Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases

Schedule of operating and finance lease right-of-use assets and related lease obligations

		June 30,		December 31,
Leases	Classification	2024		2023
Assets		(in thousands)
Operating leases	Operating lease assets	$	28,918	$	30,716
Finance lease	Finance lease assets*		15,989		16,632
Total leased assets		$	44,907	$	47,348
Liabilities
Current
Operating	Other current liabilities	$	4,637	$	4,978
Finance	Current portion of finance lease obligation		1,452		1,511
Non-current
Operating	Other long-term liabilities		24,329		25,724
Finance	Finance lease obligation		43,004		43,674
Total lease liabilities		$	73,422	$	75,887
*Finance lease assets are recorded net of accumulated depreciation of $46.9 million and include $0.6 million of prepaid financing costs as of June 30, 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.

Schedule of lease costs

		Three months ended				Six months ended
		June 30,				June 30,
Lease cost	Classification	2024		2023		2024		2023
Operating lease cost		(in thousands)
Product / services*	Cost of revenue	$	1,694	$	1,821	$	3,522	$	3,287
Research and development	Operating expenses		203		137		326		243
Sales and marketing*	Operating expenses		451		417		902		813
General and administrative*	Operating expenses		337		239		532		515
Total operating lease cost		$	2,685	$	2,614	$	5,282	$	4,858
Finance lease cost
Depreciation of leased assets	Cost of revenue, Research and development, Sales and marketing and General and administrative	$	321	$	318	$	643	$	637
Interest on lease liabilities	Interest expense		1,187		1,223		2,384		2,454
Total finance lease cost		$	1,508	$	1,541	$	3,027	$	3,091
Total lease cost		$	4,193	$	4,155	$	8,309	$	7,949
* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.7 million and $1.3 million for the three and six months ended June 30, 2024, respectively, and 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.

Schedule of future minimum operating and finance leases

	Finance		Operating		Total
Maturity of Lease Liabilities	Leases		Leases		Leases
	(in thousands)
2024	$	3,132	$	3,740	$	6,872
2025		5,930		6,113		12,043
2026		6,008		4,448		10,456
2027		6,128		2,863		8,991
2028		6,251		1,959		8,210
Thereafter		55,336		23,205		78,541
Total lease payments	$	82,785	$	42,328	$	125,113
Less interest portion*		(38,329)		(13,362)		(51,691)
Finance lease and operating lease obligations	$	44,456	$	28,966	$	73,422
* 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

	June 30,
Lease term and discount rate	2024
Weighted-average remaining lease term (years):
Operating leases		11.5
Finance leases		12.6
Weighted-average discount rate:
Operating leases		5.5%
Finance leases		10.5%

Schedule of cash outflows by lease type

	Six months ended June 30,
Cash paid for amounts included in the measurement of lease liabilities	2024		2023
	(in thousands)
Operating cash outflows from operating leases	$	5,282	$	4,858
Operating cash outflows from finance leases		2,384		2,454
Financing cash outflows from finance leases		736		598
Operating lease assets obtained in exchange for operating lease liabilities		825		23,289
Finance lease assets obtained in exchange for new finance lease liabilities		—		—