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Note 8 - Leases | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
8. | Leases
We have operating leases primarily associated with our corporate offices and regional service centers as well as for certain equipment. Our leases have remaining lease terms of 1 to 11 years, some of which include options, at our discretion, to extend the leases for additional periods generally on one-year revolving periods. Other leases allow for us to terminate the lease based on appropriate notification periods. For certain of our leased offices, we sublease a portion of the unoccupied space. The terms of the sublease arrangement generally coincide with the underlying lease. The components of lease expense associated with our lease liabilities and supplemental cash flow information related to those leases were as follows (dollar amounts in thousands):
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease cost, gross |  | $ | 643 |  |  | $ | 672 |  |  | $ | 1,919 |  |  | $ | 3,769 |
Sublease income |  |  | (25 | ) |  |  | (33 | ) |  |  | (72 | ) |  |  | (2,142 | )
Net Operating lease cost |  | $ | 618 |  |  | $ | 639 |  |  | $ | 1,847 |  |  | $ | 1,627 |
Cash paid under operating leases, gross |  | $ | 755 |  |  | $ | 210 |  |  | $ | 1,116 |  |  | $ | 3,845 |
Weighted average remaining lease term - months |  |  | 125 |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average discount rate |  |  | 6.6 | % |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2023, maturities of lease liabilities were as follows (in thousands):
|  | Gross Lease Payment |  |  | Payments received from Sublease |  |  | Net Lease Payment |
2023 (excluding the nine months ended September 30, 2023) |  | $ | 760 |  |  | $ | (24 | ) |  | $ | 736 |
2024 |  |  | 2,878 |  |  |  | (40 | ) |  |  | 2,838 |
2025 |  |  | 2,719 |  |  |  | — |  |  |  | 2,719 |
2026 |  |  | 2,580 |  |  |  | — |  |  |  | 2,580 |
2027 |  |  | 2,538 |  |  |  | — |  |  |  | 2,538 |
Thereafter |  |  | 17,384 |  |  |  | — |  |  |  | 17,384 |
Total lease payments |  |  | 28,859 |  |  |  | (64 | ) |  |  | 28,795 |
Less imputed interest |  |  | (8,496 | ) |  |  |  |  |  |  |  |
Total |  | $ | 20,363 |  |  |  |  |  |  |  |  |
In August 2021, we entered into an operating lease agreement for our corporate headquarters in Atlanta, Georgia with an unaffiliated third party. This lease covers approximately 73,000 square feet and commenced in June 2022 for a 146 month term. The total commitment under this lease is approximately $27.8 million and is included in the table above. In connection with the commencement of this lease, we discontinued most of the subleasing arrangements with third parties for space at our corporate headquarters. A right-of-use asset and liability was recorded at the commencement date of this lease. In addition, we occasionally lease certain equipment under cancelable and non-cancelable leases, which are accounted for as capital leases in our consolidated financial statements. As of September 30, 2023, we had no material non-cancelable capital leases with initial or remaining terms of more than one year.

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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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