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Leases

6 Months Ended

Jun. 30, 2024

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 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):


	Six Months Ended
	June 30,
	2024		2023
Operating lease cost	$	3,981	$	3,453
Finance lease cost:
Amortization of right-of-use assets		191		79
Interest on finance lease liabilities		64		19
		255		98
Total lease cost		4,236		3,551

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


Supplemental Cash Flows Information	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,913	$	3,323
Operating cash flows from finance leases	$	226	$	89
Financing cash flows from finance leases	$	144	$	70

Right-of-use assets obtained in exchange for lease liabilities (in thousands):
Operating leases	$	186	$	5,603
Finance leases	$	453	$	538


	June 30,		December 31,
	2024		2023
Weighted-Average Remaining Lease Term
Operating leases	9.5	years	10.8	years
Finance leases	3.9	years	4.2	years

Weighted-Average Discount Rate
Operating leases	8.2	%	8.7	%
Finance leases	8.6	%	8.4	%

Future minimum lease payments under non-cancellable leases that have commenced as of June 30, 2024 were as follows (in thousands):


	Operating		Finance
Years Ending December 31	Leases		Leases
2024 (excluding the six months ended June 30, 2024)	$	3,918	$	238
2025		6,922		473
2026		5,663		447
2027		4,875		336
2028		3,659		243
Thereafter		22,621		29
Total future minimum lease payments		47,658		1,766
Less: imputed interest		(15,836)		(264)
Total	$	31,822	$	1,502


	Operating		Finance
Reported as of June 30, 2024	Leases		Leases
Current lease liabilities	$	5,299	$	365
Noncurrent lease liabilities		26,523		1,137
Total	$	31,822	$	1,502