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v3.23.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2023
Leases [Abstract] |
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| March 31, 2023 |  | December 31, 2022
Operating Leases: |  |  |
Operating lease assets | $ | 38,189 |  |  | $ | 38,224 |
Current portions of operating lease liabilities | $ | 5,868 |  |  | $ | 5,829 |
Long-term portions of operating lease liabilities | 31,779 |  |  | 31,703 |
Total operating lease liabilities | $ | 37,647 |  |  | $ | 37,532 |
Weighted-average remaining lease term | 13 years |  | 13 years
Weighted-average discount rate | 6.0 | % |  | 6.0 | %
Financing Leases: |  |  |
Energy assets | $ | 28,839 |  |  | $ | 29,365 |
Current portions of financing lease liabilities | $ | 2,133 |  |  | $ | 1,992 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 13,898 |  |  | 14,068 |
Total financing lease liabilities | $ | 16,031 |  |  | $ | 16,060 |
Weighted-average remaining lease term | 14 years |  | 14 years
Weighted-average discount rate | 12.1 | % |  | 12.1 | %
The costs related to our leases were as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 2,120 |  |  | $ | 2,291 |  |  |  |  |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 526 |  |  | 355 |  |  |  |  |
Interest on lease liabilities | 444 |  |  | 559 |  |  |  |  |
Total lease costs | $ | 3,090 |  |  | $ | 3,205 |  |  |  |  |
Supplemental cash flow information related to our leases was as follows:
| Three Months Ended March 31,
| 2023 |  | 2022
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,852 |  |  | $ | 1,907 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities | $ | 1,319 |  |  | $ | 367 |
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2023 | $ | 6,138 |  |  | $ | 3,598 |
2024 | 6,790 |  |  | 2,565 |
2025 | 5,537 |  |  | 2,213 |
2026 | 3,455 |  |  | 2,054 |
2027 | 2,814 |  |  | 1,922 |
Thereafter | 30,998 |  |  | 17,890 |
Total minimum lease payments | 55,732 |  |  | 30,242 |
Less: interest | 18,085 |  |  | 14,211 |
Present value of lease liabilities | $ | 37,647 |  |  | $ | 16,031 |
We have a future lease commitment for a ground lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $10,500 as of March 31, 2023 and relates to lease payments to be made over a 20-year period. We are in process of modifying the terms of this agreement such that the criteria to record a ROU asset and ROU liability may not be met. August 2018 Master Sale-leaseback We enter into amendments to our August 2018 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. We sold and leased back one energy asset for $4,139 in cash proceeds under this facility during the three months ended March 31, 2023. As of March 31, 2023, a majority of the total commitment of $350,000 remained available under this lending commitment. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended March 31, 2023 and 2022. See Note 19 Subsequent Events for a sale-leaseback that occurred on April 20, 2023.
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| March 31, 2023 |  | December 31, 2022
Operating Leases: |  |  |
Operating lease assets | $ | 38,189 |  |  | $ | 38,224 |
Current portions of operating lease liabilities | $ | 5,868 |  |  | $ | 5,829 |
Long-term portions of operating lease liabilities | 31,779 |  |  | 31,703 |
Total operating lease liabilities | $ | 37,647 |  |  | $ | 37,532 |
Weighted-average remaining lease term | 13 years |  | 13 years
Weighted-average discount rate | 6.0 | % |  | 6.0 | %
Financing Leases: |  |  |
Energy assets | $ | 28,839 |  |  | $ | 29,365 |
Current portions of financing lease liabilities | $ | 2,133 |  |  | $ | 1,992 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 13,898 |  |  | 14,068 |
Total financing lease liabilities | $ | 16,031 |  |  | $ | 16,060 |
Weighted-average remaining lease term | 14 years |  | 14 years
Weighted-average discount rate | 12.1 | % |  | 12.1 | %
The costs related to our leases were as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 2,120 |  |  | $ | 2,291 |  |  |  |  |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 526 |  |  | 355 |  |  |  |  |
Interest on lease liabilities | 444 |  |  | 559 |  |  |  |  |
Total lease costs | $ | 3,090 |  |  | $ | 3,205 |  |  |  |  |
Supplemental cash flow information related to our leases was as follows:
| Three Months Ended March 31,
