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v3.22.4

Leases | 12 Months Ended
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Dec. 31, 2022
Leases |
Leases | Note 12. Leases The Company has operating leases for corporate offices and certain equipment. These leases have remaining lease terms of one year to approximately twenty years, some of which include options to extend the leases for multiple renewal periods of five years to ten each. Under the terms of the facilities leases, the Company is required to pay its proportionate share of property taxes, insurance and normal maintenance costs. In October 2022, Cryoport Systems entered into a lease agreement commencing in 2024, for an administrative, global supply chain center and research and development center in Santa Ana, California, in the aggregate rental amount of $27.7 million spanning 10 years. This lease is not included in the balance sheet right of use asset and lease liability as it commences in 2024. The components of lease cost were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
Operating lease cost | ​ | $ | 5,505 | ​ | $ | 4,556 | ​ | $ | 1,835
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Amortization of right-of-use assets | ​ | ​ | 79 | ​ | ​ | 61 | ​ | ​ | 56
Interest on finance lease liabilities | ​ | ​ | 12 | ​ | ​ | 8 | ​ | ​ | 10
​ | ​ | ​ | 91 | ​ | ​ | 69 | ​ |  | 66
Total lease cost | ​ | $ | 5,596 | ​ | $ | 4,625 | ​ | $ | 1,901
​ Other information related to leases was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental Cash Flows Information | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Operating cash flows from operating leases |  | $ | 4,733 |  | $ | 3,993 |  | $ | 1,680
Operating cash flows from finance leases |  | $ | 82 |  | $ | 65 |  | $ | 77
Financing cash flows from finance leases | ​ | $ | 70 | ​ | $ | 58 | ​ | $ | 67
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets obtained in exchange for lease liabilities (in thousands): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases |  | $ | 12,384 |  | $ | 10,175 |  | $ | 10,708
Finance leases | ​ | $ | 259 | ​ | $ | — | ​ | $ | 230
​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ |  | 2022 |  | 2021 |
Weighted-Average Remaining Lease Term |  | ​ |  | ​ | ​
Operating leases |  | 12.4 years |  | 5.6 years | ​
Finance leases |  | 3.4 years |  | 2.1 years | ​
​ | ​ | ​ | ​ | ​ | ​
Weighted-Average Discount Rate |  |  |  |  | ​
Operating leases |  | 9.5 | % | 5.1 | %
Finance leases |  | 7.8 | % | 5.3 | %
​ Future minimum lease payments under non-cancellable leases that have commenced as of December 31, 2022 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Finance
Years Ending December 31 |  | Leases |  | Leases
2023 |  | $ | 5,762 |  | $ | 152
2024 |  | ​ | 5,493 |  | ​ | 91
2025 |  | ​ | 4,352 |  | ​ | 85
2026 |  | ​ | 3,918 |  | ​ | 56
2027 | ​ | ​ | 3,345 | ​ | ​ | 8
Thereafter |  | ​ | 26,813 |  | ​ | —
Total future minimum lease payments |  | ​ | 49,683 |  | ​ | 392
Less imputed interest |  | ​ | (21,242) |  | ​ | (48)
Total | ​ | $ | 28,441 | ​ | $ | 344
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Finance
Reported as of December 31, 2022 |  | Leases |  | Leases
Current lease liabilities | ​ | $ | 3,720 | ​ | $ | 128
Noncurrent lease liabilities | ​ |  | 24,721 | ​ |  | 216
Total | ​ | $ | 28,441 | ​ | $ | 344
​

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- References No definition available. + Details
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