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Leases (Tables)
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Summary of lease cost

The components of lease costs are as follows (in thousands):

 

 

Three Months
Ended
March 31, 2022

 

Operating lease costs

 

 

 

Fixed

 

$

1,759

 

Short-term

 

 

58

 

Variable

 

 

6

 

Total operating lease costs

 

$

1,823

 

 

 

 

 

Finance lease costs

 

 

 

Amortization of leased assets

 

$

210

 

Interest on lease liabilities

 

 

11

 

Total finance lease costs

 

$

221

 

Total lease cost

 

$

2,044

 

Summary of Supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases is as follows (in thousands):

 

 

Classification

 

March 31, 2022

 

Assets

 

 

 

 

 

Operating leases

 

 

 

 

 

Right of use operating lease assets

 

Other assets

 

$

16,060

 

Finance leases

 

 

 

 

 

Property and equipment, gross

 

Property and equipment, net

 

 

5,100

 

Accumulated depreciation

 

Property and equipment, net

 

 

(4,517

)

Property and equipment, net

 

Property and equipment, net

 

 

583

 

Total lease assets

 

 

 

$

16,643

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Operating leases

 

 

 

 

 

Other current

 

Current portion of operating lease liability

 

$

6,253

 

Non-current

 

Operating lease liability, less current portion

 

 

11,583

 

Total operating liabilities

 

 

 

 

17,836

 

Finance leases

 

 

 

 

 

Other current

 

Accrued liabilities

 

 

684

 

Non-current

 

Other liabilities

 

 

67

 

Total finance liabilities

 

 

 

 

751

 

Total lease liabilities

 

 

 

$

18,587

 

Summary of maturities of lease liabilities

Maturities of lease liabilities are as follows (in thousands):

Years Ending December 31,

 

 

 

 

 

 

 

 

 

 

 

Finance Leases

 

 

Operating Leases

 

 

Total

 

2022 (excluding the three months ended March 31, 2022)

 

$

606

 

 

$

5,722

 

 

$

6,328

 

2023

 

 

106

 

 

 

5,840

 

 

 

5,946

 

2024

 

 

 

 

 

4,995

 

 

 

4,995

 

2025

 

 

 

 

 

1,708

 

 

 

1,708

 

2026

 

 

 

 

 

1,236

 

 

 

1,236

 

Thereafter

 

 

 

 

 

397

 

 

 

397

 

Total minimum lease payments

 

$

712

 

 

$

19,898

 

 

$

20,610

 

Less: Imputed interest

 

 

(18

)

 

 

(1,465

)

 

 

 

Present value of minimum lease payments

 

$

694

 

 

$

18,433

 

 

 

 

 

Summary of Cash Flow Information Lease Term and Discount Rate of Operating Lease and Finance Lease

Lease term and discount rates are as follows:

 

 

March 31, 2022

Weighted average remaining lease term

 

 

Operating leases

 

3.26 Years

Finance leases

 

0.91 Years

 

 

 

Weighted average discount rate

 

 

Operating leases

 

4.54%

Finance leases

 

5.41%

Supplemental cash flow information related to leases was as follows (in thousands):

 

 

Three Months
Ended
March 31, 2022

 

Cash paid for amounts included in measurement of lease liabilities:

 

 

 

Operating cash flows from operating leases

 

$

1,925

 

Operating cash flows from finance leases

 

 

11

 

Financing cash flows from finance leases

 

 

238

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

Operating leases

 

$

17,737

 

Finance leases

 

 

 

Amortization:

 

 

 

Amortization of right-of-use operating lease assets (1)

 

$

1,585

 

 

(1)
Amortization of right of use operating lease assets during the period is reflected in operating lease liabilities on the condensed consolidated statements of cash flows.