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Leases (Tables)
3 Months Ended
Mar. 31, 2022
Leases  
Schedule of operating and finance lease right-of-use assets and related lease obligations

March 31,

December 31,

Leases

Classification

2022

    

2021

    

 

Assets

(in thousands)

 

Operating leases

Operating lease assets

$

9,403

$

9,242

Finance lease

Finance lease assets *

 

18,914

 

19,238

Total leased assets

$

28,317

$

28,480

Liabilities

Current

Operating

Other current liabilities

$

5,106

$

4,716

Finance

Current portion of finance lease obligation

1,039

979

Noncurrent

Operating

Other long-term liabilities

4,170

4,357

Finance

Finance lease obligation

 

46,128

 

46,415

Total lease liabilities

$

56,443

$

56,467

*Finance lease assets are recorded net of accumulated depreciation of $48.9 million and includes $0.6 million of prepaid financing costs as of March 31, 2022. Finance lease assets are recorded net of accumulated depreciation of $48.6 million and includes $0.7 million of prepaid financing costs as of December 31, 2021.

Schedule of lease costs

Three months ended

 

March 31,

Lease cost

Classification

2022

    

2021

    

    

 

Operating lease cost

(in thousands)

 

Product / Services

Cost of revenue

$

1,210

$

639

Research and development

Operating expenses

 

56

 

130

Sales and marketing*

Operating expenses

 

418

 

378

General and administrative*

Operating expenses

 

211

 

260

Total operating lease cost

$

1,895

$

1,407

Finance lease cost

Depreciation of leased assets

Cost of revenue, R&D, Sales and marketing and G&A

$

324

$

328

Interest on lease liabilities

Interest expense

 

1,258

 

1,279

Total finance lease cost

$

1,582

$

1,607

Total lease cost

$

3,477

$

3,014

* Sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.5 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively.

Schedule of future minimum operating and finance leases

Finance

Operating

    

Total

 

Maturity of Lease Liabilities

Leases

Leases

Leases

(in thousands)

2022

$

4,493

$

4,075

$

8,568

2023

 

6,114

 

3,188

 

9,302

2024

 

6,252

 

1,032

 

7,284

2025

 

5,930

 

718

 

6,648

2026

6,008

482

6,490

Thereafter

67,715

78

67,793

Total lease payments

$

96,512

$

9,573

$

106,085

Less interest portion*

(49,345)

(297)

(49,642)

Finance lease and operating lease obligations

$

47,167

$

9,276

$

56,443

* Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate.

Schedule of weighted-average remaining lease term and discount rates

March 31,

Lease term and discount rate

    

2022

Weighted-average remaining lease term (years):

Operating leases

2.6

Finance leases

 

14.8

Weighted-average discount rate:

Operating leases

 

4.5%

Finance leases

 

10.5%

Schedule of cash outflows by lease type

Three months ended March 31,

Cash paid for amounts included in the measurement of lease liabilities

    

2022

    

2021

    

(in thousands)

Operating cash outflows from operating leases

$

1,896

$

1,407

Operating cash outflows from finance leases

 

1,258

 

1,279

Financing cash outflows from finance leases

 

229

 

175

Operating lease assets obtained in exchange for operating lease liabilities

 

1,638

 

791

Finance lease assets obtained in exchange for new finance lease liabilities