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v3.23.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2023
Leases [Abstract] |
Leases | 4. LEASES The following tables disclose the components of the Company’s finance and operating leases (amounts in thousands):
|  | As of:
|  | September 30, 2023 |  | December 31, 2022
Operating leases: |  |  |  |
Right-of-use asset, net |  | $ | 34,273 |  |  | $ | 30,859 |
Short-term lease liability (recorded in accrued expenses) |  | 2,946 |  |  | 2,747 |
Long-term lease liability |  | 29,524 |  |  | 27,635 |
Total operating lease liabilities |  | $ | 32,470 |  |  | $ | 30,382 |
Finance leases: |  |  |  |
Right-of-use asset, net (recorded in intangible and other current assets, net) |  | $ | 85 |  |  | $ | 104 |
Short-term lease liability (recorded in accrued expenses) |  | 17 |  |  | 16 |
Long-term lease liability (recorded in non-current liabilities) |  | 58 |  |  | 71 |
Total finance lease liabilities |  | $ | 75 |  |  | $ | 87 |
Lease Cost The components of lease cost are reflected in the table below (amounts in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Operating lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets, net |  | $ | 769 |  |  | $ | 369 |  |  | $ | 2,144 |  |  | $ | 1,206 |
Interest on lease liabilities |  | 707 |  |  | 571 |  |  | 1,954 |  |  | 1,848 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | 12 |  |  | 4 |  |  | 22 |  |  | 7 |
Short-term lease cost |  | 163 |  |  | 205 |  |  | 674 |  |  | 413 |
Total lease cost |  | $ | 1,651 |  |  | $ | 1,149 |  |  | $ | 4,794 |  |  | $ | 3,474 |
Interest on finance lease liabilities was less than $0.1 million for the three and nine months ended September 30, 2023 and 2022; accordingly, these amounts are not shown in the table above. Weighted-Average Remaining Lease Term and Discount Rate The following table discloses the weighted-average remaining lease term and discount rate for finance and operating leases.
|  | As of:
|  | September 30, 2023 |  | December 31, 2022
Weighted-average lease term |  |  |  |
Finance leases |  | 3.9 years |  | 4.6 years
Operating Leases |  | 9.9 years |  | 10.1 years
Weighted-average discount rate |  |  |  |
Finance leases |  | 10.2 | % |  | 10.2 | %
Operating leases |  | 8.6 | % |  | 8.5 | %
Supplemental Cash Flow Information The below table discloses supplemental cash flow information for operating leases (in thousands):
|  | Nine Months Ended
|  | September 30, 2023 |  | September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows for operating leases |  | $ | 4,420 |  |  | $ | 3,675 |
Operating and financing cash flows from finance leases were each less than $0.1 million for each of the nine months ended September 30, 2023 and 2022; accordingly, these cash flows are not shown in the table above. Maturity Analysis The following table reflects undiscounted cash flows on an annual basis for the Company’s lease liabilities as of September 30, 2023 (amounts in thousands):
|  | Operating Leases |  | Finance Leases
2023 (remaining) |  | $ | 1,422 |  |  | $ | 6 |
2024 |  | 5,562 |  |  | 23 |
2025 |  | 5,591 |  |  | 23 |
2026 |  | 5,638 |  |  | 23 |
2027 |  | 5,516 |  |  | 15 |
Thereafter |  | 24,119 |  |  |
Total lease payments |  | $ | 47,848 |  |  | $ | 90 |
Imputed interest |  | (15,378) |  |  | (15) |
Discounted lease liability |  | $ | 32,470 |  |  | $ | 75 |
Leases | 4. LEASES The following tables disclose the components of the Company’s finance and operating leases (amounts in thousands):
|  | As of:
|  | September 30, 2023 |  | December 31, 2022
Operating leases: |  |  |  |
Right-of-use asset, net |  | $ | 34,273 |  |  | $ | 30,859 |
Short-term lease liability (recorded in accrued expenses) |  | 2,946 |  |  | 2,747 |
Long-term lease liability |  | 29,524 |  |  | 27,635 |
Total operating lease liabilities |  | $ | 32,470 |  |  | $ | 30,382 |
Finance leases: |  |  |  |
Right-of-use asset, net (recorded in intangible and other current assets, net) |  | $ | 85 |  |  | $ | 104 |
Short-term lease liability (recorded in accrued expenses) |  | 17 |  |  | 16 |
Long-term lease liability (recorded in non-current liabilities) |  | 58 |  |  | 71 |
Total finance lease liabilities |  | $ | 75 |  |  | $ | 87 |
Lease Cost The components of lease cost are reflected in the table below (amounts in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Operating lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets, net |  | $ | 769 |  |  | $ | 369 |  |  | $ | 2,144 |  |  | $ | 1,206 |
Interest on lease liabilities |  | 707 |  |  | 571 |  |  | 1,954 |  |  | 1,848 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | 12 |  |  | 4 |  |  | 22 |  |  | 7 |
Short-term lease cost |  | 163 |  |  | 205 |  |  | 674 |  |  | 413 |
Total lease cost |  | $ | 1,651 |  |  | $ | 1,149 |  |  | $ | 4,794 |  |  | $ | 3,474 |
Interest on finance lease liabilities was less than $0.1 million for the three and nine months ended September 30, 2023 and 2022; accordingly, these amounts are not shown in the table above. Weighted-Average Remaining Lease Term and Discount Rate The following table discloses the weighted-average remaining lease term and discount rate for finance and operating leases.
|  | As of:
|  | September 30, 2023 |  | December 31, 2022
Weighted-average lease term |  |  |  |
Finance leases |  | 3.9 years |  | 4.6 years
Operating Leases |  | 9.9 years |  | 10.1 years
Weighted-average discount rate |  |  |  |
Finance leases |  | 10.2 | % |  | 10.2 | %
Operating leases |  | 8.6 | % |  | 8.5 | %
Supplemental Cash Flow Information The below table discloses supplemental cash flow information for operating leases (in thousands):
|  | Nine Months Ended
|  | September 30, 2023 |  | September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows for operating leases |  | $ | 4,420 |  |  | $ | 3,675 |
Operating and financing cash flows from finance leases were each less than $0.1 million for each of the nine months ended September 30, 2023 and 2022; accordingly, these cash flows are not shown in the table above. Maturity Analysis The following table reflects undiscounted cash flows on an annual basis for the Company’s lease liabilities as of September 30, 2023 (amounts in thousands):
|  | Operating Leases |  | Finance Leases
2023 (remaining) |  | $ | 1,422 |  |  | $ | 6 |
2024 |  | 5,562 |  |  | 23 |
2025 |  | 5,591 |  |  | 23 |
2026 |  | 5,638 |  |  | 23 |
2027 |  | 5,516 |  |  | 15 |
Thereafter |  | 24,119 |  |  |
Total lease payments |  | $ | 47,848 |  |  | $ | 90 |
Imputed interest |  | (15,378) |  |  | (15) |
Discounted lease liability |  | $ | 32,470 |  |  | $ | 75 |

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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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