XML 24 R14.htm IDEA: XBRL DOCUMENT v3.24.1.u1
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, 2024December 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 liabilities50,710 42,258 
Total operating lease liabilities$64,930 $55,827 
Weighted-average remaining lease term19 years18 years
Weighted-average discount rate6.6 %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 costs12,871 13,057 
Total financing lease liabilities$13,898 $13,928 
Weighted-average remaining lease term13 years13 years
Weighted-average discount rate12.05 %12.05 %
The costs related to our leases were as follows:
Three Months Ended March 31,
20242023
Operating Leases:
Operating lease costs$3,056 $2,120 
Financing Leases:
Amortization expense526 526 
Interest on lease liabilities392 444 
Total lease costs$3,974 $3,090 

Supplemental cash flow information related to our leases was as follows:
Three Months Ended March 31,
20242023
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 LeasesFinancing Leases
Year ended December 31, 
2024$12,766 $2,207 
202512,403 2,213 
20267,093 2,054 
20276,006 1,922 
20285,061 1,955 
Thereafter61,421 15,935 
Total minimum lease payments104,750 26,286 
Less: interest39,820 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, 2024December 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 liabilities50,710 42,258 
Total operating lease liabilities$64,930 $55,827 
Weighted-average remaining lease term19 years18 years
Weighted-average discount rate6.6 %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 costs12,871 13,057 
Total financing lease liabilities$13,898 $13,928 
Weighted-average remaining lease term13 years13 years
Weighted-average discount rate12.05 %12.05 %
The costs related to our leases were as follows:
Three Months Ended March 31,
20242023
Operating Leases:
Operating lease costs$3,056 $2,120 
Financing Leases:
Amortization expense526 526 
Interest on lease liabilities392 444 
Total lease costs$3,974 $3,090 

Supplemental cash flow information related to our leases was as follows:
Three Months Ended March 31,
20242023
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 LeasesFinancing Leases
Year ended December 31, 
2024$12,766 $2,207 
202512,403 2,213 
20267,093 2,054 
20276,006 1,922 
20285,061 1,955 
Thereafter61,421 15,935 
Total minimum lease payments104,750 26,286 
Less: interest39,820 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, 2024December 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 liabilities50,710 42,258 
Total operating lease liabilities$64,930 $55,827 
Weighted-average remaining lease term19 years18 years
Weighted-average discount rate6.6 %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 costs12,871 13,057 
Total financing lease liabilities$13,898 $13,928 
Weighted-average remaining lease term13 years13 years
Weighted-average discount rate12.05 %12.05 %
The costs related to our leases were as follows:
Three Months Ended March 31,
20242023
Operating Leases:
Operating lease costs$3,056 $2,120 
Financing Leases:
Amortization expense526 526 
Interest on lease liabilities392 444 
Total lease costs$3,974 $3,090 

Supplemental cash flow information related to our leases was as follows:
Three Months Ended March 31,
20242023
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 LeasesFinancing Leases
Year ended December 31, 
2024$12,766 $2,207 
202512,403 2,213 
20267,093 2,054 
20276,006 1,922 
20285,061 1,955 
Thereafter61,421 15,935 
Total minimum lease payments104,750 26,286 
Less: interest39,820 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.