XML 27 R18.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Commitments and Contingencies | 6 Months Ended
--- | ---
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 10. Commitments and Contingencies Legal Matters The Company is a party to various claims and lawsuits incidental to its business. In the Company’s opinion, the liabilities, if any, which may ultimately result from the outcome of such matters, individually or in the aggregate, are not expected to have a material adverse effect on its financial position, liquidity, results of operations or cash flows. Leases The Company has commitments under operating leases for real estate leased from third parties under non-cancelable operating leases. The Company’s leases typically have lease terms between three years and ten years, with the longest lease term having an expiration date in 2035. Most of these leases include one or more renewal options for five years or less, and certain leases also include lessee termination options. At lease commencement, the Company assesses whether it is reasonably certain to exercise a renewal option, or reasonably certain not to exercise a termination option, by considering various economic factors. Options that are reasonably certain of being exercised are factored into the determination of the lease term, and related payments are included in the calculation of the right-of-use (“ROU”) asset and lease liability. On December 31, 2023, the Company entered into an amendment for one of the existing leases to relocate to another space within the building, commencing on August 1, 2024. The landlord provides a construction allowance, in the form of reimbursements, of up to $1.4 million related to approved improvements and renovations of the landlord’s property during the construction period. On July 25, 2024, the Company further amended and restated the agreement which modifies the commencement date of the lease to September 1, 2024. During the three and six months ended June 30, 2024, the Company recognized sublease income of $0.1 million and $0.1 million, respectively, within Other (loss) income in the Company’s Consolidated Statements of Operations. The components of lease cost are presented in the following table:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
($ in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Components of total lease costs: |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 435 |  |  | $ | 721 |  |  | $ | 863 |  |  | $ | 1,380 |
Short-term lease cost |  |  | 6 |  |  |  | 7 |  |  |  | 12 |  |  |  | 34 |
Variable lease cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total lease cost |  | $ | 441 |  |  | $ | 728 |  |  | $ | 875 |  |  | $ | 1,414 |
Amounts reported in the Condensed Consolidated Balance Sheets were as follows:
($ in thousands) |  | June 30, 2024 |  |  | December 31, 2023 |
Operating leases: |  |  |  |  |  |
ROU assets |  | $ | 5,653 |  |  | $ | 8,023 |
Lease liability, current |  |  | 1,109 |  |  |  | 1,629 |
Lease liability, long-term |  |  | 5,169 |  |  |  | 7,247 |
Total lease liabilities |  | $ | 6,278 |  |  | $ | 8,876 |
Weighted-average remaining lease term (in years) |  |  | 4.1 |  |  | 4.3 |
Weighted-average discount rate (annualized) |  |  | 6.2 | % |  |  | 5.8 | %
Other information related to leases are as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
($ in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 548 |  |  | $ | 667 |  |  | $ | 1,098 |  |  | $ | 1,341 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
The following table presents a maturity analysis of the Company’s operating leases liabilities as of June 30, 2024:
($ in thousands) |  |  |
2024 |  | $ | 762 |
2025 |  |  | 1,390 |
2026 |  |  | 1,335 |
2027 |  |  | 924 |
2028 |  |  | 734 |
Thereafter |  |  | 2,808 |
Total undiscounted lease payments |  |  | 7,953 |
Less: Imputed interest |  |  | 1,675 |
Total lease liabilities |  | $ | 6,278 |

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//450/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 954 -SubTopic 440 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480327/954-440-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//440/tableOfContent + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration