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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | Leases The Company's operating and finance lease right-of-use ("ROU") assets and liabilities as of September 30, 2024 and December 31, 2023 consisted of the following items (in thousands):
|  | As of
Leases |  | September 30, 2024 |  | December 31, 2023
Operating Leases |  |  |  |
Operating lease right-of-use assets, net of accumulated amortization (1) |  | $ | 9,331 |  |  | $ | 10,592 |
Operating lease obligations, current |  | $ | 1,991 |  |  | $ | 1,944 |
Long-term operating lease obligations |  | 7,569 |  |  | 8,870 |
Total operating lease obligation |  | $ | 9,560 |  |  | $ | 10,814 |
Finance Leases |  |  |  |
Finance lease right-of-use assets, net of accumulated amortization (2) |  | $ | 975 |  |  | $ | 1,694 |
Finance lease obligations, current |  | $ | 1,699 |  |  | $ | 2,131 |
Long-term finance lease obligations |  | 493 |  |  | 1,334 |
Total finance lease obligations |  | $ | 2,192 |  |  | $ | 3,465 |
(1) Operating lease ROU assets are reported net of accumulated amortization of $4.0 million and $5.1 million as of September 30, 2024 and December 31, 2023, respectively. (2) Finance lease ROU assets are reported net of accumulated amortization of $3.0 million and $2.7 million as of September 30, 2024 and December 31, 2023, respectively. Operating leases ROU assets under operating leases and operating lease liabilities are included in the "Other long-term assets" and "Other current liabilities" and "Other long-term liabilities" line items, respectively, in the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023. Lease expense for operating leases for the three and nine months ended September 30, 2024 was $1.3 million and $4.0 million, respectively, of which $0.9 million and $2.9 million, respectively, is included in the "Cost of revenue, exclusive of depreciation and amortization" line item, and $0.4 million and $1.1 million, respectively, is included in the "Selling, general and administrative" line item in the Condensed Consolidated Statements of Operations for those periods. Lease expense for operating leases for the three and nine months ended September 30, 2023 was $1.6 million and $4.3 million, respectively, of which $1.2 million and $3.4 million, respectively, is included in the "Cost of revenue, exclusive of depreciation and amortization" line item, and $0.4 million and $0.9 million, respectively, is included in the "Selling, general and administrative" line item in the Condensed Consolidated Statements of Operations for those periods. Finance leases ROU assets under finance leases are included in the "Property, plant and equipment" line item in the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023. Interest expense related to finance lease obligations and amortization of ROU assets under finance leases are included in the "Interest expense" and "Depreciation, amortization, depletion and accretion" line items, respectively, in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023. Lease financial information as of and for the three and nine months ended September 30, 2024 and 2023 is provided in the following table:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 46 |  |  | $ | 215 |  |  | $ | 466 |  |  | $ | 661 |
Interest on lease liabilities |  | 50 |  |  | 59 |  |  | 149 |  |  | 190 |
Operating lease cost |  | 773 |  |  | 1,000 |  |  | 2,448 |  |  | 3,017 |
Short-term lease cost |  | 437 |  |  | 481 |  |  | 1,220 |  |  | 1,132 |
Variable lease cost (1) |  | 104 |  |  | 81 |  |  | 313 |  |  | 145 |
Total lease cost |  | $ | 1,410 |  |  | $ | 1,836 |  |  | $ | 4,596 |  |  | $ | 5,145 |
Other Information: |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows for finance leases |  |  |  |  |  | $ | 149 |  |  | $ | 190 |
Operating cash flows for operating leases |  |  |  |  |  | $ | 1,512 |  |  | $ | 2,087 |
Financing cash flows for finance leases |  |  |  |  |  | $ | 838 |  |  | $ | 855 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  |  |  |  |  | $ | — |  |  | $ | — |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  |  |  |  | $ | 257 |  |  | $ | 1,947 |
Weighted-average remaining lease term - finance leases |  |  |  |  |  | 1.2 years |  | 2.1 years
Weighted-average remaining lease term - operating leases |  |  |  |  |  | 7.4 years |  | 7.8 years
Weighted-average discount rate - finance leases |  |  |  |  |  | 6.4 | % |  | 5.9 | %
Weighted-average discount rate - operating leases |  |  |  |  |  | 12.4 | % |  | 12.7 | %
(1) Primarily includes common area maintenance, property taxes and insurance payable to lessors.
