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Leases | 3 Months Ended
--- | ---
Mar. 31, 2024
Leases [Abstract] |
LEASES | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| March 31, 2024 |  | December 31, 2023
Operating Leases: |  |  |
Operating lease assets | $ | 69,348 |  |  | $ | 58,586 |
Current portions of operating lease liabilities | $ | 14,220 |  |  | $ | 13,569 |
Long-term portions of operating lease liabilities | 50,710 |  |  | 42,258 |
Total operating lease liabilities | $ | 64,930 |  |  | $ | 55,827 |
Weighted-average remaining lease term | 19 years |  | 18 years
Weighted-average discount rate | 6.6 | % |  | 6.6 | %
Financing Leases: |  |  |
Energy assets | $ | 26,736 |  |  | $ | 27,262 |
Current portions of financing lease liabilities | $ | 1,027 |  |  | $ | 871 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 12,871 |  |  | 13,057 |
Total financing lease liabilities | $ | 13,898 |  |  | $ | 13,928 |
Weighted-average remaining lease term | 13 years |  | 13 years
Weighted-average discount rate | 12.05 | % |  | 12.05 | %
The costs related to our leases were as follows:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 3,056 |  |  | $ | 2,120 |  |  |  |  |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 526 |  |  | 526 |  |  |  |  |
Interest on lease liabilities | 392 |  |  | 444 |  |  |  |  |
Total lease costs | $ | 3,974 |  |  | $ | 3,090 |  |  |  |  |
Supplemental cash flow information related to our leases was as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 4,932 |  |  | $ | 1,852 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities (1) | $ | 12,736 |  |  | $ | 1,319 |
(1) Includes non-monetary lease transactions of $10,378. See disclosure below for additional information.
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2024 | $ | 12,766 |  |  | $ | 2,207 |
2025 | 12,403 |  |  | 2,213 |
2026 | 7,093 |  |  | 2,054 |
2027 | 6,006 |  |  | 1,922 |
2028 | 5,061 |  |  | 1,955 |
Thereafter | 61,421 |  |  | 15,935 |
Total minimum lease payments | 104,750 |  |  | 26,286 |
Less: interest | 39,820 |  |  | 12,388 |
Present value of lease liabilities | $ | 64,930 |  |  | $ | 13,898 |
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, 2024 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. Non-monetary Lease Transactions We have six lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration were recorded during the three months ended March 31, 2024 based on the fair market value of the project services or back up power expected to be provided, which approximate the cash payments. Sale-leasebacks These facilities are accounted for as failed sale leasebacks and are classified as long-term financing facilities. 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 assets for $4,444 in cash proceeds under this facility during the three months ended March 31, 2024. As of March 31, 2024, we have available funds remaining 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 and $57 for the three months ended March 31, 2024 and 2023, respectively. December 2020 Master Sale-leaseback We enter into amendments to our December 2020 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. As of March 31, 2024, we were in default under this agreement as we had failed to satisfy the insurance requirements and historical coverage ratio under this agreement. On May 3, 2024, we received a waiver of this default.
LEASES | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| March 31, 2024 |  | December 31, 2023
Operating Leases: |  |  |
Operating lease assets | $ | 69,348 |  |  | $ | 58,586 |
Current portions of operating lease liabilities | $ | 14,220 |  |  | $ | 13,569 |
Long-term portions of operating lease liabilities | 50,710 |  |  | 42,258 |
Total operating lease liabilities | $ | 64,930 |  |  | $ | 55,827 |
Weighted-average remaining lease term | 19 years |  | 18 years
Weighted-average discount rate | 6.6 | % |  | 6.6 | %
Financing Leases: |  |  |
Energy assets | $ | 26,736 |  |  | $ | 27,262 |
Current portions of financing lease liabilities | $ | 1,027 |  |  | $ | 871 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 12,871 |  |  | 13,057 |
Total financing lease liabilities | $ | 13,898 |  |  | $ | 13,928 |
Weighted-average remaining lease term | 13 years |  | 13 years
Weighted-average discount rate | 12.05 | % |  | 12.05 | %
The costs related to our leases were as follows:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 3,056 |  |  | $ | 2,120 |  |  |  |  |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 526 |  |  | 526 |  |  |  |  |
Interest on lease liabilities | 392 |  |  | 444 |  |  |  |  |
Total lease costs | $ | 3,974 |  |  | $ | 3,090 |  |  |  |  |
Supplemental cash flow information related to our leases was as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 4,932 |  |  | $ | 1,852 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities (1) | $ | 12,736 |  |  | $ | 1,319 |
(1) Includes non-monetary lease transactions of $10,378. See disclosure below for additional information.