| 2023 |  | 2022
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,852 |  |  | $ | 1,907 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities | $ | 1,319 |  |  | $ | 367 |
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2023 | $ | 6,138 |  |  | $ | 3,598 |
2024 | 6,790 |  |  | 2,565 |
2025 | 5,537 |  |  | 2,213 |
2026 | 3,455 |  |  | 2,054 |
2027 | 2,814 |  |  | 1,922 |
Thereafter | 30,998 |  |  | 17,890 |
Total minimum lease payments | 55,732 |  |  | 30,242 |
Less: interest | 18,085 |  |  | 14,211 |
Present value of lease liabilities | $ | 37,647 |  |  | $ | 16,031 |
We have a future lease commitment for a ground lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $10,500 as of March 31, 2023 and relates to lease payments to be made over a 20-year period. We are in process of modifying the terms of this agreement such that the criteria to record a ROU asset and ROU liability may not be met. August 2018 Master Sale-leaseback We enter into amendments to our August 2018 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. We sold and leased back one energy asset for $4,139 in cash proceeds under this facility during the three months ended March 31, 2023. As of March 31, 2023, a majority of the total commitment of $350,000 remained available under this lending commitment. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended March 31, 2023 and 2022. See Note 19 Subsequent Events for a sale-leaseback that occurred on April 20, 2023.
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| March 31, 2023 |  | December 31, 2022
Operating Leases: |  |  |
Operating lease assets | $ | 38,189 |  |  | $ | 38,224 |
Current portions of operating lease liabilities | $ | 5,868 |  |  | $ | 5,829 |
Long-term portions of operating lease liabilities | 31,779 |  |  | 31,703 |
Total operating lease liabilities | $ | 37,647 |  |  | $ | 37,532 |
Weighted-average remaining lease term | 13 years |  | 13 years
Weighted-average discount rate | 6.0 | % |  | 6.0 | %
Financing Leases: |  |  |
Energy assets | $ | 28,839 |  |  | $ | 29,365 |
Current portions of financing lease liabilities | $ | 2,133 |  |  | $ | 1,992 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 13,898 |  |  | 14,068 |
Total financing lease liabilities | $ | 16,031 |  |  | $ | 16,060 |
Weighted-average remaining lease term | 14 years |  | 14 years
Weighted-average discount rate | 12.1 | % |  | 12.1 | %
The costs related to our leases were as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 2,120 |  |  | $ | 2,291 |  |  |  |  |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 526 |  |  | 355 |  |  |  |  |
Interest on lease liabilities | 444 |  |  | 559 |  |  |  |  |
Total lease costs | $ | 3,090 |  |  | $ | 3,205 |  |  |  |  |
Supplemental cash flow information related to our leases was as follows:
| Three Months Ended March 31,
| 2023 |  | 2022
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,852 |  |  | $ | 1,907 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities | $ | 1,319 |  |  | $ | 367 |
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2023 | $ | 6,138 |  |  | $ | 3,598 |
2024 | 6,790 |  |  | 2,565 |
2025 | 5,537 |  |  | 2,213 |
2026 | 3,455 |  |  | 2,054 |
2027 | 2,814 |  |  | 1,922 |
Thereafter | 30,998 |  |  | 17,890 |
Total minimum lease payments | 55,732 |  |  | 30,242 |
Less: interest | 18,085 |  |  | 14,211 |
Present value of lease liabilities | $ | 37,647 |  |  | $ | 16,031 |
We have a future lease commitment for a ground lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $10,500 as of March 31, 2023 and relates to lease payments to be made over a 20-year period. We are in process of modifying the terms of this agreement such that the criteria to record a ROU asset and ROU liability may not be met. August 2018 Master Sale-leaseback We enter into amendments to our August 2018 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. We sold and leased back one energy asset for $4,139 in cash proceeds under this facility during the three months ended March 31, 2023. As of March 31, 2023, a majority of the total commitment of $350,000 remained available under this lending commitment. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended March 31, 2023 and 2022. See Note 19 Subsequent Events for a sale-leaseback that occurred on April 20, 2023.

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