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

September 30,

December 31,

Leases

Classification

2023

    

2022

    

 

Assets

(in thousands)

 

Operating leases

Operating lease assets

$

31,082

$

12,146

Finance lease

Finance lease assets*

 

16,981

 

17,942

Total leased assets

$

48,063

$

30,088

Liabilities

Current

Operating

Other current liabilities

$

5,001

$

5,367

Finance

Current portion of finance lease obligation

1,438

1,229

Non-current

Operating

Other long-term liabilities

25,850

6,931

Finance

Finance lease obligation

 

44,070

 

45,185

Total lease liabilities

$

76,359

$

58,712

*Finance lease assets are recorded net of accumulated depreciation of $46.7 million and include $0.6 million of prepaid financing costs as of September 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.

Schedule of lease costs

Three months ended

Nine months ended

 

September 30,

September 30,

Lease cost

Classification

2023

    

2022

    

2023

    

2022

 

Operating lease cost

(in thousands)

 

Product / services*

Cost of revenue

$

2,041

$

1,462

$

5,328

$

3,978

Research and development

Operating expenses

 

183

 

54

 

426

 

186

Sales and marketing*

Operating expenses

 

419

 

369

 

1,231

 

1,155

General and administrative*

Operating expenses

 

298

 

253

 

813

 

773

Total operating lease cost

$

2,941

$

2,138

$

7,798

$

6,092

Finance lease cost

Depreciation of leased assets

Cost of revenue, Research and development, Sales and marketing and General and administrative

$

324

$

325

$

961

$

973

Interest on lease liabilities

Interest expense

 

1,214

 

1,245

 

3,668

 

3,754

Total finance lease cost

$

1,538

$

1,570

$

4,629

$

4,727

Total lease cost

$

4,479

$

3,708

$

12,427

$

10,819

* 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 $1.6 million for the three and nine months ended September 30, 2023, respectively, and includes short-term lease and variable lease costs of approximately $0.4 million and $1.4 million for the three and nine months ended September 30, 2022, respectively.

Schedule of future minimum operating and finance leases

Finance

Operating

    

Total

 

Maturity of Lease Liabilities

Leases

Leases

Leases

(in thousands)

2023

$

1,531

$

2,117

$

3,648

2024

 

6,252

 

6,248

 

12,500

2025

 

5,930

 

4,761

 

10,691

2026

 

6,008

 

3,471

 

9,479

2027

6,128

2,502

8,630

Thereafter

61,586

25,123

86,709

Total lease payments

$

87,435

$

44,222

$

131,657

Less interest portion*

(41,927)

(13,371)

(55,298)

Finance lease and operating lease obligations

$

45,508

$

30,851

$

76,359

* 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

September 30,

Lease term and discount rate

    

2023

Weighted-average remaining lease term (years):

Operating leases

11.6

Finance leases

 

13.3

Weighted-average discount rate:

Operating leases

 

5.5%

Finance leases

 

10.5%

Schedule of cash outflows by lease type

Nine months ended September 30,

Cash paid for amounts included in the measurement of lease liabilities

    

2023

    

2022

(in thousands)

Operating cash outflows from operating leases

$

7,798

$

6,092

Operating cash outflows from finance leases

 

3,668

 

3,754

Financing cash outflows from finance leases

 

915

 

728

Operating lease assets obtained in exchange for operating lease liabilities

 

25,697

 

5,494

Finance lease assets obtained in exchange for new finance lease liabilities