XML 21 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Leases
 6 Months Ended
Jun. 30, 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 June 30, 2024, assets recorded under finance and operating leases were approximately $0.6 million and $23.3 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 and six months ended June 30, 2024 and 2023.
The following table presents supplemental balance sheet information related to our financing and operating leases:
In thousandsAs of June 30, 2024As of December 31, 2023
Operating LeasesFinance LeasesTotalOperating LeasesFinance LeasesTotal
Right-of-use Assets$23,332 $564 $23,896 $25,288 $129 $25,417 
Liabilities
Current portion of lease liabilities4,027 107 4,134 4,773 42 4,815 
Long-term lease liabilities21,914 377 22,291 23,687 4 23,691 
Total Lease Liabilities$25,941 $484 $26,425 $28,460 $46 $28,506 
For the three and six months ended June 30, 2024 and 2023, the components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
In thousands2024202320242023
Operating lease cost$1,333 $1,366 $2,682 $2,822 
Finance lease cost:
Amortization of right-of-use assets24 40 31 80 
Interest on lease liabilities7 2 8 4 
Total Finance lease cost31 42 39 84 
Variable lease cost584 486 1,031 988 
Sublease income(157)(213)(315)(499)
Total lease cost, net$1,791 $1,681 $3,437 $3,395 
Other information related to leases was as follows:
In thousandsSix Months Ended June 30, 2024Six Months Ended June 30, 2023
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,637 $6,453 
Operating cash flows from finance leases7 4 
Financing cash flows from finance leases45 95 
Weighted Average Remaining Lease term
Operating leases6.75.6
Finance leases4.61.2
Weighted Average Discount Rate
Operating leases5.71 %3.63 %
Finance leases8.15 %6.21 %
The maturities of the Company’s finance and operating lease liabilities as of June 30, 2024 are as follows:
In thousands
Operating Leases (1)
Finance Leases
Year Ending December 31,
Remainder of 2024$2,967 $77 
20254,618 120 
20264,211 117 
20274,187 117 
20284,094 117 
2029 and beyond11,397 31 
Total future minimum lease payments31,474 579 
Less: imputed interest5,533 95 
Total lease liabilities$25,941 $484 
(1)Non-cancelable sublease proceeds for the remainder of the fiscal year ending December 31, 2024 of $0.1 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 June 30, 2024, assets recorded under finance and operating leases were approximately $0.6 million and $23.3 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 and six months ended June 30, 2024 and 2023.
The following table presents supplemental balance sheet information related to our financing and operating leases:
In thousandsAs of June 30, 2024As of December 31, 2023
Operating LeasesFinance LeasesTotalOperating LeasesFinance LeasesTotal
Right-of-use Assets$23,332 $564 $23,896 $25,288 $129 $25,417 
Liabilities
Current portion of lease liabilities4,027 107 4,134 4,773 42 4,815 
Long-term lease liabilities21,914 377 22,291 23,687 4 23,691 
Total Lease Liabilities$25,941 $484 $26,425 $28,460 $46 $28,506 
For the three and six months ended June 30, 2024 and 2023, the components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
In thousands2024202320242023
Operating lease cost$1,333 $1,366 $2,682 $2,822 
Finance lease cost:
Amortization of right-of-use assets24 40 31 80 
Interest on lease liabilities7 2 8 4 
Total Finance lease cost31 42 39 84 
Variable lease cost584 486 1,031 988 
Sublease income(157)(213)(315)(499)
Total lease cost, net$1,791 $1,681 $3,437 $3,395 
Other information related to leases was as follows:
In thousandsSix Months Ended June 30, 2024Six Months Ended June 30, 2023
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,637 $6,453 
Operating cash flows from finance leases7 4 
Financing cash flows from finance leases45 95 
Weighted Average Remaining Lease term
Operating leases6.75.6
Finance leases4.61.2
Weighted Average Discount Rate
Operating leases5.71 %3.63 %
Finance leases8.15 %6.21 %
The maturities of the Company’s finance and operating lease liabilities as of June 30, 2024 are as follows:
In thousands
Operating Leases (1)
Finance Leases
Year Ending December 31,
Remainder of 2024$2,967 $77 
20254,618 120 
20264,211 117 
20274,187 117 
20284,094 117 
2029 and beyond11,397 31 
Total future minimum lease payments31,474 579 
Less: imputed interest5,533 95 
Total lease liabilities$25,941 $484 
(1)Non-cancelable sublease proceeds for the remainder of the fiscal year ending December 31, 2024 of $0.1 million, are not included in the table above.