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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Note 14. Leases Effective January 1, 2022, the Company adopted ASC 842, which requires recognition of ROU assets and lease liabilities on the balance sheet, based on the present value of the future minimum rental payments for existing operating leases. The Company adopted the provisions of ASC 842 on January 1, 2022 using a modified retrospective approach through a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption in line with the new transition method allowed under ASU 2018-11. ASC 842 provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients” which permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs. The Company did not elect the use-of-hindsight and elected the practical expedient pertaining to land easements. The new standard also provides practical expedients for an entity’s ongoing accounting for leases. The Company elected the short-term lease exemption for all leases that qualify, meaning the Company will not recognize ROU assets or lease liabilities for leases with terms shorter than twelve months. The Company also elected the practical expedient to not separate lease and non-lease components for a majority of its asset classes, including real estate and most equipment. The Company measures the ROU assets and liabilities based on the present value of the future minimum lease payments over the lease term at the commencement date. Minimum lease payments include the fixed lease and non-lease components of the agreement, as well as any variable rent payments that depend on an index, initially measured using the index at the lease commencement date. The ROU assets are adjusted for any initial direct costs incurred less any lease incentives received, in addition to payments made on or before the commencement date of the lease. The Company recognizes lease expense for leases on a straight-line basis over the lease term. As the implicit rate is not readily determinable for most of the Company’s lease agreements, the Company uses an estimated incremental borrowing rate to determine the initial present value of lease payments. The Company determines if a contract is or contains a lease at inception. The Company has operating and finance leases for office space, data centers, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company enters into lease contracts ranging from 1 to 8 years with a majority of the Company’s lease terms ranging from 3 to 5 years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. The exercise of these lease renewal options is at the Company’s sole discretion and typically are not reasonably certain to renew at inception. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Certain of our leases include rental payments that will adjust periodically for inflation or certain adjustments based on step increases. An insignificant number of our leases contain residual value guarantees and none of our agreements contain material restrictive covenants. Variable rent expenses consist primarily of maintenance, property taxes, and charges based on usage. The components of lease costs are as follows (in thousands):
|  | Successor |
|  | Year Ended December 31, 2022 |
Operating lease costs |  |  |
Fixed |  | $ | 7,102 |
Short-term |  |  | 247 |
Variable |  |  | 28 |
Sub-leases |  |  | (56 | )
Total operating lease costs |  | $ | 7,321 |
Finance lease costs |  |  |
Amortization of leased assets |  | $ | 713 |
Interest on lease liabilities |  |  | 29 |
Total finance lease costs |  | $ | 742 |
Total lease cost |  | $ | 8,063 |
Supplemental balance sheet information related to leases is as follows (in thousands):
|  | Classification |  | December 31, 2022 (Successor) |
Assets |  |  |  |  |
Operating leases |  |  |  |  |
Right of use operating lease assets |  | Other assets |  | $ | 10,674 |
Finance leases |  |  |  |  |
Property and equipment, gross |  | Property and equipment, net |  |  | 5,094 |
Accumulated depreciation |  | Property and equipment, net |  |  | (5,017 | )
Property and equipment, net |  | Property and equipment, net |  |  | 77 |
Total lease assets |  |  |  | $ | 10,751 |
Liabilities |  |  |  |  |
Operating leases |  |  |  |  |
Other current |  | Current portion of operating lease liability |  | $ | 4,957 |
Non-current |  | Operating lease liability, less current portion |  |  | 7,879 |
Total operating liabilities |  |  |  |  | 12,836 |
Finance leases |  |  |  |  |
Other current |  | Accrued liabilities |  |  | 104 |
Non-current |  | Other liabilities |  |  | — |
Total finance liabilities |  |  |  |  | 104 |
Total lease liabilities |  |  |  | $ | 12,940 |
Maturities of lease liabilities are as follows (in thousands):
Years Ending December 31, |  |  |  |  |  |  |  |  |
|  | Finance Leases |  |  | Operating Leases |  |  | Total |
2023 |  | $ | 106 |  |  | $ | 5,841 |  |  | $ | 5,947 |
2024 |  |  | — |  |  |  | 5,066 |  |  |  | 5,066 |
2025 |  |  | — |  |  |  | 1,861 |  |  |  | 1,861 |
2026 |  |  | — |  |  |  | 1,344 |  |  |  | 1,344 |
2027 |  |  | — |  |  |  | 112 |  |  |  | 112 |
Thereafter |  |  | — |  |  |  | — |  |  |  | — |
Total minimum lease payments |  | $ | 106 |  |  | $ | 14,224 |  |  | $ | 14,330 |
Less: Imputed interest |  |  | (2 | ) |  |  | (1,025 | ) |  |  |
Present value of minimum lease payments |  | $ | 104 |  |  | $ | 13,199 |  |  |  |
Lease term and discount rates are as follows:
|  | December 31, 2022 (Successor) |
Weighted average remaining lease term |  |  |
Operating leases |  | 2.7 Years |
Finance leases |  | 0.7 Years |
Weighted average discount rate |  |  |
Operating leases |  |  | 5.06 | %
Finance leases |  |  | 5.72 | %
Supplemental cash flow information related to leases was as follows (in thousands):
|  | Successor |
|  | Year Ended December 31, 2022 |
Cash paid for amounts included in measurement of lease liabilities: |  |  |
Operating cash flows from operating leases |  | $ | 7,738 |
Operating cash flows from finance leases |  |  | 29 |
Financing cash flows from finance leases |  |  | 884 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases |  | $ | 19,972 |
Finance leases |  |  | — |
Amortization: |  |  |
Amortization of right-of-use operating lease assets (1) |  | $ | 6,343 |
(1) Amortization of right of use operating lease assets during the period is reflected in operating lease liabilities on the consolidated statements of cash flows. Rent expense under fixed operating leases was $6.1 million, $5.3 million and $0.5 million for the year ended December 31, 2021 (Successor), for the period from February 1, 2020 through December 31, 2020 (Successor), and for the period from January 1, 2020 through January 31, 2020 (Predecessor), respectively.

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- Definition The entire disclosure for operating and finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References No definition available. + Details
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