v3.24.2.u1

Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | Leases The Company leases facilities under non-cancellable operating leases primarily in the United States, South Africa, and the United Kingdom. The Company’s operating leases have remaining lease terms of between less than one to 10 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year. These options to extend the terms of the Company’s operating leases were not deemed to be reasonably certain of exercise as of lease commencement and are therefore not included in the determination of their respective non-cancellable lease terms. The future lease payments due under non-cancellable operating lease arrangements contain fixed rent increases over the term of the lease. On July 25, 2024, the Company took steps to reject several operating leases in connection with the Chapter 11 Cases. The Bankruptcy Court will assess these motions at a hearing scheduled for September 6, 2024. The following table presents the components of lease expense on the Company’s condensed consolidated statements of operations and comprehensive loss for each of the periods indicated.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands)
Operating lease expense | $ | 4,158 |  |  | $ | 4,346 |  |  | $ | 8,326 |  |  | $ | 8,803 |
Short-term lease expense | 39 |  |  | 35 |  |  | 82 |  |  | 69 |
Variable lease expense | 2,242 |  |  | 1,362 |  |  | 4,172 |  |  | 3,269 |
Sublease income | (611) |  |  | (481) |  |  | (1,247) |  |  | (908) |
Total lease expense | $ | 5,828 |  |  | $ | 5,262 |  |  | $ | 11,333 |  |  | $ | 11,233 |
As of June 30, 2024, for the Company’s operating leases, the weighted-average remaining lease term was 5.9 years and the weighted-average discount rate was 10.8%. For the six months ended June 30, 2024 and 2023, cash paid for amounts included in the measurement of operating lease liabilities was $12.3 million and $12.1 million, respectively. There were no lease liabilities arising from obtaining right-of-use assets for each of the six months ended June 30, 2024 and 2023. The following table presents the maturities of the Company’s operating lease liabilities as of the date indicated, and excludes the impact of future sublease income totaling $3.6 million in aggregate.
| June 30, 2024
| (in thousands)
Remainder of 2024 | $ | 12,016 |
2025 | 20,549 |
2026 | 21,107 |
2027 | 21,688 |
2028 | 17,214 |
Thereafter | 33,051 |
Total lease payments | 125,625 |
Less: imputed interest | (34,612) |
Total lease liability | $ | 91,013 |

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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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