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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES The Company has operating lease agreements for its office space, retail stores, and fulfillment center. The Company’s lease agreements have initial terms that expire between 2028 and 2030. Certain of the Company’s lease agreements include rent abatement periods, escalating rent payment provisions, and provide for an option to extend or terminate the lease. The Company has a sublease agreement classified as an operating lease for additional office space with an initial term expiring in 2026. The sublease includes an option to extend the agreement, at the Company’s discretion, if the sublandlord declines to terminate its master lease. The sublease includes a rent abatement period and escalating rent payment provisions. The operating lease and sublease agreements included in the measurement of lease liabilities do not reflect options to extend or terminate, as the Company does not consider the exercise of these options to be reasonably certain. The Company’s lease and sublease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company recognizes operating lease expense on a straight-line basis over the lease term. Operating lease expense for the years ended December 31, 2023, 2022, and 2021 were $4.2 million, $2.8 million, and $1.8 million, respectively. Short-term lease expense for the years ended December 31, 2023 and 2022 was $9.2 million and $3.7 million, respectively. Cash payments included in the measurement of operating lease liabilities were $4.0 million for the year ended December 31, 2023. Right of use assets obtained in exchange for operating lease liabilities were $31.0 million for the year ended December 31, 2023. As the rates implicit in the Company’s outstanding leases are not determinable, the Company uses its incremental borrowing rate based on information available on the lease commencement date to determine the present value of lease payments. The weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases at December 31, 2023 were as follows:
Weighted-average remaining lease term | 6.4 years
Weighted-average discount rate | 6.2 | %
Future undiscounted lease payments, and a reconciliation of these payments to the Company’s operating lease liabilities at December 31, 2023, were as follows (in thousands):
Year ended December 31, |
2024 | $ | 8,494 |
2025 | 9,206 |
2026 | 8,047 |
2027 | 8,220 |
2028 | 8,473 |
Thereafter | 15,182 |
Total lease payments | $ | 57,622 |
Less: Imputed interest | 10,508 |
Total lease liabilities | $ | 47,114 |

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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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