Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Leases

As of March 31, 2022 and December 31, 2021, the Company’s operating lease right of use assets are $18.8 million and $12.8 million, respectively. The weighted-average remaining lease term is 5.7 and the weighted-average discount rate is 4.9%.

The following table summarizes the components of lease expense (in thousands):

	Three Months Ended
	March 31, 2022		March 31, 2021
Operating lease cost	$	1,014	$	169
Short-term lease cost	133		88
Sublease income	—		—
Total	$	1,147	$	257

The following table summarizes supplemental information related to leases (in thousands):

	Three Months Ended
	March 31, 2022		March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,042	$	165
Right of use assets obtained in exchange for new operating lease liabilities	6,746		1,763

The additional right of use assets were primarily acquired in the Tree Technologies, Energica, WAVE and Solectrac acquisitions. The facilities acquired are primarily office buildings and warehouses in Asia, Europe and U.S. locations where they conduct business.

The following table summarizes the maturity of operating lease liabilities (in thousands):

March 31	Leased Property Costs
2022 (excluding the three months ended March 31, 2022)	$	3,515
2023	4,637
2024	3,514
2025	3,037
2026	2,460
2026 and thereafter	4,118
Total lease payments	21,281
Less: interest	(2,780)
Total	$	18,501

In the three months ended March 31, 2022, the Company acquired two finance leases through an acquisition of Energica, the manufacturer of high-performance electric motorcycles with a six-year and two-year remaining life for a service center and an office facility, respectively. In Asia, the Company acquired a two-year operating lease for a manufacturing facility for EV bikes, scooters, and batteries. In the U.S., the Company acquired two operating leases, one of which has a two-year term for a general office building and the other lease, has a ten-year life for a warehouse and office facility used primarily for fabrication, assembly, production, and storage of battery-powered electric tractors.

Leases

Leases

As of March 31, 2022 and December 31, 2021, the Company’s operating lease right of use assets are $18.8 million and $12.8 million, respectively. The weighted-average remaining lease term is 5.7 and the weighted-average discount rate is 4.9%.

The following table summarizes the components of lease expense (in thousands):

	Three Months Ended
	March 31, 2022		March 31, 2021
Operating lease cost	$	1,014	$	169
Short-term lease cost	133		88
Sublease income	—		—
Total	$	1,147	$	257

The following table summarizes supplemental information related to leases (in thousands):

	Three Months Ended
	March 31, 2022		March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,042	$	165
Right of use assets obtained in exchange for new operating lease liabilities	6,746		1,763

The additional right of use assets were primarily acquired in the Tree Technologies, Energica, WAVE and Solectrac acquisitions. The facilities acquired are primarily office buildings and warehouses in Asia, Europe and U.S. locations where they conduct business.

The following table summarizes the maturity of operating lease liabilities (in thousands):

March 31	Leased Property Costs
2022 (excluding the three months ended March 31, 2022)	$	3,515
2023	4,637
2024	3,514
2025	3,037
2026	2,460
2026 and thereafter	4,118
Total lease payments	21,281
Less: interest	(2,780)
Total	$	18,501

In the three months ended March 31, 2022, the Company acquired two finance leases through an acquisition of Energica, the manufacturer of high-performance electric motorcycles with a six-year and two-year remaining life for a service center and an office facility, respectively. In Asia, the Company acquired a two-year operating lease for a manufacturing facility for EV bikes, scooters, and batteries. In the U.S., the Company acquired two operating leases, one of which has a two-year term for a general office building and the other lease, has a ten-year life for a warehouse and office facility used primarily for fabrication, assembly, production, and storage of battery-powered electric tractors.