XML 21 R10.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases Leases
We have operating and finance leases for corporate and business offices, service facilities, call centers and certain equipment. Leases with an initial term of 12 months or less are generally not recorded on the balance sheet, unless the arrangement includes an option to purchase the underlying asset, or an option to renew the arrangement, that we are reasonably certain to exercise (short-term lease). Our leases have remaining lease terms of one to eight years, some of which may include options to extend the leases for up to an additional five years.
As of March 31, 2024, assets recorded under finance and operating leases were approximately $0.2 million and $24.3 million, respectively, and accumulated amortization associated with finance leases was $0.1 million. As of December 31, 2023, assets recorded under finance and operating leases were approximately $0.1 million and $25.3 million, respectively, and accumulated amortization associated with finance leases was $0.1 million. Operating lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payment is the interest rate implicit in the lease, or when that is not readily determinable, we utilize our incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received.
There was no impairment of leases during the three months ended March 31, 2024 and 2023.
The following table presents supplemental balance sheet information related to our financing and operating leases:
In thousandsAs of March 31, 2024
Operating LeasesFinance LeasesTotal
Right-of-use Assets$24,308 $199 $24,507 
Liabilities
Current portion of lease liabilities4,466 53 4,519 
Long-term lease liabilities22,742 69 22,811 
Total Lease Liabilities$27,208 $122 $27,330 
In thousandsAs of December 31, 2023
 Operating LeasesFinance LeasesTotal
Right-of-use Assets$25,288 $129 $25,417 
Liabilities
Short-term lease liabilities4,773 42 4,815 
Long-term lease liabilities23,687 4 23,691 
Total Lease Liabilities$28,460 $46 $28,506 
For the three months ended March 31, 2024 and 2023, the components of lease expense were as follows:
In thousandsThree Months Ended March 31, 2024Three Months Ended March 31, 2023
Operating lease cost$1,349 $1,456 
Finance lease cost:
Amortization of right-of-use assets7 40 
Interest on lease liabilities1 2 
Total Finance lease cost8 42 
Variable lease cost447 502 
Sublease income(158)(286)
Total lease cost, net$1,646 $1,714 
Other information related to leases was as follows:
In thousandsThree Months Ended March 31, 2024Three Months Ended March 31, 2023
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,821 $3,341 
Operating cash flows from finance leases1 2 
Financing cash flows from finance leases17 47 
Weighted Average Remaining Lease term
Operating leases6.85.7
Finance leases3.81.2
Weighted Average Discount Rate
Operating leases5.68 %3.67 %
Finance leases8.06 %5.87 %
The maturities of the Company’s finance and operating lease liabilities as of March 31, 2024 are as follows:
In thousands
Operating Leases (1)
Finance Leases
Year Ending December 31,
Remainder of 2024$4,567 $48 
20254,638 26 
20264,215 23 
20274,188 22 
20284,094 22 
2029 and beyond11,396 — 
Total future minimum lease payments33,098 141 
Less: imputed interest5,890 19 
Total lease liabilities$27,208 $122 
(1)Non-cancelable sublease proceeds for the remainder of the fiscal year ending December 31, 2024 of $0.2 million, are not included in the table above.
Leases Leases
We have operating and finance leases for corporate and business offices, service facilities, call centers and certain equipment. Leases with an initial term of 12 months or less are generally not recorded on the balance sheet, unless the arrangement includes an option to purchase the underlying asset, or an option to renew the arrangement, that we are reasonably certain to exercise (short-term lease). Our leases have remaining lease terms of one to eight years, some of which may include options to extend the leases for up to an additional five years.
As of March 31, 2024, assets recorded under finance and operating leases were approximately $0.2 million and $24.3 million, respectively, and accumulated amortization associated with finance leases was $0.1 million. As of December 31, 2023, assets recorded under finance and operating leases were approximately $0.1 million and $25.3 million, respectively, and accumulated amortization associated with finance leases was $0.1 million. Operating lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payment is the interest rate implicit in the lease, or when that is not readily determinable, we utilize our incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received.
There was no impairment of leases during the three months ended March 31, 2024 and 2023.
The following table presents supplemental balance sheet information related to our financing and operating leases:
In thousandsAs of March 31, 2024
Operating LeasesFinance LeasesTotal
Right-of-use Assets$24,308 $199 $24,507 
Liabilities
Current portion of lease liabilities4,466 53 4,519 
Long-term lease liabilities22,742 69 22,811 
Total Lease Liabilities$27,208 $122 $27,330 
In thousandsAs of December 31, 2023
 Operating LeasesFinance LeasesTotal
Right-of-use Assets$25,288 $129 $25,417 
Liabilities
Short-term lease liabilities4,773 42 4,815 
Long-term lease liabilities23,687 4 23,691 
Total Lease Liabilities$28,460 $46 $28,506 
For the three months ended March 31, 2024 and 2023, the components of lease expense were as follows:
In thousandsThree Months Ended March 31, 2024Three Months Ended March 31, 2023
Operating lease cost$1,349 $1,456 
Finance lease cost:
Amortization of right-of-use assets7 40 
Interest on lease liabilities1 2 
Total Finance lease cost8 42 
Variable lease cost447 502 
Sublease income(158)(286)
Total lease cost, net$1,646 $1,714 
Other information related to leases was as follows:
In thousandsThree Months Ended March 31, 2024Three Months Ended March 31, 2023
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,821 $3,341 
Operating cash flows from finance leases1 2 
Financing cash flows from finance leases17 47 
Weighted Average Remaining Lease term
Operating leases6.85.7
Finance leases3.81.2
Weighted Average Discount Rate
Operating leases5.68 %3.67 %
Finance leases8.06 %5.87 %
The maturities of the Company’s finance and operating lease liabilities as of March 31, 2024 are as follows:
In thousands
Operating Leases (1)
Finance Leases
Year Ending December 31,
Remainder of 2024$4,567 $48 
20254,638 26 
20264,215 23 
20274,188 22 
20284,094 22 
2029 and beyond11,396 — 
Total future minimum lease payments33,098 141 
Less: imputed interest5,890 19 
Total lease liabilities$27,208 $122 
(1)Non-cancelable sublease proceeds for the remainder of the fiscal year ending December 31, 2024 of $0.2 million, are not included in the table above.