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2024 | $ | 12,766 |  |  | $ | 2,207 |
2025 | 12,403 |  |  | 2,213 |
2026 | 7,093 |  |  | 2,054 |
2027 | 6,006 |  |  | 1,922 |
2028 | 5,061 |  |  | 1,955 |
Thereafter | 61,421 |  |  | 15,935 |
Total minimum lease payments | 104,750 |  |  | 26,286 |
Less: interest | 39,820 |  |  | 12,388 |
Present value of lease liabilities | $ | 64,930 |  |  | $ | 13,898 |
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, 2024 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. Non-monetary Lease Transactions We have six lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration were recorded during the three months ended March 31, 2024 based on the fair market value of the project services or back up power expected to be provided, which approximate the cash payments. Sale-leasebacks These facilities are accounted for as failed sale leasebacks and are classified as long-term financing facilities. 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 assets for $4,444 in cash proceeds under this facility during the three months ended March 31, 2024. As of March 31, 2024, we have available funds remaining 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 and $57 for the three months ended March 31, 2024 and 2023, respectively. December 2020 Master Sale-leaseback We enter into amendments to our December 2020 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. As of March 31, 2024, we were in default under this agreement as we had failed to satisfy the insurance requirements and historical coverage ratio under this agreement. On May 3, 2024, we received a waiver of this default.
LEASES | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| March 31, 2024 |  | December 31, 2023
Operating Leases: |  |  |
Operating lease assets | $ | 69,348 |  |  | $ | 58,586 |
Current portions of operating lease liabilities | $ | 14,220 |  |  | $ | 13,569 |
Long-term portions of operating lease liabilities | 50,710 |  |  | 42,258 |
Total operating lease liabilities | $ | 64,930 |  |  | $ | 55,827 |
Weighted-average remaining lease term | 19 years |  | 18 years
Weighted-average discount rate | 6.6 | % |  | 6.6 | %
Financing Leases: |  |  |
Energy assets | $ | 26,736 |  |  | $ | 27,262 |
Current portions of financing lease liabilities | $ | 1,027 |  |  | $ | 871 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 12,871 |  |  | 13,057 |
Total financing lease liabilities | $ | 13,898 |  |  | $ | 13,928 |
Weighted-average remaining lease term | 13 years |  | 13 years
Weighted-average discount rate | 12.05 | % |  | 12.05 | %
The costs related to our leases were as follows:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 3,056 |  |  | $ | 2,120 |  |  |  |  |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 526 |  |  | 526 |  |  |  |  |
Interest on lease liabilities | 392 |  |  | 444 |  |  |  |  |
Total lease costs | $ | 3,974 |  |  | $ | 3,090 |  |  |  |  |
Supplemental cash flow information related to our leases was as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 4,932 |  |  | $ | 1,852 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities (1) | $ | 12,736 |  |  | $ | 1,319 |
(1) Includes non-monetary lease transactions of $10,378. See disclosure below for additional information.
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2024 | $ | 12,766 |  |  | $ | 2,207 |
2025 | 12,403 |  |  | 2,213 |
2026 | 7,093 |  |  | 2,054 |
2027 | 6,006 |  |  | 1,922 |
2028 | 5,061 |  |  | 1,955 |
Thereafter | 61,421 |  |  | 15,935 |
Total minimum lease payments | 104,750 |  |  | 26,286 |
Less: interest | 39,820 |  |  | 12,388 |
Present value of lease liabilities | $ | 64,930 |  |  | $ | 13,898 |
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, 2024 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. Non-monetary Lease Transactions We have six lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration were recorded during the three months ended March 31, 2024 based on the fair market value of the project services or back up power expected to be provided, which approximate the cash payments. Sale-leasebacks These facilities are accounted for as failed sale leasebacks and are classified as long-term financing facilities. 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 assets for $4,444 in cash proceeds under this facility during the three months ended March 31, 2024. As of March 31, 2024, we have available funds remaining 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 and $57 for the three months ended March 31, 2024 and 2023, respectively. December 2020 Master Sale-leaseback We enter into amendments to our December 2020 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. As of March 31, 2024, we were in default under this agreement as we had failed to satisfy the insurance requirements and historical coverage ratio under this agreement. On May 3, 2024, we received a waiver of this default.

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