligations						Interest expense, net						131						61
Total lease costs												$	10,311					$	8,536

(1)Includes variable lease costs of $1.2 million and $0.9 million for the three months ended March 31, 2023 and 2022, respectively, and short-term lease costs of $0.3 million for each of the three months ended March 31, 2023 and 2022.

(2)Includes variable lease costs of $0.2 million for each of the three months ended March 31, 2023 and 2022.

Other Information

The table below presents supplemental cash flow information related to leases (in thousands):

			Three months ended March 31,
			2023						2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases			$	7,691					$	6,463
Operating cash flows for finance leases			131						61
Financing cash flows for finance leases			727						521

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of March 31, 2023 (in thousands):

			Finance Leases						Operating Leases
									Related Party						Other						Total Operating
Remainder of 2023			$	2,354					$	1,068					$	21,268					$	22,336
2024			2,668						1,175						21,565						22,740
2025			2,299						1,017						14,742						15,759
2026			1,968						—						9,616						9,616
2027			997						—						5,252						5,252
Thereafter			17						—						5,559						5,559
Total minimum lease payments			10,303						$	3,260					$	78,002					81,262
Less: Amounts representing executory costs			(2)																		—
Less: Amounts representing interest			(1,154)																		(6,923)
Present value of future minimum lease payments			9,147																		74,339
Less: Current obligation under leases			(2,588)																		(26,000)
Long-term lease obligations			$	6,559																	$	48,339

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- References

No definition available.

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X

- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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X

- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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