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v3.22.2.2

Revenue (Tables) | 6 Months Ended
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Jun. 30, 2022
Revenue from Contract with Customer [Abstract] |
Schedule of Company Revenue | The following table presents the Company’s revenue for the three and six months ended June 30, 2022 and 2021 (in thousands):
| For the three months ended June 30, |  |  | For the six months ended June 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Revenue from leases | $ | 81,895 |  |  | $ | 85,322 |  |  | $ | 155,957 |  |  | $ | 180,467 |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |  |  |
Time charter, regasification and other services |  | 28,177 |  |  |  | 24,536 |  |  |  | 51,707 |  |  |  | 55,254 |
Gas sales |  | 512,857 |  |  |  | 82,940 |  |  |  | 1,006,938 |  |  |  | 121,890 |
Total revenue | $ | 622,929 |  |  | $ | 192,798 |  |  | $ | 1,214,602 |  |  | $ | 357,611 |
Schedule of revenue from leases | The Company’s time charter contracts are accounted for as operating or sales-type leases. The Company's revenue from leases is presented within revenues in the consolidated statements of income and for the three and six months ended June 30, 2022 and 2021 consists of the following (in thousands):
| For the three months ended June 30, |  |  | For the six months ended June 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Operating lease income | $ | 63,027 |  |  | $ | 65,968 |  |  | $ | 118,301 |  |  | $ | 141,866 |
Sales-type lease income |  | 18,868 |  |  |  | 19,354 |  |  |  | 37,656 |  |  |  | 38,601 |
Total revenue from leases | $ | 81,895 |  |  | $ | 85,322 |  |  | $ | 155,957 |  |  | $ | 180,467 |
Schedule of leased property and equipment | The following represents the amount of property and equipment that is leased to customers as of June 30, 2022 and December 31, 2021 (in thousands):
| June 30, 2022 |  |  | December 31, 2021 |
Property and equipment | $ | 1,804,721 |  |  | $ | 1,899,892 |
Accumulated depreciation |  | (663,415 | ) |  |  | (766,642 | )
Property and equipment, net | $ | 1,141,306 |  |  | $ | 1,133,250 |
Schedule of minimum contractual future revenues | The future minimum revenues presented in the table below should not be construed to reflect total charter hire revenues for any of the years presented. Minimum future revenues included below are based on the fixed components and do not include variable or contingent revenue. Additionally, revenue generated from short-term charters are not included as the duration of the contracts are less than a year. As of June 30, 2022, the minimum contractual future revenues to be received under the time charters during the next five years and thereafter are as follows (in thousands):
Year | Sales-type |  |  | Operating |
Remainder of 2022 | $ | 44,167 |  |  | $ | 128,305 |
2023 |  | 80,449 |  |  |  | 167,190 |
2024 |  | 84,214 |  |  |  | 132,753 |
2025 |  | 87,612 |  |  |  | 121,510 |
2026 |  | 87,612 |  |  |  | 93,327 |
Thereafter |  | 579,486 |  |  |  | 509,322 |
Total undiscounted | $ | 963,540 |  |  | $ | 1,152,407 |
Less: imputed interest |  | (544,197 | ) |  |  |
Net investment in sales-type leases |  | 419,343 |  |  |  |
Less: current portion |  | (12,200 | ) |  |  |
Non-current net investment in sales-type leases | $ | 407,143 |  |  |  |
Schedule of disaggregated revenues | The following table shows disaggregated revenues from customers attributable to the country in which the revenues were derived (in thousands). Revenues from external customers are attributed to the country in which the party to the applicable agreement has its principal place of business.
