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Revenue (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023 (in thousands):


	For the three months ended June 30,								For the six months ended June 30,
	2024				2023				2024				2023
Revenue from leases	$	138,113			$	113,797			$	276,023			$	216,763
Revenue from contracts with customers
Time charter, regasification and other services		12,874				11,665				31,958				27,276
Gas sales		32,346				306,910				75,465				399,389
Total revenue	$	183,333			$	432,372			$	383,446			$	643,428

Schedule of revenue from 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, 2024 and 2023 consists of the following (in thousands):


	For the three months ended June 30,								For the six months ended June 30,
	2024				2023				2024				2023
Operating lease income	$	120,465			$	95,794			$	243,341			$	180,770
Sales-type lease income		17,648				18,003				32,682				35,993
Total revenue from leases	$	138,113			$	113,797			$	276,023			$	216,763

Schedule of leased property and equipment

The following represents the amount of property and equipment that is leased to customers as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024				December 31, 2023
Property and equipment	$	2,484,088			$	2,184,347
Accumulated depreciation		(970,911	)			(929,141	)
Property and equipment, net	$	1,513,177			$	1,255,206

Schedule of minimum future revenue

As of June 30, 2024, 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 2024	$	44,166			$	221,297
2025		87,612				392,428
2026		87,612				353,082
2027		87,612				362,036
2028		80,848				290,564
Thereafter		411,507				1,023,148
Total undiscounted	$	799,357			$	2,642,555
Less: imputed interest		(407,351	)
Net investment in sales-type leases		392,006
Less: current portion		(18,805	)
Non-current net investment in sales-type leases	$	373,201

Schedule of disaggregated revenues

The following tables show disaggregated revenues from customers attributable to the region in which the party to the applicable agreement has its principal place of business (in thousands):


	For the three months ended June 30, 2024
					Revenue from contracts with customers
	Revenue from				TCP, Regas				Gas				Total
	leases				and other				sales				revenue
Asia Pacific	$	17,648			$	11,619			$	32,346			$	61,613
Latin America		52,865				—				—				52,865
Middle East (1)		39,083				—				—				39,083
Europe		28,517				—				—				28,517
Other		—				1,255				—				1,255
Total revenue	$	138,113			$	12,874			$	32,346			$	183,333


	For the three months ended June 30, 2023
					Revenue from contracts with customers
	Revenue from				TCP, Regas				Gas				Total
	leases				and other				sales				revenue
Asia Pacific	$	18,001			$	10,424			$	80,933			$	109,358
Latin America		45,647				—				225,977				271,624
Middle East (1)		37,577				—				—				37,577
Europe		12,572				—				—				12,572
Other		—				1,241				—				1,241
Total revenue	$	113,797			$	11,665			$	306,910			$	432,372


	For the six months ended June 30, 2024
					Revenue from contracts with customers
	Revenue from				TCP, Regas				Gas				Total
	leases				and other				sales				revenue
Asia Pacific	$	32,682			$	26,400			$	73,801			$	132,883
Latin America		108,666				—				—				108,666
Middle East (1)		78,899				—				—				78,899
Europe		55,776				—				—				55,776
Other		—				5,558				1,664				7,222
Total revenue	$	276,023			$	31,958			$	75,465			$	383,446


	For the six months ended June 30, 2023
					Revenue from contracts with customers
	Revenue from				TCP, Regas				Gas				Total
	leases				and other				sales				revenue
Asia Pacific	$	35,992			$	21,090			$	80,933			$	138,015
Latin America		75,702				—				296,230				371,932
Middle East (1)		73,684				—				—				73,684
Europe		31,385				—				22,226				53,611
Other		—				6,186				—				6,186
Total revenue	$	216,763			$	27,276			$	399,389			$	643,428

(1)

Includes Pakistan and the UAE.

Schedule of changes in long-term contract liabilities

The following table reflects the changes in our liabilities related to long-term contracts with customers as of June 30, 2024 (in thousands):


	June 30, 2024
Deferred revenues, beginning of period	$	56,267
Cash received but not yet recognized		31,152
Revenue recognized from prior period deferral		(29,871	)
Deferred revenues, end of period	$	57,548

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):


Remainder of 2024	$	21,921
2025		128,393
2026		509,949
2027		492,975
2028		569,241
Thereafter		6,265,138
Total expected revenue	$	7,987,617