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Leases

12 Months Ended

Dec. 31, 2024

Note 15 —Leases

The Company’s operating leases are related to real estate for fueling stations, office spaces, warehouses, a LNG liquefaction plant, and office equipment, and its finance leases are primarily related to vehicles.

Certain of the Company’s real estate leases contain variable lease payments, including payments based on a change in the index or gasoline gallon equivalents of natural gas dispensed at fueling stations. These variable lease payments cannot be determined at the commencement of the lease and are not included in the ROU assets and lease liabilities. As such, amounts associated with these variable lease payments are recorded as a period expense when incurred.

Lessee Accounting

As of December 31, 2023 and 2024, the Company’s finance and operating lease asset and liability balances were as follows (in thousands):


	2023		2024
Finance leases:
Land, property and equipment, gross	$	6,436	$	4,389
Accumulated depreciation		(3,199)		(1,869)
Land, property and equipment, net	$	3,237	$	2,520

Current portion of finance lease obligations	$	1,758	$	920
Long-term portion of finance lease obligations		1,839		1,766
Total finance lease liabilities	$	3,597	$	2,686

Operating leases:
Operating lease right-of-use assets	$	92,324	$	90,598

Current portion of operating lease obligations	$	6,687	$	8,027
Long-term portion of operating lease obligations		89,065		89,049
Total operating lease liabilities	$	95,752	$	97,076

The components of lease expense for finance and operating leases consisted of the following (in thousands):


	Year Ended December 31,
	2023		2024
Finance leases:
Depreciation on assets under finance leases	$	928	$	1,122
Interest on lease liabilities		183		331
Total finance leases expense	$	1,111	$	1,453

Operating leases:
Lease expense	$	15,986	$	22,355
Lease expense on short-term leases		503		661
Variable lease expense		4,777		5,057
Sublease income		(636)		(636)
Total operating leases expense	$	20,630	$	27,437

Supplemental information on finance and operating leases is as follows (dollars in thousands):


	Year Ended December 31,
	2023		2024
Operating cash outflows from finance leases	$	183	$	331
Operating cash outflows from operating leases	$	10,709	$	15,765
Financing cash outflows from finance leases	$	1,055	$	2,162

Assets obtained in exchange for new finance lease liabilities ⁽¹⁾	$	1,569	$	1,237
ROU assets obtained in exchange for operating lease liabilities ⁽¹⁾	$	46,592	$	11,861


	December 31,	December 31,
	2023	2024
Weighted-average remaining lease term - finance leases	2.44 years	2.92 years
Weighted-average remaining lease term - operating leases	10.14 years	9.41 years

Weighted-average discount rate - finance leases	7.41%	9.90%
Weighted-average discount rate - operating leases	9.82%	9.70%

(1)	These amounts are excluded from the accompanying consolidated statements of cash flows as they are non-cash investing, operating and/or financing activities.

The following schedule presents the Company’s maturities of finance and operating lease liabilities as of December 31, 2024 (in thousands):


Fiscal Year	Finance Leases		Operating Leases
2025	$	1,143	$	16,663
2026		980		16,603
2027		745		16,626
2028		242		15,827
2029		—		15,098
Thereafter		—		68,416
Total minimum lease payments		3,110		149,233
Less amount representing interest		(424)		(52,157)
Present value of lease liabilities	$	2,686	$	97,076

Lessor Accounting

The Company leases fueling station equipment to customers pursuant to agreements that contain an option to extend and an end-of-term purchase option. Receivables from these leases are accounted for as finance leases, specifically sales-type leases, and are included in “Other receivables” and “Notes receivable and other long-term assets, net” in the accompanying consolidated balance sheets.

The Company recognizes the net investment in the lease as the sum of the lease receivable and the unguaranteed residual value, both of which are measured at the present value using the interest rate implicit in the lease.

During the years ended December 31, 2022, 2023 and 2024, the Company recognized $0.4 million, $0.4 million and $0.4 million, respectively, in “Interest income” on its lease receivables.

The following schedule presents the Company’s maturities of lease receivables as of December 31, 2024 (in thousands):


Fiscal Year:
2025	$	1,264
2026		1,287
2027		1,408
2028		692
2029		522
Thereafter		181
Total minimum lease payments		5,354
Less amount representing interest		(1,038)
Present value of lease receivables	$	4,316