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Leases

3 Months Ended

Mar. 31, 2023

Note 11. Leases

The Company has operating and finance leases for corporate offices and certain equipment. These leases have remaining lease terms of one year to approximately nine years, some of which include options to extend the leases for multiple renewal periods of five years 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):


	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	1,782	$	1,244
Finance lease cost:
Amortization of right-of-use assets		32		15
Interest on finance lease liabilities		5		1
		37		16
Total lease cost		1,819		1,260

Other information related to leases was as follows (in thousands):


Supplemental Cash Flows Information	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,639	$	1,210
Operating cash flows from finance leases	$	37	$	14
Financing cash flows from finance leases	$	31	$	13
Right-of-use assets obtained in exchange for lease liabilities (in thousands):
Operating leases	$	4,436	$	766
Finance leases	$	—	$	—


	March 31,		December 31,
	2023		2022
Weighted-Average Remaining Lease Term
Operating leases	11.9	years	12.4	years
Finance leases	3.3	years	3.4	years

Weighted-Average Discount Rate
Operating leases	9.4	%	9.5	%
Finance leases	7.9	%	7.8	%

Future minimum lease payments under non-cancellable leases that have commenced as of March 31, 2023 were as follows (in thousands):


	Operating		Finance
Years Ending December 31	Leases		Leases
2023 (excluding the three months ended March 31, 2023)	$	4,893	$	111
2024		6,231		91
2025		5,123		87
2026		4,626		60
2027		4,047		8
Thereafter		29,532		—
Total future minimum lease payments		54,452		357
Less imputed interest		(22,522)		(41)
Total	$	31,930	$	316


	Operating		Finance
Reported as of March 31, 2023	Leases		Leases
Current lease liabilities	$	4,089	$	114
Noncurrent lease liabilities		27,841		202
Total	$	31,930	$	316