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Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Leases

The Company’s Condensed Consolidated Balance Sheets include the following related to right-of-use ("ROU")

Leases						Classification						September 30, 2022						December 31, 2021
Assets
ROU assets						Other assets						$	37,777					$	42,451
Liabilities
ROU - current						Accrued expenses and other current liabilities						$	9,976					$	10,040
ROU liability - long-term						Other long-term liabilities						29,205						34,030
Total ROU liabilities												$	39,181					$	44,070

Included within the balance of operating leases is a lease for the Company’s headquarters which is with a related party. The ROU liability for this facility was approximately $2.0 million and $2.9 million as of September 30, 2022 and December 31, 2021, respectively. Total rent payments for this facility were approximately $0.2 million and $0.3 million for the three months ended September 30, 2022 and September 30, 2021, respectively. Total rent payments for this facility were approximately $0.7 million and $1.0 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. An agreement was reached with the related party to reduce rental payments by 12.5% for the lease of the Company’s headquarters, effective February 2022 as part of a voluntary reduction.

The total ROU assets attributable to finance leases were approximately $12.7 million and $13.8 million as of September 30, 2022 and December 31, 2021, respectively, which is included in Property, plant, and equipment, net on the Condensed Consolidated Balance Sheets.

The components of lease costs were as follows:

												Three months ended September 30,									Nine months ended September 30,
						Classification						2022						2021			2022						2021
Finance lease expense
Amortization of ROU assets						Depreciation and amortization						$	1,002					$	1,002		$	3,039					$	3,094
Interest on lease liabilities						Interest expense						149						177			463						550
Operating lease expense						Cost of revenue; Selling, general & administrative expenses						3,194						3,239			9,595						9,808
Short-term lease expense						Cost of revenue; Selling, general & administrative expenses						26						7			35						22
Variable lease expense						Cost of revenue; Selling, general & administrative expenses						530						532			1,619						1,956
Total												$	4,901					$	4,957		$	14,751					$	15,430

Additional information related to leases was as follows:

									Nine months ended September 30,
															2022						2021
Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases
Finance - financing cash flows															$	3,173					$	3,032
Finance - operating cash flows															$	463					$	550
Operating - operating cash flows															$	9,394					$	9,870
ROU assets obtained in the exchange for lease liabilities
Finance leases															$	3,373					$	2,445
Operating leases															$	5,367					$	4,212
Weighted-average remaining lease term (in years)
Finance leases															5.3						5.5
Operating leases															4.8						5.3
Weighted-average discount rate
Finance leases															5.2		%				5.4		%
Operating leases															5.5		%				5.8		%

Maturities of lease liabilities as of September 30, 2022 were as follows:

			Finance						Operating
Remainder of 2022			$	2,316					$	3,044
2023			4,408						11,577
2024			3,507						9,432
2025			1,958						6,941
2026			1,318						5,031
Thereafter			793						8,941
Total			14,300						44,966
Less: Present value discount			953						5,785
Lease liability			$	13,347					$	39,181

Leases

Leases

The Company’s Condensed Consolidated Balance Sheets include the following related to right-of-use ("ROU")

Leases						Classification						September 30, 2022						December 31, 2021
Assets
ROU assets						Other assets						$	37,777					$	42,451
Liabilities
ROU - current						Accrued expenses and other current liabilities						$	9,976					$	10,040
ROU liability - long-term						Other long-term liabilities						29,205						34,030
Total ROU liabilities												$	39,181					$	44,070

Included within the balance of operating leases is a lease for the Company’s headquarters which is with a related party. The ROU liability for this facility was approximately $2.0 million and $2.9 million as of September 30, 2022 and December 31, 2021, respectively. Total rent payments for this facility were approximately $0.2 million and $0.3 million for the three months ended September 30, 2022 and September 30, 2021, respectively. Total rent payments for this facility were approximately $0.7 million and $1.0 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. An agreement was reached with the related party to reduce rental payments by 12.5% for the lease of the Company’s headquarters, effective February 2022 as part of a voluntary reduction.

The total ROU assets attributable to finance leases were approximately $12.7 million and $13.8 million as of September 30, 2022 and December 31, 2021, respectively, which is included in Property, plant, and equipment, net on the Condensed Consolidated Balance Sheets.

The components of lease costs were as follows:

												Three months ended September 30,									Nine months ended September 30,
						Classification						2022						2021			2022						2021
Finance lease expense
Amortization of ROU assets						Depreciation and amortization						$	1,002					$	1,002		$	3,039					$	3,094
Interest on lease liabilities						Interest expense						149						177			463						550
Operating lease expense						Cost of revenue; Selling, general & administrative expenses						3,194						3,239			9,595						9,808
Short-term lease expense						Cost of revenue; Selling, general & administrative expenses						26						7			35						22
Variable lease expense						Cost of revenue; Selling, general & administrative expenses						530						532			1,619						1,956
Total												$	4,901					$	4,957		$	14,751					$	15,430

Additional information related to leases was as follows:

									Nine months ended September 30,
															2022						2021
Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases
Finance - financing cash flows															$	3,173					$	3,032
Finance - operating cash flows															$	463					$	550
Operating - operating cash flows															$	9,394					$	9,870
ROU assets obtained in the exchange for lease liabilities
Finance leases															$	3,373					$	2,445
Operating leases															$	5,367					$	4,212
Weighted-average remaining lease term (in years)
Finance leases															5.3						5.5
Operating leases															4.8						5.3
Weighted-average discount rate
Finance leases															5.2		%				5.4		%
Operating leases															5.5		%				5.8		%

Maturities of lease liabilities as of September 30, 2022 were as follows:

			Finance						Operating
Remainder of 2022			$	2,316					$	3,044
2023			4,408						11,577
2024			3,507						9,432
2025			1,958						6,941
2026			1,318						5,031
Thereafter			793						8,941
Total			14,300						44,966
Less: Present value discount			953						5,785
Lease liability			$	13,347					$	39,181

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- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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