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Leases

3 Months Ended

Mar. 31, 2024

Note 13. Leases

The Company has operating and finance leases for corporate offices and certain equipment. These leases have remaining lease terms of less than one year to approximately twenty-one years, some of which include options to extend the leases for multiple renewal periods of one to fifteen 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 2025 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 2025.

The components of lease cost were as follows (in thousands):


	Three Months Ended
	March 31,
	2024		2023
Operating lease cost	$	2,047	$	1,782
Finance lease cost:
Amortization of right-of-use assets		80		32
Interest on finance lease liabilities		26		5
		106		37
Total lease cost		2,153		1,819

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


Supplemental Cash Flows Information	Three Months Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,988	$	1,639
Operating cash flows from finance leases	$	96	$	37
Financing cash flows from finance leases	$	70	$	31

Right-of-use assets obtained in exchange for lease liabilities (in thousands):
Operating leases	$	—	$	4,436
Finance leases	$	63	$	—


	March 31,		December 31,
	2024		2023
Weighted-Average Remaining Lease Term
Operating leases	10.9	years	10.8	years
Finance leases	3.9	years	4.2	years

Weighted-Average Discount Rate
Operating leases	8.8	%	8.7	%
Finance leases	7.8	%	8.4	%

Future minimum lease payments under non-cancellable leases that have commenced as of March 31, 2024 were as follows (in thousands):


	Operating		Finance
Years Ending December 31	Leases		Leases
2024 (excluding the three months ended March 31, 2024)	$	6,015	$	291
2025		6,851		385
2026		5,683		357
2027		4,909		244
2028		3,673		121
Thereafter		26,992		24
Total future minimum lease payments		54,123		1,422
Less: imputed interest		(20,969)		(205)
Total	$	33,154	$	1,217


	Operating		Finance
Reported as of March 31, 2024	Leases		Leases
Current lease liabilities	$	5,356	$	301
Noncurrent lease liabilities		27,798		916
Total	$	33,154	$	1,217