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Leases

9 Months Ended

Sep. 30, 2023

Note 13. 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):


	Nine Months Ended
	September 30,
	2023		2022
Operating lease cost	$	5,292	$	3,937
Finance lease cost:
Amortization of right-of-use assets		139		43
Interest on finance lease liabilities		36		5
		175		48
Total lease cost		5,467		3,985

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


Supplemental Cash Flows Information	Nine Months Ended September 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,891	$	3,764
Operating cash flows from finance leases	$	161	$	51
Financing cash flows from finance leases	$	123	$	44

Right-of-use assets obtained in exchange for lease liabilities (in thousands):
Operating leases	$	9,581	$	5,084
Finance leases	$	609	$	205


	September 30,		December 31,
	2023		2022
Weighted-Average Remaining Lease Term
Operating leases	11.2	years	12.4	years
Finance leases	4.2	years	3.4	years

Weighted-Average Discount Rate
Operating leases	8.7	%	9.5	%
Finance leases	8.5	%	7.8	%

Future minimum lease payments under non-cancellable leases that have commenced as of September 30, 2023 were as follows (in thousands):


	Operating		Finance
Years Ending December 31	Leases		Leases
2023 (excluding the nine months ended September 30, 2023)	$	1,829	$	74
2024		7,390		242
2025		6,414		238
2026		5,396		211
2027		4,809		120
Thereafter		31,081		96
Total future minimum lease payments		56,919		981
Less imputed interest		(22,403)		(154)
Total	$	34,516	$	827


	Operating		Finance
Reported as of September 30, 2023	Leases		Leases
Current lease liabilities	$	4,759	$	195
Noncurrent lease liabilities		29,757		632
Total	$	34,516	$	827