Revenue (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Schedule of company revenue |
The following table presents the Company’s revenue for the three months ended March 31, 2025 and 2024 (in thousands):
|
|
|
|
|
|
|
|
|
For the three months ended March 31, |
|
|
2025 |
|
|
2024 |
|
Revenue from leases |
$ |
132,777 |
|
|
$ |
132,151 |
|
Revenue from contracts with customers |
|
|
|
|
|
Time charter, regasification and other services |
|
15,588 |
|
|
|
24,843 |
|
Gas sales |
|
166,725 |
|
|
|
43,119 |
|
Total revenue |
$ |
315,090 |
|
|
$ |
200,113 |
|
|
| Schedule of revenue from leases |
The Company’s revenue from leases is presented within revenues in the consolidated statements of income and for the three months ended March 31, 2025 and 2024 consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
For the three months ended March 31, |
|
|
2025 |
|
|
2024 |
|
Operating lease income |
$ |
115,926 |
|
|
$ |
122,876 |
|
Sales-type lease income |
|
16,851 |
|
|
|
9,275 |
|
Total revenue from leases |
$ |
132,777 |
|
|
$ |
132,151 |
|
|
| Schedule of leased property and equipment |
The following represents the amount of property and equipment that is leased to customers as of March 31, 2025 and December 31, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
Property and equipment |
$ |
2,470,060 |
|
|
$ |
2,472,895 |
|
Accumulated depreciation |
|
(1,011,716 |
) |
|
|
(1,005,269 |
) |
Property and equipment, net |
$ |
1,458,344 |
|
|
$ |
1,467,626 |
|
|
| Schedule of minimum future revenue |
As of March 31, 2025, the minimum contractual future revenues to be received under the time charters during the next five years and thereafter are as follows (in thousands):
|
|
|
|
|
|
|
|
Year |
Sales-type |
|
|
Operating |
|
Remainder of 2025 |
$ |
65,766 |
|
|
$ |
324,340 |
|
2026 |
|
88,508 |
|
|
|
409,025 |
|
2027 |
|
88,508 |
|
|
|
348,476 |
|
2028 |
|
81,746 |
|
|
|
304,417 |
|
2029 |
|
84,843 |
|
|
|
304,903 |
|
Thereafter |
|
331,196 |
|
|
|
723,163 |
|
Total undiscounted |
$ |
740,567 |
|
|
$ |
2,414,324 |
|
Less: imputed interest |
|
(330,667 |
) |
|
|
|
Net investment in sales-type leases |
|
409,900 |
|
|
|
|
Less: current portion |
|
(44,393 |
) |
|
|
|
Non-current net investment in sales-type leases |
$ |
365,507 |
|
|
|
|
|
| Schedule of disaggregated revenues |
The following tables show disaggregated revenues from customers attributable to the region in which the party to the applicable agreement has its principal place of business (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2025 |
|
|
|
|
|
Revenue from contracts with customers |
|
|
|
|
|
Revenue from |
|
|
TCP, Regas |
|
|
Gas |
|
|
Total |
|
|
leases |
|
|
and other |
|
|
sales |
|
|
revenue |
|
Asia Pacific |
$ |
16,851 |
|
|
$ |
10,444 |
|
|
$ |
95,352 |
|
|
$ |
122,647 |
|
Latin America |
|
50,018 |
|
|
|
— |
|
|
|
— |
|
|
|
50,018 |
|
Middle East (1) |
|
37,836 |
|
|
|
— |
|
|
|
— |
|
|
|
37,836 |
|
Europe (2) |
|
28,072 |
|
|
|
— |
|
|
|
43,990 |
|
|
|
72,062 |
|
Other |
|
— |
|
|
|
5,144 |
|
|
|
27,383 |
|
|
|
32,527 |
|
Total revenue |
$ |
132,777 |
|
|
$ |
15,588 |
|
|
$ |
166,725 |
|
|
$ |
315,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2024 |
|
|
|
|
|
Revenue from contracts with customers |
|
|
|
|
|
Revenue from |
|
|
TCP, Regas |
|
|
Gas |
|
|
Total |
|
|
leases |
|
|
and other |
|
|
sales |
|
|
revenue |
|
Asia Pacific |
$ |
9,275 |
|
|
$ |
20,540 |
|
|
$ |
41,455 |
|
|
$ |
71,270 |
|
Latin America |
|
55,801 |
|
|
|
— |
|
|
|
— |
|
|
|
55,801 |
|
Middle East (1) |
|
39,816 |
|
|
|
— |
|
|
|
— |
|
|
|
39,816 |
|
Europe |
|
27,259 |
|
|
|
— |
|
|
|
— |
|
|
|
27,259 |
|
Other |
|
— |
|
|
|
4,303 |
|
|
|
1,664 |
|
|
|
5,967 |
|
Total revenue |
$ |
132,151 |
|
|
$ |
24,843 |
|
|
$ |
43,119 |
|
|
$ |
200,113 |
|
(1)Includes Pakistan and the United Arab Emirates. (2)Includes locations on the Mediterranean Sea.
|
| Schedule of changes in long-term contract liabilities |
The following table reflects the changes in the Company’s liabilities related to long-term contracts with customers as of March 31, 2025 (in thousands):
|
|
|
|
|
March 31, 2025 |
|
Deferred revenues, beginning of period |
$ |
85,907 |
|
Cash received but not yet recognized |
|
32,106 |
|
Revenue recognized from prior period deferral |
|
(59,782 |
) |
Deferred revenues, end of period |
$ |
58,231 |
|
|
| Schedule of expected recognized revenue from contracts |
The Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands):
|
|
|
|
Remainder of 2025 |
$ |
170,078 |
|
2026 |
|
563,061 |
|
2027 |
|
539,722 |
|
2028 |
|
613,049 |
|
2029 |
|
614,600 |
|
Thereafter |
|
5,585,704 |
|
Total expected revenue |
$ |
8,086,214 |
|
|