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v3.23.2

Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | Note 7 – Leases Activities as Lessee The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The expenses generated by leasing activity for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Lease Type |  | Classification |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating Lease Expense (1) |  | Operating expenses |  | $ | 4,519 |  |  | $ | 3,896 |  |  | $ | 9,399 |  |  | $ | 5,524 |
Financing Lease Amortization |  | Operating expenses |  | 136 |  |  | 163 |  |  | 260 |  |  | 232 |
Financing Lease Interest |  | Interest expense |  | 23 |  |  | 23 |  |  | 44 |  |  | 34 |
Financing Lease Expense |  |  |  | 159 |  |  | 186 |  |  | 304 |  |  | 266 |
Net Lease Cost |  |  |  | $ | 4,678 |  |  | $ | 4,082 |  |  | $ | 9,703 |  |  | $ | 5,790 |
(1) Includes short term lease expense, which is immaterial. The value of net assets and liabilities related to our operating and finance leases as of June 30, 2023 and December 31, 2022 was as follows (in thousands):
Lease Type |  | June 30, 2023 |  | December 31, 2022
Total ROU operating lease assets (1) |  | $ | 65,772 |  |  | $ | 46,755 |
Total ROU financing lease assets (2) |  | 1,587 |  |  | 1,519 |
Total lease assets |  | $ | 67,359 |  |  | $ | 48,274 |
Total current operating lease liabilities |  | $ | 12,310 |  |  | $ | 9,480 |
Total current financing lease liabilities |  | 526 |  |  | 484 |
Total current lease liabilities |  | $ | 12,836 |  |  | $ | 9,964 |
Total long term operating lease liabilities |  | $ | 56,827 |  |  | $ | 38,898 |
Total long term financing lease liabilities |  | 908 |  |  | 930 |
Total long term lease liabilities |  | $ | 57,735 |  |  | $ | 39,828 |
(1)Operating lease assets are recorded net of accumulated amortization of $20.2 million as of June 30, 2023 a nd $14.8 million as of December 31, 2022 (2)Financing lease assets are recorded net of accumulated amortization as a component of Other assets in the Unaudited Condensed Consolidated Balance Sheet of $1.1 million as of June 30, 2023 and $0.9 million as of December 31, 2022 The value of lease liabilities related to our operating and finance leases as of June 30, 2023 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total
Remaining 2023 |  | $ | 8,913 |  |  | $ | 331 |  |  | $ | 9,244 |
2024 |  | 16,004 |  |  | 546 |  |  | 16,550 |
2025 |  | 14,920 |  |  | 361 |  |  | 15,281 |
2026 |  | 11,293 |  |  | 280 |  |  | 11,573 |
2027 |  | 9,406 |  |  | 77 |  |  | 9,483 |
Thereafter |  | 29,573 |  |  | — |  |  | 29,573 |
Total lease payments |  | 90,109 |  |  | 1,595 |  |  | 91,704 |
Less: Interest |  | (20,972) |  |  | (161) |  |  | (21,133) |
Present value of lease liabilities |  | $ | 69,137 |  |  | $ | 1,434 |  |  | $ | 70,571 |
The weighted average lease terms and interest rates of leases held as of June 30, 2023 were as follows:
Lease Type |  | Weighted Average Term in Years |  | Weighted Average Interest Rate
Operating Leases |  | 6.9 |  | 7.7%
Financing Leases |  | 3.0 |  | 6.8%
The cash outflows of leasing activity for the six months ended June 30, 2023 were as follows (in thousands):
|  |  |  | Six Months Ended June 30,
Cash Flow Source |  | Classification |  | 2023 |  | 2022
Operating cash flows from operating leases |  | Operating activities |  | $ | (6,710) |  |  | $ | (5,182) |
Operating cash flows from financing leases |  | Operating activities |  | (121) |  |  | (3) |
Financing cash flows from financing leases |  | Financing activities |  | (249) |  |  | (39) |
Refer to Note 4 – Revenue Recognition f or a discussion on the Company's activities as lessor.
