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Leases (Tables)

3 Months Ended

Mar. 31, 2021

Operating and financing lease right-of-use assets and lease liabilities for facilities, office buildings and vehicles as of March 31, 2021 and December 31, 2020 were as follows (in thousands):


	March 31, 2021		December 31, 2020
Assets:
Operating lease right-of-use assets, net 1, 2	$	55,165	$	35,621
Financing lease right-of-use assets, net 3, 4	1,685		334
Total	$	56,850	$	35,955

Liabilities:
Current:
Operating lease liabilities	$	7,219	$	7,899
Financing lease liabilities 5	544		74
Total current lease liabilities	7,763		7,973

Non-current:
Operating lease liabilities	61,714		41,849
Financing lease liabilities 6	1,184		267
Total non-current lease liabilities	62,898		42,116

Total lease liabilities	$	70,661	$	50,089

1 These assets primarily include leases for facilities, office buildings, and vehicles.

2 Net of accumulated amortization.

3 These assets primarily include leases for vehicles.

4 Included in property, plant and equipment, net, in the condensed consolidated balance sheets, net of accumulated amortization.

5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.

6 Included in other long-term liabilities in the condensed consolidated balance sheets.

Lease, Cost

The components of our facilities, office buildings and vehicles' lease costs for the three months ended March 31, 2021 and 2020 were as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Operating lease costs	$	3,018	$	2,069
Financing lease costs:
Amortization of financing lease right-of-use assets	708		4
Interest expense for financing lease liabilities	199		2
Total financing lease costs	907		6

Short-term lease costs	168		139

Total lease costs	$	4,093	$	2,214

Weighted average remaining lease terms and discount rates for our facilities, office buildings and vehicles as of March 31, 2021 and December 31, 2020 were as follows:


	March 31, 2021		December 31, 2020
Remaining lease term (years):
Operating leases	8.5 years		6.7 years
Finance leases	3.3 years		4.2 years

Discount rate:
Operating leases	9.2	%	8.7	%
Finance leases	8.2	%	7.0	%

Finance Lease, Liability, Fiscal Year Maturity

Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of March 31, 2021, were as follows (in thousands):


	Operating Leases		Finance Leases
Remainder of 2021	$	10,324	$	538
2022	11,397		481
2023	12,184		476
2024	10,762		363
2025	10,995		104
Thereafter	50,098		18
Total minimum lease payments	105,760		1,980
Less: amounts representing interest or imputed interest	(36,826)		(253)
Present value of lease liabilities	$	68,934	$	1,727

At March 31, 2021, future lease payments under the Managed Services financing obligations and the sublease payments from the customers under the related operating leases were as follows (in thousands):


	Financing Obligations		Sublease Payments1
Remainder of 2021	$	30,901	$	(30,901)
2022	42,067		(42,067)
2023	43,004		(43,004)
2024	40,901		(40,901)
2025	39,859		(39,859)
Thereafter	88,742		(88,742)
Total lease payments	285,474		$	(285,474)
Less: imputed interest	(167,747)
Total lease obligations	117,727
Less: current obligations	(13,330)
Long-term lease obligations	$	104,397

1 Sublease Payments primarily represents the fees received by the bank from our customer for the electricity generated by our Energy Servers leased under our Managed Services and other similar arrangements, which also pay down our financing obligation to the bank.

Lessee, Operating Lease, Liability, Maturity

Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of March 31, 2021, were as follows (in thousands):


	Operating Leases		Finance Leases
Remainder of 2021	$	10,324	$	538
2022	11,397		481
2023	12,184		476
2024	10,762		363
2025	10,995		104
Thereafter	50,098		18
Total minimum lease payments	105,760		1,980
Less: amounts representing interest or imputed interest	(36,826)		(253)
Present value of lease liabilities	$	68,934	$	1,727


	Financing Obligations		Sublease Payments1
Remainder of 2021	$	30,901	$	(30,901)
2022	42,067		(42,067)
2023	43,004		(43,004)
2024	40,901		(40,901)
2025	39,859		(39,859)
Thereafter	88,742		(88,742)
Total lease payments	285,474		$	(285,474)
Less: imputed interest	(167,747)
Total lease obligations	117,727
Less: current obligations	(13,330)
Long-term lease obligations	$	104,397

Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities as of March 31, 2021, were as follows (in thousands):


	Operating Leases
Remainder of 2021	$	32,655
2022	44,258
2023	45,345
2024	46,590
2025	47,612
Thereafter	264,207
Total lease payments	$	480,667

Sales-type Lease, Net Investment in Lease

The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands):


	March 31, 2021		December 31, 2020
Lease payment receivables, net1	$	48,505	$	49,806
Estimated residual value of leased assets (unguaranteed)	890		890
Net investment in sales-type leases	49,395		50,696
Less: current portion	(5,515)		(5,428)
Non-current portion of net investment in sales-type leases	$	43,880	$	45,268

1 Net of current estimated credit losses of approximately $0.1 million and $0.1 million as of March 31, 2021 and December 31, 2020, respectively.

Sales-type Leases, Lease Receivable, Maturity

As of March 31, 2021, the future scheduled customer payments from sales-type leases were as follows (in thousands):


	Future minimum lease payments
Remainder of 2021	$	4,399
2022	6,110
2023	6,435
2024	6,797
2025	7,125
Thereafter	19,176
Total undiscounted cash flows	50,042
Less: imputed interest	(1,486)
Present value of lease payments1	$	48,556

1 Amount comprises a current and long-term portion of lease receivables of $5.5 million and $43.9 million, respectively, after giving effect to a $0.1 million current expected credit loss reserve on the long-term portion, which is reflected as a component of the net investment in sales-type leases presented in our condensed consolidated statement of financial position as customer financing receivables.