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Leases (Tables)

6 Months Ended

Jun. 30, 2021

Operating and financing lease right-of-use assets and lease liabilities for facilities, office buildings and vehicles as of June 30, 2021 and December 31, 2020 were as follows (in thousands):


	June 30,		December 31,
	2021		2020
Assets:
Operating lease right-of-use assets, net 1, 2	$	69,708	$	35,621
Financing lease right-of-use assets, net 2, 3, 4	2,532		334
Total	$	72,240	$	35,955

Liabilities:
Current:
Operating lease liabilities	$	5,375	$	7,899
Financing lease liabilities 5	759		74
Total current lease liabilities	6,134		7,973

Non-current:
Operating lease liabilities	78,441		41,849
Financing lease liabilities 6	1,878		267
Total non-current lease liabilities	80,319		42,116

Total lease liabilities	$	86,453	$	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 and six months ended June 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Operating lease costs	$	3,743	$	1,915	$	6,757	$	3,912
Financing lease costs:
Amortization of financing lease right-of-use assets	174		13		881		17
Interest expense for financing lease liabilities	46		4		244		6
Total financing lease costs	220		17		1,125		23

Short-term lease costs	169		83		341		222

Total lease costs	$	4,132	$	2,015	$	8,223	$	4,157

Weighted average remaining lease terms and discount rates for our facilities, office buildings and vehicles as of June 30, 2021 and December 31, 2020 were as follows:


	June 30,		December 31,
	2021		2020
Remaining lease term (years):
Operating leases	9.5 years		6.7 years
Finance leases	3.4 years		4.2 years

Discount rate:
Operating leases	9.3	%	8.7	%
Finance leases	7.5	%	7.0	%

Finance Lease, Liability, Fiscal Year Maturity

Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of June 30, 2021, were as follows (in thousands):


	Operating Leases		Finance Leases
Remainder of 2021	$	6,926	$	555
2022	12,654		757
2023	14,397		753
2024	12,944		594
2025	13,135		290
Thereafter	73,762		75
Total minimum lease payments	133,818		3,024
Less: amounts representing interest or imputed interest	(50,002)		(387)
Present value of lease liabilities	$	83,816	$	2,637

At June 30, 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	$	20,760	$	(20,760)
2022	42,252		(42,252)
2023	43,192		(43,192)
2024	41,093		(41,093)
2025	40,056		(40,056)
Thereafter	89,883		(89,883)
Total lease payments	277,236		$	(277,236)
Less: imputed interest	(161,742)
Total lease obligations	115,494
Less: current obligations	(13,818)
Long-term lease obligations	$	101,676

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 June 30, 2021, were as follows (in thousands):


	Operating Leases		Finance Leases
Remainder of 2021	$	6,926	$	555
2022	12,654		757
2023	14,397		753
2024	12,944		594
2025	13,135		290
Thereafter	73,762		75
Total minimum lease payments	133,818		3,024
Less: amounts representing interest or imputed interest	(50,002)		(387)
Present value of lease liabilities	$	83,816	$	2,637


	Financing Obligations		Sublease Payments1
Remainder of 2021	$	20,760	$	(20,760)
2022	42,252		(42,252)
2023	43,192		(43,192)
2024	41,093		(41,093)
2025	40,056		(40,056)
Thereafter	89,883		(89,883)
Total lease payments	277,236		$	(277,236)
Less: imputed interest	(161,742)
Total lease obligations	115,494
Less: current obligations	(13,818)
Long-term lease obligations	$	101,676

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):


	June 30,		December 31,
	2021		2020
Lease payment receivables, net1	$	47,170	$	49,806
Estimated residual value of leased assets (unguaranteed)	890		890
Net investment in sales-type leases	48,060		50,696
Less: current portion	(5,603)		(5,428)
Non-current portion of net investment in sales-type leases	$	42,457	$	45,268

1 Net of current estimated credit losses of approximately $0.1 million and $0.1 million as of June 30, 2021 and December 31, 2020, respectively.

Sales-type Leases, Lease Receivable, Maturity

As of June 30, 2021, the future scheduled customer payments from sales-type leases were as follows (in thousands):


	Future minimum lease payments
Remainder of 2021	$	2,971
2022	6,110
2023	6,435
2024	6,797
2025	7,125
Thereafter	19,176
Total undiscounted cash flows	48,614
Less: imputed interest	(1,393)
Present value of lease payments1	$	47,221

1 Amount comprises a current and long-term portion of lease receivables of $5.6 million and $42.5 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.

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity

Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities as of June 30, 2021, were as follows (in thousands):


	Operating Leases
Remainder of 2021	$	21,798
2022	44,258
2023	45,345
2024	46,590
2025	47,612
Thereafter	264,207
Total lease payments	$	469,810