Leases (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Leases |
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| Schedule of operating and finance lease right-of-use assets and related lease obligations |
| | | | | | | | | | | | | | March 31, | | December 31, | | | | Leases | Classification | | 2024 | | 2023 | | | | | Assets | | | (in thousands) | | | | Operating leases | Operating lease assets | | $ | 29,557 | | $ | 30,716 | | | | Finance lease | Finance lease assets* | | | 16,310 | | | 16,632 | | | | Total leased assets | | | $ | 45,867 | | $ | 47,348 | | | | Liabilities | | | | | | | | | | | Current | | | | | | | | | | | Operating | Other current liabilities | | $ | 4,645 | | $ | 4,978 | | | | Finance | Current portion of finance lease obligation | | | 1,503 | | | 1,511 | | | | Non-current | | | | | | | | | | | Operating | Other long-term liabilities | | | 24,963 | | | 25,724 | | | | Finance | Finance lease obligation | | | 43,328 | | | 43,674 | | | | Total lease liabilities | | | $ | 74,439 | | $ | 75,887 | | | | | | | | | | | | | | | *Finance lease assets are recorded net of accumulated depreciation of $46.7 million and include $0.6 million of prepaid financing costs as of March 31, 2024. Finance lease assets are recorded net of accumulated depreciation of $46.4 million and include $0.6 million of prepaid financing costs as of December 31, 2023. | | | |
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| Schedule of lease costs |
| | | | | | | | | | | | | Three months ended | | | | | | March 31, | | | Lease cost | Classification | | 2024 | | 2023 | | | | Operating lease cost | | | (in thousands) | | | Product / services* | Cost of revenue | | $ | 1,828 | | $ | 1,466 | | | Research and development | Operating expenses | | | 123 | | | 106 | | | Sales and marketing* | Operating expenses | | | 451 | | | 396 | | | General and administrative* | Operating expenses | | | 194 | | | 276 | | | Total operating lease cost | | | $ | 2,596 | | $ | 2,244 | | | Finance lease cost | | | | | | | | | | Depreciation of leased assets | Cost of revenue, Research and development, Sales and marketing and General and administrative | | $ | 319 | | $ | 319 | | | Interest on lease liabilities | Interest expense | | | 1,197 | | | 1,231 | | | Total finance lease cost | | | $ | 1,516 | | $ | 1,550 | | | | | | | | | | | | | Total lease cost | | | $ | 4,112 | | $ | 3,794 | | | | | | | | | | | | | * Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.6 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. | | |
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| Schedule of future minimum operating and finance leases |
| | | | | | | | | | | | | Finance | | Operating | | Total | | Maturity of Lease Liabilities | | Leases | | Leases | | Leases | | | | | (in thousands) | | 2024 | | $ | 4,698 | | $ | 4,979 | | $ | 9,677 | | 2025 | | | 5,930 | | | 3,484 | | | 9,414 | | 2026 | | | 6,008 | | | 2,443 | | | 8,451 | | 2027 | | | 6,128 | | | 1,915 | | | 8,043 | | 2028 | | | 6,251 | | | 22,730 | | | 28,981 | | Thereafter | | | 55,336 | | | 42,139 | | | 97,475 | | Total lease payments | | $ | 84,351 | | $ | 77,690 | | $ | 162,041 | | Less interest portion* | | | (39,520) | | | (48,082) | | | (87,602) | | Finance lease and operating lease obligations | | $ | 44,831 | | $ | 29,608 | | $ | 74,439 | | | | | | | | | | | | | * Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate. | |
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| Schedule of weighted-average remaining lease term and discount rates |
| | | | | | | March 31, | | Lease term and discount rate | | 2024 | | Weighted-average remaining lease term (years): | | | | | Operating leases | | | 11.5 | | Finance leases | | | 12.8 | | Weighted-average discount rate: | | | | | Operating leases | | | 5.5% | | Finance leases | | | 10.5% | | | | | | |
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| Schedule of cash outflows by lease type |
| | | | | | | | | | | | | | | | Three months ended March 31, | Cash paid for amounts included in the measurement of lease liabilities | | 2024 | | 2023 | | | | (in thousands) | Operating cash outflows from operating leases | | $ | 2,596 | | $ | 2,244 | Operating cash outflows from finance leases | | | 1,197 | | | 1,231 | Financing cash outflows from finance leases | | | 357 | | | 289 | Operating lease assets obtained in exchange for operating lease liabilities | | | 632 | | | 757 | Finance lease assets obtained in exchange for new finance lease liabilities | | | — | | | — | | | | | | | |
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