Leases | Leases The Company's operating and finance lease right-of-use ("ROU") assets and liabilities as of September 30, 2024 and December 31, 2023 consisted of the following items (in thousands):
|  | As of
Leases |  | September 30, 2024 |  | December 31, 2023
Operating Leases |  |  |  |
Operating lease right-of-use assets, net of accumulated amortization (1) |  | $ | 9,331 |  |  | $ | 10,592 |
Operating lease obligations, current |  | $ | 1,991 |  |  | $ | 1,944 |
Long-term operating lease obligations |  | 7,569 |  |  | 8,870 |
Total operating lease obligation |  | $ | 9,560 |  |  | $ | 10,814 |
Finance Leases |  |  |  |
Finance lease right-of-use assets, net of accumulated amortization (2) |  | $ | 975 |  |  | $ | 1,694 |
Finance lease obligations, current |  | $ | 1,699 |  |  | $ | 2,131 |
Long-term finance lease obligations |  | 493 |  |  | 1,334 |
Total finance lease obligations |  | $ | 2,192 |  |  | $ | 3,465 |
(1) Operating lease ROU assets are reported net of accumulated amortization of $4.0 million and $5.1 million as of September 30, 2024 and December 31, 2023, respectively. (2) Finance lease ROU assets are reported net of accumulated amortization of $3.0 million and $2.7 million as of September 30, 2024 and December 31, 2023, respectively. Operating leases ROU assets under operating leases and operating lease liabilities are included in the "Other long-term assets" and "Other current liabilities" and "Other long-term liabilities" line items, respectively, in the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023. Lease expense for operating leases for the three and nine months ended September 30, 2024 was $1.3 million and $4.0 million, respectively, of which $0.9 million and $2.9 million, respectively, is included in the "Cost of revenue, exclusive of depreciation and amortization" line item, and $0.4 million and $1.1 million, respectively, is included in the "Selling, general and administrative" line item in the Condensed Consolidated Statements of Operations for those periods. Lease expense for operating leases for the three and nine months ended September 30, 2023 was $1.6 million and $4.3 million, respectively, of which $1.2 million and $3.4 million, respectively, is included in the "Cost of revenue, exclusive of depreciation and amortization" line item, and $0.4 million and $0.9 million, respectively, is included in the "Selling, general and administrative" line item in the Condensed Consolidated Statements of Operations for those periods. Finance leases ROU assets under finance leases are included in the "Property, plant and equipment" line item in the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023. Interest expense related to finance lease obligations and amortization of ROU assets under finance leases are included in the "Interest expense" and "Depreciation, amortization, depletion and accretion" line items, respectively, in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023. Lease financial information as of and for the three and nine months ended September 30, 2024 and 2023 is provided in the following table:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 46 |  |  | $ | 215 |  |  | $ | 466 |  |  | $ | 661 |
Interest on lease liabilities |  | 50 |  |  | 59 |  |  | 149 |  |  | 190 |
Operating lease cost |  | 773 |  |  | 1,000 |  |  | 2,448 |  |  | 3,017 |
Short-term lease cost |  | 437 |  |  | 481 |  |  | 1,220 |  |  | 1,132 |
Variable lease cost (1) |  | 104 |  |  | 81 |  |  | 313 |  |  | 145 |
Total lease cost |  | $ | 1,410 |  |  | $ | 1,836 |  |  | $ | 4,596 |  |  | $ | 5,145 |
Other Information: |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows for finance leases |  |  |  |  |  | $ | 149 |  |  | $ | 190 |
Operating cash flows for operating leases |  |  |  |  |  | $ | 1,512 |  |  | $ | 2,087 |
Financing cash flows for finance leases |  |  |  |  |  | $ | 838 |  |  | $ | 855 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  |  |  |  |  | $ | — |  |  | $ | — |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  |  |  |  | $ | 257 |  |  | $ | 1,947 |
Weighted-average remaining lease term - finance leases |  |  |  |  |  | 1.2 years |  | 2.1 years
Weighted-average remaining lease term - operating leases |  |  |  |  |  | 7.4 years |  | 7.8 years
Weighted-average discount rate - finance leases |  |  |  |  |  | 6.4 | % |  | 5.9 | %
Weighted-average discount rate - operating leases |  |  |  |  |  | 12.4 | % |  | 12.7 | %
(1) Primarily includes common area maintenance, property taxes and insurance payable to lessors.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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