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LEASES

12 Months Ended

Dec. 31, 2023

LEASES

LEASES

13.LEASES

The Company leases vehicles, manufacturing facilities, office space, land, and equipment under operating leases. As of December 31, 2023, our operating leases substantially have remaining terms of one year to eleven years, some of which include options to extend and/or terminate the leases. The Company does not have material finance leases.

The components of lease expense for the years ended December 31, 2023 and 2022 were as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31, 2023			December 31, 2022
Operating lease expense	​	$	9,350	​	$	9,085
Finance lease amortization of assets	​	​	679	​	​	48
Finance lease interest on lease liabilities	​	​	296	​	​	11
Short-term lease expense	​		319	​		156
Variable lease expense	​		1,180	​		573
Total lease expense	​	$	11,824	​	$	9,873

​

Operating and finance lease right of use assets and lease-related liabilities as of December 31, 2023 and 2022 were as follows (in thousands):

​

​	​	​	​	​	​	​	​	​
​	​	December 31, 2023		​	December 31, 2022		​	Classification
​	​	​	​	​	​	​	​	​
Lease right-of-use assets:	​	​	​	​	​	​	​	​
Operating leases	​	$	30,788	​	$	38,308	​	Operating lease right-of-use assets
Finance leases	​	​	3,912	​	​	316	​	Other assets
Total lease right-of-use assets	​	$	34,700	​	$	38,624	​	​
​	​	​	​	​	​	​	​	​
Lease-related liabilities	​	​	​	​	​	​	​	​
Current	​	​	​	​	​	​	​	​
Operating leases	​	$	7,133	​	$	6,923	​	Current operating lease liabilities
Finance leases	​	​	746	​	​	105	​	Accrued expenses and other current liabilities
Non-current	​	​	​	​	​	​	​	​
Operating leases	​	​	24,787	​	​	32,391	​	Non-current operating lease liabilities
Finance leases	​	​	3,285	​	​	193	​	Other long-term liabilities
Total lease liabilities	​	$	35,951	​	$	39,612	​	​

​

​

The table below presents supplemental information related to leases as of December 31, 2023 and 2022:

​

​	​	​	​	​	​	​	​	​
​		December 31, 2023			​	December 31, 2022
Weighted-average remaining lease term (years)	​	​	​	​	​	​	​	​
Finance leases	​	​	5.2	​	​	​	2.8	​
Operating leases	​	​	5.7	​	​	​	6.5	​
Weighted-average discount rate	​	​	​	​	​	​	​	​
Finance leases	​	​	8.2	%	​	​	5.4	%
Operating leases	​	​	5.1	%	​	​	4.9	%

​

The table below presents supplemental information related to the cash flows for operating leases recorded on the consolidated statements of cash flows (in thousands):

​

​	​	​	​	​	​	​	​
​	​	​	Year Ended
​		​	December 31, 2023			December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​	​
Operating cash flows for operating leases	​	​	$	7,551	​	$	6,920

​

​

The following table summarizes maturities of operating lease liabilities as of the years ended December 31, 2023 (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​		Operating Leases		​	Finance Leases		​	Total
2024	​	$	8,542	​	$	1,049	​	$	9,591
2025	​	​	7,410	​	​	995	​	​	8,405
2026	​	​	5,880	​	​	899	​	​	6,779
2027	​	​	4,141	​	​	823	​	​	4,964
2028	​	​	3,137	​	​	811	​	​	3,948
Thereafter	​	​	7,660	​	​	377	​	​	8,037
Total lease payments	​	​	36,770	​	​	4,954	​	​	41,724
Less: Interest	​	​	(4,850)	​	​	(923)	​	​	(5,773)
Present value of lease liability	​	$	31,920	​	$	4,031	​	$	35,951

​

Under ASC 840, rental expense during the year ended December 31, 2021 was $8.8 million.

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