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Leases (Tables)
6 Months Ended
Jun. 30, 2023
Leases  
Schedule of operating and finance lease right-of-use assets and related lease obligations

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June 30,

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December 31,

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Leases

Classification

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2023

    

2022

    

 

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Assets

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(in thousands)

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Operating leases

Operating lease assets

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$

31,998

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$

12,146

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Finance lease

Finance lease assets*

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17,305

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17,942

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Total leased assets

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$

49,303

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$

30,088

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Liabilities

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Current

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Operating

Other current liabilities

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$

5,544

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$

5,367

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Finance

Current portion of finance lease obligation

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1,367

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1,229

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Non-current

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Operating

Other long-term liabilities

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25,979

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6,931

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Finance

Finance lease obligation

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44,455

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45,185

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Total lease liabilities

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$

77,345

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$

58,712

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*Finance lease assets are recorded net of accumulated depreciation of $46.5 million and include $0.6 million of prepaid financing costs as of June 30, 2023. Finance lease assets are recorded net of accumulated depreciation of $45.9 million and include $0.6 million of prepaid financing costs as of December 31, 2022.
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Schedule of lease costs

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Three months ended

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Six months ended

 

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June 30,

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June 30,

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Lease cost

Classification

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2023

    

2022

    

2023

    

2022

 

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Operating lease cost

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(in thousands)

 

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Product / services*

Cost of revenue

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$

1,821

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$

1,306

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$

3,287

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$

2,516

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Research and development

Operating expenses

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137

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76

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243

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132

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Sales and marketing*

Operating expenses

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417

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368

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813

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787

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General and administrative*

Operating expenses

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239

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308

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515

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520

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Total operating lease cost

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$

2,614

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$

2,058

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$

4,858

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$

3,955

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Finance lease cost

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Depreciation of leased assets

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

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$

318

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$

325

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$

637

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$

648

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Interest on lease liabilities

Interest expense

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1,223

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1,274

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2,454

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2,532

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Total finance lease cost

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$

1,541

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$

1,599

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$

3,091

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$

3,180

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Total lease cost

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$

4,155

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$

3,657

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$

7,949

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$

7,135

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* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.5 million and $1.0 million for the three and six months ended June 30, 2023, respectively, and includes short-term lease and variable lease costs of approximately $0.6 million and $1.0 million for the three and six months ended June 30, 2022, respectively.

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Schedule of future minimum operating and finance leases

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Finance

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Operating

    

Total

 

Maturity of Lease Liabilities

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Leases

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Leases

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Leases

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(in thousands)

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2023

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$

3,063

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$

4,335

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$

7,398

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2024

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6,252

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5,766

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12,018

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2025

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5,930

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4,308

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10,238

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2026

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6,008

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3,247

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9,255

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2027

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6,128

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2,411

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8,539

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Thereafter

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61,586

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25,080

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86,666

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Total lease payments

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$

88,967

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$

45,147

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$

134,114

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Less interest portion*

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(43,145)

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(13,624)

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(56,769)

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Finance lease and operating lease obligations

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$

45,822

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$

31,523

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$

77,345

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* 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

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June 30,

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Lease term and discount rate

    

2023

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Weighted-average remaining lease term (years):

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Operating leases

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11.7

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Finance leases

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13.6

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Weighted-average discount rate:

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Operating leases

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5.4%

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Finance leases

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10.5%

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Schedule of cash outflows by lease type

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Six months ended June 30,

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Cash paid for amounts included in the measurement of lease liabilities

    

2023

    

2022

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(in thousands)

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Operating cash outflows from operating leases

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$

4,858

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$

3,955

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Operating cash outflows from finance leases

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2,454

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2,509

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Financing cash outflows from finance leases

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598

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475

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Operating lease assets obtained in exchange for operating lease liabilities

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23,289

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4,714

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Finance lease assets obtained in exchange for new finance lease liabilities

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