| For the three months ended June 30, 2022 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | TCP, Regas |  |  | Gas |  |  | Total |
| leases |  |  | and other |  |  | sales |  |  | revenue |
Bangladesh | $ | 18,626 |  |  | $ | 9,453 |  |  | $ | — |  |  | $ | 28,079 |
UAE |  | 16,253 |  |  |  | 5,380 |  |  |  | — |  |  |  | 21,633 |
Pakistan |  | 11,003 |  |  |  | 2,853 |  |  |  | — |  |  |  | 13,856 |
Argentina |  | 13,391 |  |  |  | 5,870 |  |  |  | — |  |  |  | 19,261 |
Brazil |  | 13,051 |  |  |  | 1,873 |  |  |  | 512,857 |  |  |  | 527,781 |
Israel |  | 9,571 |  |  |  | 1,459 |  |  |  | — |  |  |  | 11,030 |
United States |  | — |  |  |  | 1,259 |  |  |  | — |  |  |  | 1,259 |
Other |  | — |  |  |  | 30 |  |  |  | — |  |  |  | 30 |
Total revenue | $ | 81,895 |  |  | $ | 28,177 |  |  | $ | 512,857 |  |  | $ | 622,929 |
| For the three months ended June 30, 2021 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | TCP, Regas |  |  | Gas |  |  | Total |
| leases |  |  | and other |  |  | sales |  |  | revenue |
Bangladesh | $ | 19,355 |  |  | $ | 8,515 |  |  | $ | 82,940 |  |  | $ | 110,810 |
UAE |  | 17,990 |  |  |  | 3,773 |  |  |  | — |  |  |  | 21,763 |
Pakistan |  | 11,018 |  |  |  | 2,424 |  |  |  | — |  |  |  | 13,442 |
Argentina |  | 12,833 |  |  |  | 4,638 |  |  |  | — |  |  |  | 17,471 |
Brazil |  | 12,265 |  |  |  | 1,824 |  |  |  | — |  |  |  | 14,089 |
Israel |  | 9,494 |  |  |  | 1,744 |  |  |  | — |  |  |  | 11,238 |
United States |  | — |  |  |  | 982 |  |  |  | — |  |  |  | 982 |
Other |  | 2,367 |  |  |  | 636 |  |  |  | — |  |  |  | 3,003 |
Total revenue | $ | 85,322 |  |  | $ | 24,536 |  |  | $ | 82,940 |  |  | $ | 192,798 |
| For the six months ended June 30, 2022 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | TCP, Regas |  |  | Gas |  |  | Total |
| leases |  |  | and other |  |  | sales |  |  | revenue |
Bangladesh | $ | 37,414 |  |  | $ | 18,728 |  |  | $ | — |  |  | $ | 56,142 |
UAE |  | 28,991 |  |  |  | 8,262 |  |  |  | — |  |  |  | 37,253 |
Pakistan |  | 21,885 |  |  |  | 5,337 |  |  |  | — |  |  |  | 27,222 |
Argentina |  | 22,766 |  |  |  | 10,022 |  |  |  | — |  |  |  | 32,788 |
Brazil |  | 25,958 |  |  |  | 3,534 |  |  |  | 932,839 |  |  |  | 962,331 |
Israel |  | 18,943 |  |  |  | 3,113 |  |  |  | — |  |  |  | 22,056 |
United States |  | — |  |  |  | 2,358 |  |  |  | 74,099 |  |  |  | 76,457 |
Other |  | — |  |  |  | 353 |  |  |  | — |  |  |  | 353 |
Total revenue | $ | 155,957 |  |  | $ | 51,707 |  |  | $ | 1,006,938 |  |  | $ | 1,214,602 |
| For the six months ended June 30, 2021 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | TCP, Regas |  |  | Gas |  |  | Total |
| leases |  |  | and other |  |  | sales |  |  | revenue |
Bangladesh | $ | 38,602 |  |  | $ | 17,817 |  |  | $ | 82,940 |  |  | $ | 139,359 |
UAE |  | 32,291 |  |  |  | 7,338 |  |  |  | — |  |  |  | 39,629 |
Pakistan |  | 21,900 |  |  |  | 5,135 |  |  |  | — |  |  |  | 27,035 |
Argentina |  | 22,261 |  |  |  | 8,349 |  |  |  | — |  |  |  | 30,610 |
Brazil |  | 24,395 |  |  |  | 3,389 |  |  |  | — |  |  |  | 27,784 |
Israel |  | 18,884 |  |  |  | 3,220 |  |  |  | — |  |  |  | 22,104 |
United States |  | 9,100 |  |  |  | 5,729 |  |  |  | — |  |  |  | 14,829 |
China |  | — |  |  |  | — |  |  |  | 38,950 |  |  |  | 38,950 |
Other |  | 13,034 |  |  |  | 4,277 |  |  |  | — |  |  |  | 17,311 |
Total revenue | $ | 180,467 |  |  | $ | 55,254 |  |  | $ | 121,890 |  |  | $ | 357,611 |
Schedule of changes in long-term contract liabilities | The following table reflects the changes in our long-term contract liabilities to customers, as of June 30, 2022 and December 31, 2021 (in thousands):
| June 30, 2022 |  |  | December 31, 2021 |
Deferred revenues, beginning of period | $ | 14,451 |  |  | $ | 9,569 |
Cash received but not yet recognized |  | 2,536 |  |  |  | 4,882 |
Deferred revenues, end of period | $ | 16,987 |  |  | $ | 14,451 |
Schedule of expected recognized revenue from contracts | The Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands):
2022 | $ | 23,953 |
2023 |  | 43,558 |
2024 |  | 44,845 |
2025 |  | 44,071 |
2026 |  | 44,071 |
Thereafter |  | 212,595 |
| $ | 413,093 |

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