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Leases | 9 Months Ended
--- | ---
Sep. 30, 2024
Lessee Disclosure [Abstract] |
Leases | (18) Leases Floorspace leases The Company has obligations as a lessee for floorspace. Generally, these lease arrangements meet the short-term lease criteria when the floorspace leases are cancellable by the Company upon notice of 30 days or less. Accordingly, for the leases that are cancellable, the Company has elected and applied the practical expedient that allows the Company to recognize short-term lease payments on a straight-line basis over the lease term on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income. For those floorspace leases that have a noncancellable term greater than 12 months, the Company records ROU assets and lease liabilities and presents them as operating leases. The Company recognized right of use assets and a lease liability of $2.2 million for the three and nine months ended September 30, 2024 as a result of the non-cash transaction related to floorspace operating leases. Office space lease The Company has obligations as a lessee for office space under a noncancellable lease arrangement that expires in May 2025, with options to renew up to five years. Payments due under the lease contracts include mainly fixed payments. The lease for the office space is classified as an operating lease in accordance with Topic 842. BTM Kiosk leases The Company has obligations as a lessee for BTM kiosks. The leases for the BTM kiosks are classified as finance leases in accordance with Topic 842 that expire on various dates through June 30, 2026. The BTM kiosk lease agreements are for two or three year terms and include various options to either renew the lease, purchase the kiosks or exercise a bargain option to purchase the kiosk at the end of the term. Certain finance leases are personally guaranteed by the CEO and contain guarantees for return of equipment by the CEO. During the nine months ended September 30, 2023, the Company terminated three existing lease arrangement with a lessor and simultaneously entered into a new lease arrangements with a new lessor for 2,050 BTMs. Under these agreements, the new lessor agreed to purchase the BTM’s from the original lessor. Upon the termination of the original agreements, the Company removed the remaining right-of-use asset and the finance lease liability of $7.5 million and $5.7 million respectively and recognized a loss of $1.7 million recorded in other (expense) income in the consolidated Statement of Income (Loss) and Comprehensive Income (Loss). The new leases commenced on March 31, 2023, June 30, 2023 or September 30, 2023 and have three year noncancellable periods. Total fixed payments due on an undiscounted basis over the three year noncancellable period of the leases are $7.1 million. The Company will acquire the assets for a bargain purchase price of $1 at the end of the term. Due to the bargain purchase option, the Company classified the new leases as finance leases. The Company recognized a finance lease liability of $5.7 million discounted at an interest rate implicit in the lease and a corresponding right-of-use asset of $5.7 million. During the nine months ended September 30, 2024 th e Company entered into lease agreements for the lease of 1,186 new BTMs. The leases have noncancellable lease terms ranging from 24 months to 36 months. The Company will acquire the assets for a bargain purchase price of $1 at the end of their terms. Due to the bargain purchase option, the Company classified the new leases as a finance lease. The Company recognized right of use assets and a lease liability of $7.7 million for the nine months ended September 30, 2024 as a result of the non-cash transaction related to the finance leases. The components of the lease expense are as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Finance lease expense: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use-assets |  | $ | 884 |  |  | $ | 1,861 |  |  | $ | 3,469 |  |  | $ | 6,375 |
Interest on lease liabilities |  |  | 310 |  |  |  | 738 |  |  |  | 1,049 |  |  |  | 3,410 |
Total finance lease expense |  |  | 1,194 |  |  |  | 2,599 |  |  |  | 4,518 |  |  |  | 9,785 |
Operating lease expense |  |  | 299 |  |  |  | 103 |  |  |  | 660 |  |  |  | 212 |
Short-term lease expense |  |  | 9,730 |  |  |  | 7,731 |  |  |  | 27,125 |  |  |  | 25,513 |
Total lease expense |  | $ | 11,223 |  |  | $ | 10,433 |  |  | $ | 32,303 |  |  | $ | 35,510 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Other information: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows used for finance leases |  | $ | (320 | ) |  | $ | (738 | ) |  | $ | (1,088 | ) |  | $ | (3,410 | )
Operating cash flows used for operating leases |  | $ | (340 | ) |  | $ | (117 | ) |  | $ | (749 | ) |  | $ | (231 | )
Financing cash flows used for finance leases |  | $ | (2,049 | ) |  | $ | (2,108 | ) |  | $ | (6,242 | ) |  | $ | (8,809 | )
|  | September 30, 2024 | December 31, 2023
Weighted-average remaining lease term - finance leases |  | 1.8 years | 1.6 years
Weighted-average remaining lease term - operating leases |  | 3.2 years | 2.3 years
Weighted-average discount rate - finance leases |  | 18.4% | 17.9%
Weighted-average discount rate - operating leases |  | 16.9% | 16.6%
Maturities of the lease liability under the noncancellable operating leases as of September 30, 2024 are as follows (in thousands):
|  | Operating Leases |
Remainder of 2024 |  | $ | 340 |
2025 |  |  | 1,225 |
2026 |  |  | 1,125 |
2027 |  |  | 590 |
2028 |  |  | 343 |
Thereafter |  |  | 59 |
Total undiscounted lease payments |  |  | 3,682 |
Less: imputed interest |  |  | (812 | )
Total operating lease liability |  |  | 2,870 |
Less: operating lease liabilities, current |  |  | (887 | )
Operating lease liabilities, net of current portion |  | $ | 1,983 |
Maturities of the lease liability under the noncancellable finance leases as of September 30, 2024 are as follows (in thousands):
|  | Finance Leases |
Remainder of 2024 |  | $ | 1,676 |
2025 |  |  | 4,144 |
2026 |  |  | 1,753 |
2027 |  |  | 384 |
Total undiscounted lease payments |  |  | 7,957 |
Less: imputed interest |  |  | (1,170 | )
Total finance lease liability |  |  | 6,787 |
Less: current installments of obligations under finance leases |  |  | (3,931 | )
Obligations under finance leases, excluding current installments |  | $ | 2,856 |

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