Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.1
Leases
 12 Months Ended
Dec. 31, 2023
Lessee Disclosure [Abstract]  
Leases
Note 16: Leases
The Company leases real estate, in the form of corporate office space and operating facilities, and certain office equipment. The Company’s real estate leases have noncancelable terms expiring in 2024 to 2033, certain of which have one to two renewal options of five to 10 years. The Company’s equipment leases have noncancelable terms expiring in 2024 to 2025.
Operating lease right-of-use assets of $15.3 million and $11.7 million were included within other long-term assets on the Company’s consolidated balance sheets as of December 31, 2023 and 2022, respectively.
Operating lease costs are included within operating expenses on the consolidated statements of operations and were $4.5 million and $3.1 million for the years ended December 31, 2023 and 2022, respectively.
Lease terms and discount rates consisted of the following as of:
December 31,
2023 2022
Weighted average remaining lease term (years) 5.8 6.2
Weighted average discount rate 11.4  % 11.7  %
Maturities of operating lease liabilities as of December 31, 2023 are as follows (in thousands):
Year Ending December 31,
2024 $ 4,625 
2025 4,084 
2026 3,549 
2027 3,211 
2028 3,007 
Thereafter 5,244 
Total undiscounted future cash flows 23,720 
Less: interest (7,375)
Present value of operating lease liabilities $ 16,345 
The current portions of operating right-of-use liabilities of $2.7 million and $1.6 million are included in accrued expenses and other current liabilities in the Company’s consolidated balance sheets as of December 31, 2023 and 2022, respectively.
Supplemental cash flows and other information related to leases are as follows:
Year Ended December 31,
2023 2022
(in thousands)
Operating cash flows paid for operating leases $ 4,204  $ 3,339