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Leases (Tables)

9 Months Ended

Sep. 30, 2021

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


	September 30,		December 31,
	2021		2020
Assets:
Operating lease right-of-use assets, net 1, 2	$	70,055	$	35,621
Financing lease right-of-use assets, net 2, 3, 4	2,943		334
Total	$	72,998	$	35,955

Liabilities:
Current:
Operating lease liabilities	$	6,206	$	7,899
Financing lease liabilities 5	798		74
Total current lease liabilities	7,004		7,973

Non-current:
Operating lease liabilities	78,146		41,849
Financing lease liabilities 6	2,165		267
Total non-current lease liabilities	80,311		42,116

Total lease liabilities	$	87,315	$	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 nine months ended September 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease costs	$	3,925	$	2,683	$	10,620	$	6,280
Financing lease costs:
Amortization of financing lease right-of-use assets	214		15		1,096		32
Interest expense for financing lease liabilities	51		4		296		10
Total financing lease costs	265		19		1,392		42

Short-term lease costs	625		131		951		668

Total lease costs	$	4,815	$	2,833	$	12,963	$	6,990

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


	September 30,		December 31,
	2021		2020
Remaining lease term (years):
Operating leases	9.3 years		6.7 years
Finance leases	3.6 years		4.2 years

Discount rate:
Operating leases	9.3	%	8.7	%
Finance leases	7.6	%	7.0	%

Finance Lease, Liability, Fiscal Year Maturity

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


	Operating Leases		Finance Leases
Remainder of 2021	$	3,581	$	240
2022	13,076		960
2023	14,949		955
2024	13,455		782
2025	13,477		313
Thereafter	79,085		88
Total minimum lease payments	137,623		3,338
Less: amounts representing interest or imputed interest	(53,271)		(375)
Present value of lease liabilities	$	84,352	$	2,963

At September 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	$	10,412	$	(10,412)
2022	42,265		(42,265)
2023	43,223		(43,223)
2024	41,141		(41,141)
2025	40,106		(40,106)
Thereafter	90,023		(90,023)
Total lease payments	267,170		$	(267,170)
Less: imputed interest	(154,762)
Total lease obligations	112,408
Less: current obligations	(14,260)
Long-term lease obligations	$	98,148

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


	Operating Leases		Finance Leases
Remainder of 2021	$	3,581	$	240
2022	13,076		960
2023	14,949		955
2024	13,455		782
2025	13,477		313
Thereafter	79,085		88
Total minimum lease payments	137,623		3,338
Less: amounts representing interest or imputed interest	(53,271)		(375)
Present value of lease liabilities	$	84,352	$	2,963


	Financing Obligations		Sublease Payments1
Remainder of 2021	$	10,412	$	(10,412)
2022	42,265		(42,265)
2023	43,223		(43,223)
2024	41,141		(41,141)
2025	40,106		(40,106)
Thereafter	90,023		(90,023)
Total lease payments	267,170		$	(267,170)
Less: imputed interest	(154,762)
Total lease obligations	112,408
Less: current obligations	(14,260)
Long-term lease obligations	$	98,148

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):


	September 30,		December 31,
	2021		2020
Lease payment receivables, net1	$	45,784	$	49,806
Estimated residual value of leased assets (unguaranteed)	890		890
Net investment in sales-type leases	46,674		50,696
Less: current portion	(5,693)		(5,428)
Non-current portion of net investment in sales-type leases	$	40,981	$	45,268

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

Sales-type Leases, Lease Receivable, Maturity

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


	Future minimum lease payments
Remainder of 2021	$	1,494
2022	6,110
2023	6,435
2024	6,797
2025	7,125
Thereafter	19,176
Total undiscounted cash flows	47,137
Less: imputed interest	(1,302)
Present value of lease payments1	$	45,835

1 Amount comprises a current and long-term portion of lease receivables of $5.7 million and $41.0 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 September 30, 2021, were as follows (in thousands):


	Operating Leases
Remainder of 2021	$	10,850
2022	44,205
2023	45,290
2024	46,533
2025	47,553
Thereafter	264,018
Total lease payments	$	458,449