Leases | Note 7 – Leases Activities as Lessee The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The expenses generated by leasing activity for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Lease Type |  | Classification |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating Lease Expense (1) |  | Operating expenses |  | $ | 4,519 |  |  | $ | 3,896 |  |  | $ | 9,399 |  |  | $ | 5,524 |
Financing Lease Amortization |  | Operating expenses |  | 136 |  |  | 163 |  |  | 260 |  |  | 232 |
Financing Lease Interest |  | Interest expense |  | 23 |  |  | 23 |  |  | 44 |  |  | 34 |
Financing Lease Expense |  |  |  | 159 |  |  | 186 |  |  | 304 |  |  | 266 |
Net Lease Cost |  |  |  | $ | 4,678 |  |  | $ | 4,082 |  |  | $ | 9,703 |  |  | $ | 5,790 |
(1) Includes short term lease expense, which is immaterial. The value of net assets and liabilities related to our operating and finance leases as of June 30, 2023 and December 31, 2022 was as follows (in thousands):
Lease Type |  | June 30, 2023 |  | December 31, 2022
Total ROU operating lease assets (1) |  | $ | 65,772 |  |  | $ | 46,755 |
Total ROU financing lease assets (2) |  | 1,587 |  |  | 1,519 |
Total lease assets |  | $ | 67,359 |  |  | $ | 48,274 |
Total current operating lease liabilities |  | $ | 12,310 |  |  | $ | 9,480 |
Total current financing lease liabilities |  | 526 |  |  | 484 |
Total current lease liabilities |  | $ | 12,836 |  |  | $ | 9,964 |
Total long term operating lease liabilities |  | $ | 56,827 |  |  | $ | 38,898 |
Total long term financing lease liabilities |  | 908 |  |  | 930 |
Total long term lease liabilities |  | $ | 57,735 |  |  | $ | 39,828 |
(1)Operating lease assets are recorded net of accumulated amortization of $20.2 million as of June 30, 2023 a nd $14.8 million as of December 31, 2022 (2)Financing lease assets are recorded net of accumulated amortization as a component of Other assets in the Unaudited Condensed Consolidated Balance Sheet of $1.1 million as of June 30, 2023 and $0.9 million as of December 31, 2022 The value of lease liabilities related to our operating and finance leases as of June 30, 2023 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total
Remaining 2023 |  | $ | 8,913 |  |  | $ | 331 |  |  | $ | 9,244 |
2024 |  | 16,004 |  |  | 546 |  |  | 16,550 |
2025 |  | 14,920 |  |  | 361 |  |  | 15,281 |
2026 |  | 11,293 |  |  | 280 |  |  | 11,573 |
2027 |  | 9,406 |  |  | 77 |  |  | 9,483 |
Thereafter |  | 29,573 |  |  | — |  |  | 29,573 |
Total lease payments |  | 90,109 |  |  | 1,595 |  |  | 91,704 |
Less: Interest |  | (20,972) |  |  | (161) |  |  | (21,133) |
Present value of lease liabilities |  | $ | 69,137 |  |  | $ | 1,434 |  |  | $ | 70,571 |
The weighted average lease terms and interest rates of leases held as of June 30, 2023 were as follows:
Lease Type |  | Weighted Average Term in Years |  | Weighted Average Interest Rate
Operating Leases |  | 6.9 |  | 7.7%
Financing Leases |  | 3.0 |  | 6.8%
The cash outflows of leasing activity for the six months ended June 30, 2023 were as follows (in thousands):
|  |  |  | Six Months Ended June 30,
Cash Flow Source |  | Classification |  | 2023 |  | 2022
Operating cash flows from operating leases |  | Operating activities |  | $ | (6,710) |  |  | $ | (5,182) |
Operating cash flows from financing leases |  | Operating activities |  | (121) |  |  | (3) |
Financing cash flows from financing leases |  | Financing activities |  | (249) |  |  | (39) |
Refer to Note 4 – Revenue Recognition f or a discussion on the Company's activities as lessor.
