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Lease Obligations (Tables)
6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Summary of the lease-related assets and liabilities
The following is a summary of the lease-related assets and liabilities recorded:
June 30,
2022
December 31,
2021
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assetsOperating lease right-of-use assets$32,675 $20,971 
Finance lease right-of-use assetsProperty and equipment, net of accumulated depreciation4,965 — 
Total right-of-use lease assets$37,640 $20,971 
Liabilities
Current
Operating lease obligationsCurrent portion of operating lease obligations$9,405 $7,765 
Finance lease obligationsCurrent portion of finance lease obligations1,318 — 
Total current obligations10,723 7,765 
Non-current
Operating lease obligationsOperating lease obligations, net of current maturities23,272 13,230 
Finance lease obligationsFinance lease obligations, net of current maturities3,026 — 
Total non-current obligations26,298 13,230 
Total lease obligations$37,021 $20,995 
Summary of the lease terms and discount rates
The following is a summary of the lease terms and discount rates:
June 30,
2022
December 31,
2021
Weighted-average remaining lease term - finance leases2.2 years0.0 years
Weighted-average remaining lease term - operating leases3.9 years2.9 years
Weighted-average discount rate - finance leases2.5 %— %
Weighted-average discount rate - operating leases3.9 %3.9 %
Schedule of lease costs
The following is a summary of certain information related to the lease costs for finance and operating leases:
(in thousands)Three months ended
June 30,
Six months ended
June 30,
2022202120222021
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$218 $186 $656 $375 
Interest on lease liabilities47 75 
Operating lease cost3,265 2,469 6,388 4,955 
Variable lease costs102 78 211 156 
Total lease cost$3,632 $2,734 $7,330 $5,489 
Summary of supplemental cash flow information
The following is a summary of other information and supplemental cash flow information related to finance and operating leases:
Six months ended June 30,
(in thousands)20222021
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$6,355 $5,069 
Right-of-use asset obtained in exchange for new operating lease obligations$17,647 $4,387 
Right-of-use asset obtained in exchange for new finance lease obligations$543 $— 
Schedule of future minimum operating lease payments
The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of June 30, 2022 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2022
$781 $6,378 $7,159 
20231,274 11,122 12,396 
20242,145 8,124 10,269 
2025331 6,064 6,395 
2026— 4,779 4,779 
2027— 1,363 1,363 
Thereafter— 2,116 2,116 
Total minimum lease payments4,531 39,946 44,477 
Financing component(187)(7,269)(7,456)
Net present value of minimum lease payments4,344 32,677 37,021 
Less: current portion of finance and operating lease obligations(1,318)(9,405)(10,723)
Long-term finance and operating lease obligations$3,026 $23,272 $26,298 
Schedule of future minimum finance lease payments
The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of June 30, 2022 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2022
$781 $6,378 $7,159 
20231,274 11,122 12,396 
20242,145 8,124 10,269 
2025331 6,064 6,395 
2026— 4,779 4,779 
2027— 1,363 1,363 
Thereafter— 2,116 2,116 
Total minimum lease payments4,531 39,946 44,477 
Financing component(187)(7,269)(7,456)
Net present value of minimum lease payments4,344 32,677 37,021 
Less: current portion of finance and operating lease obligations(1,318)(9,405)(10,723)
Long-term finance and operating lease obligations$3,026 $23,272 $26,298