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v3.23.2

Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | LEASES The Company leases its executive offices, retail showrooms, office and operational locations under operating leases. The fixed, non-cancelable terms of our real estate leases are generally 5-10 years. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. Most of the real estate leases require payment of real estate taxes, insurance and certain common area maintenance costs in addition to future minimum lease payments. Total operating lease ROU assets and lease liabilities were as follows (in thousands):
Assets |  | Classification |  | As of June 30, 2023 |  | As of June 30, 2022
Operating ROU assets at cost |  | Operating lease right of use assets |  | $ | 43,930 |  |  | $ | 22,889 |
Accumulated amortization |  | Operating lease right of use assets |  | (5,597) |  |  | (1,462) |
Net book value |  |  |  | $ | 38,333 |  |  | $ | 21,427 |
Liabilities |  | Classification |  | As of June 30, 2023 |  | As of June 30, 2022
Current: |  |  |  |  |  |
Operating leases |  | Current portion of operating lease liabilities |  | $ | 4,983 |  |  | $ | 3,025 |
Noncurrent: |  |  |  |  |  |
Operating leases |  | Operating lease liabilities |  | 39,712 |  |  | 21,399 |
Total lease liabilities |  |  |  | $ | 44,695 |  |  | $ | 24,424 |
Total operating lease costs were as follows (in thousands):
| Classification |  | For the three months ended June 30, 2023 |  | For the three months ended June 30, 2022 |  | For the six months ended June 30, 2023 |  | For the six months ended June 30, 2022
Operating lease costs | Selling, general and administrative expense |  | $ | 1,799 |  |  | $ | 1,054 |  |  | $ | 3,352 |  |  | $ | 1,978 |
Variable lease costs | Selling, general and administrative expense |  | 327 |  |  | — |  |  | 592 |  |  | — |
Total lease costs |  |  | $ | 2,126 |  |  | $ | 1,054 |  |  | $ | 3,944 |  |  | $ | 1,978 |
The maturity analysis of the operating lease liabilities as of June 30, 2023 was as follows (in thousands):
| Amount
For the six months ending December 31, 2023 | $ | 3,025 |
Years ending December 31, |
2024 | 7,718 |
2025 | 7,768 |
2026 | 7,523 |
2027 | 6,135 |
2028 | 5,125 |
Thereafter | 16,119 |
Total minimum lease payments | 53,413 |
Less: imputed interest | (8,718) |
Net present value of operating lease liabilities | 44,695 |
Less: current portion | (4,983) |
Long-term portion | $ | 39,712 |
The table summarizes the weighted-average remaining lease term and weighted-average discount rate on long-term leases as follows (in thousands):
|  | June 30, 2023 |  | June 30, 2022
Weighted-average remaining lease term - operating leases |  | 7.5 years |  | 5.7 years
Weighted-average discount rate - operating leases |  | 4.5 | % |  | 4.2 | %
Supplemental cash flow information related to operating leases is as follows: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 1,919 |  |  | $ | 2,253 |
ROU assets obtained in exchange for new operating lease liabilities |  | $ | 14,204 |  |  | $ | 3,716 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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