Leases | Note 7 – Leases Activities as Lessee The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The expenses generated by leasing activity for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Lease Type |  | Classification |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating Lease Expense (1) |  | Operating expenses |  | $ | 4,519 |  |  | $ | 3,896 |  |  | $ | 9,399 |  |  | $ | 5,524 |
Financing Lease Amortization |  | Operating expenses |  | 136 |  |  | 163 |  |  | 260 |  |  | 232 |
Financing Lease Interest |  | Interest expense |  | 23 |  |  | 23 |  |  | 44 |  |  | 34 |
Financing Lease Expense |  |  |  | 159 |  |  | 186 |  |  | 304 |  |  | 266 |
Net Lease Cost |  |  |  | $ | 4,678 |  |  | $ | 4,082 |  |  | $ | 9,703 |  |  | $ | 5,790 |
(1) Includes short term lease expense, which is immaterial. The value of net assets and liabilities related to our operating and finance leases as of June 30, 2023 and December 31, 2022 was as follows (in thousands):
Lease Type |  | June 30, 2023 |  | December 31, 2022
Total ROU operating lease assets (1) |  | $ | 65,772 |  |  | $ | 46,755 |
Total ROU financing lease assets (2) |  | 1,587 |  |  | 1,519 |
Total lease assets |  | $ | 67,359 |  |  | $ | 48,274 |
Total current operating lease liabilities |  | $ | 12,310 |  |  | $ | 9,480 |
Total current financing lease liabilities |  | 526 |  |  | 484 |
Total current lease liabilities |  | $ | 12,836 |  |  | $ | 9,964 |
Total long term operating lease liabilities |  | $ | 56,827 |  |  | $ | 38,898 |
Total long term financing lease liabilities |  | 908 |  |  | 930 |
Total long term lease liabilities |  | $ | 57,735 |  |  | $ | 39,828 |
(1)Operating lease assets are recorded net of accumulated amortization of $20.2 million as of June 30, 2023 a nd $14.8 million as of December 31, 2022 (2)Financing lease assets are recorded net of accumulated amortization as a component of Other assets in the Unaudited Condensed Consolidated Balance Sheet of $1.1 million as of June 30, 2023 and $0.9 million as of December 31, 2022 The value of lease liabilities related to our operating and finance leases as of June 30, 2023 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total
Remaining 2023 |  | $ | 8,913 |  |  | $ | 331 |  |  | $ | 9,244 |
2024 |  | 16,004 |  |  | 546 |  |  | 16,550 |
2025 |  | 14,920 |  |  | 361 |  |  | 15,281 |
2026 |  | 11,293 |  |  | 280 |  |  | 11,573 |
2027 |  | 9,406 |  |  | 77 |  |  | 9,483 |
Thereafter |  | 29,573 |  |  | — |  |  | 29,573 |
Total lease payments |  | 90,109 |  |  | 1,595 |  |  | 91,704 |
Less: Interest |  | (20,972) |  |  | (161) |  |  | (21,133) |
Present value of lease liabilities |  | $ | 69,137 |  |  | $ | 1,434 |  |  | $ | 70,571 |
The weighted average lease terms and interest rates of leases held as of June 30, 2023 were as follows:
Lease Type |  | Weighted Average Term in Years |  | Weighted Average Interest Rate
Operating Leases |  | 6.9 |  | 7.7%
Financing Leases |  | 3.0 |  | 6.8%
The cash outflows of leasing activity for the six months ended June 30, 2023 were as follows (in thousands):
|  |  |  | Six Months Ended June 30,
Cash Flow Source |  | Classification |  | 2023 |  | 2022
Operating cash flows from operating leases |  | Operating activities |  | $ | (6,710) |  |  | $ | (5,182) |
Operating cash flows from financing leases |  | Operating activities |  | (121) |  |  | (3) |
Financing cash flows from financing leases |  | Financing activities |  | (249) |  |  | (39) |
Refer to Note 4 – Revenue Recognition f or a discussion on the Company's activities as lessor.

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