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v3.25.1

Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | Note 7 – Leases Amounts Recognized in the Condensed Consolidated Balance Sheets The condensed consolidated balance sheets consist of the following amounts relating to operating and finance leases (in thousands):
|  | As of March 31, |  |  | As of December 31, |
|  | 2025 |  |  | 2024 |
Operating right-of-use assets |  |  |  |  |  |  |  |
Real property |  | $ |  | 18,065 |  |  | $ |  | 19,480 |
|  | $ |  | 18,065 |  |  | $ |  | 19,480 |
Operating lease liabilities |  |  |  |  |  |  |  |
Current |  | $ |  | 7,530 |  |  | $ |  | 6,809 |
Non-current |  |  |  | 10,672 |  |  |  |  | 12,739 |
|  | $ |  | 18,202 |  |  | $ |  | 19,548 |
|  | As of March 31, |  |  | As of December 31, |
|  | 2025 |  |  | 2024 |
Finance right-of-use assets |  |  |  |  |  |  |  |
Vehicles |  | $ |  | 23,077 |  |  | $ |  | 21,871 |
|  | $ |  | 23,077 |  |  | $ |  | 21,871 |
Finance lease liabilities |  |  |  |  |  |  |  |
Current |  | $ |  | 12,162 |  |  | $ |  | 7,837 |
Non-current |  |  |  | 9,934 |  |  |  |  | 13,389 |
|  | $ |  | 22,096 |  |  | $ |  | 21,226 |
Additions to right-of-use assets during the three months ended March 31, 2025 and 2024, were approximately $4.1 million and $1.1 million, respectively. Disposals to right-of-use assets during the three months ended March 31, 2025, were approximately $2.3 million. There was no disposal of right-of-use assets during the three months ended March 31, 2024. The weighted average lessee’s incremental borrowing rate applied to the operating and finance lease liabilities on March 31, 2025 was 6.7% and 7.7%, respectively. The weighted average lessee’s incremental borrowing rate applied to the operating and finance lease liabilities on December 31, 2024 was 6.7% and 8.0%, respectively. The weighted average remaining lease term for operating and finance lease on March 31, 2025 was 3.58 years and 2.03 years, respectively. The weighted average remaining lease term for operating and finance lease on December 31, 2024 was 3.77 years and 2.10 years, respectively. Amounts Recognized in the Condensed Consolidated Statements of Operations The condensed consolidated statements of operations consist of the following amounts relating to leases (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Amortization of real property operating right-of-use assets |  |  |  |  |  |  |  |
(included in general and administrative expenses) |  | $ |  | 2,052 |  |  | $ |  | 161 |
Interest expense of vehicles finance right-of-use assets |  |  |  |  |  |  |  |
(included in interest expense) |  | $ |  | 1,037 |  |  | $ |  | 572 |
Depreciation of vehicles finance right-of-use assets |  |  |  |  |  |  |  |
(included in depreciation and amortization) |  | $ |  | 2,154 |  |  | $ |  | 56 |
Variable lease expense |  | $ |  | — |  |  | $ |  | — |
Short-term lease expense |  | $ |  | 225 |  |  | $ |  | — |
The below table shows the total cash outflows for leases for the periods presented (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Operating cash flows from operating leases |  | $ |  | 1,848 |  |  | $ |  | — |
Financing cash flows from finance leases |  |  |  | 2,829 |  |  |  |  | 1,109 |
Total cash outflows for leases |  | $ |  | 4,677 |  |  | $ |  | 1,109 |
The table below reconciles the undiscounted future minimum operating and finance lease payments to the operating and finance lease liabilities recorded on the balance sheet as of March 31, 2025 (in thousands):
|  | Operating Lease |  |  | Finance Lease |
Remainder of 2025 |  | $ |  | 6,532 |  |  | $ |  | 10,082 |
2026 |  |  |  | 6,618 |  |  |  |  | 9,909 |
2027 |  |  |  | 3,261 |  |  |  |  | 4,303 |
2028 |  |  |  | 1,539 |  |  |  |  | 117 |
2029 |  |  |  | 1,194 |  |  |  |  | — |
Thereafter |  |  |  | 1,278 |  |  |  |  | — |
Total future minimum lease payments |  |  |  | 20,422 |  |  |  |  | 24,411 |
Less: Amount of lease payments representing interest |  |  |  | (2,220 | ) |  |  |  | (2,315 | )
Present values of future minimum lease payments |  | $ |  | 18,202 |  |  | $ |  | 22,096 |
Lessor Accounting Rental agreements are for the rental of our compressor systems to customers. Rental revenue for the three months ended March 31, 2025 and 2024, were approximately $97.3 million and $46.2 million, respectively. Revenue related to these rental agreements is reflected as rental revenue in the condensed consolidated statements of operations. Scheduled future minimum lease payments to be received by the Company as of March 31, 2025 for each of the next five years is as follows (in thousands):
|  | Amount |
Remainder of 2025 |  | $ |  | 125,983 |
2026 |  |  |  | 69,598 |
2027 |  |  |  | 30,679 |
2028 |  |  |  | 961 |
2029 |  |  |  | — |
Thereafter |  |  |  | — |
Total |  | $ |  | 227,221 |

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- Definition Operating and financing leases of lessee disclosure. + References No definition available. + Details
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- References No definition available. + Details
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