Leases

12 Months Ended

Dec. 31, 2023

Note 14. Leases

The Company leases office space, cars, distribution centers and equipment under non-cancellable operating lease arrangements with various expiration dates through December 2037. The leases have remaining lease terms of approximately 1 year to 14 years, some of which include options to extend for up to a further 5 years, and some of which include options to terminate prior to completion of the contractual lease term with or without penalties. The Company determines the duration of the lease arrangement giving thought to whether or not it is reasonably certain that the Company will exercise options to extend or terminate the lease arrangement ahead of its contractual term. The leases do not contain any material residual value guarantees.

The components of lease cost were as follows:


	Year End December 31,
	2023		2022		2021
(In Thousands)
Operating lease cost	$	12,586	$	11,067	$	9,208
Short-term lease cost		305		297		563
Total lease cost (1)	$	12,891	$	11,364	$	9,771

_______________________

(1)

Included in cost of revenue, sales and marketing, research and development and general and administration in the Company’s consolidated statement of operations.

Supplemental cash flow information related to leases was as follows:


	Year End December 31,
	2023		2022		2021
(In Thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows relating to operating leases	$	12,697	$	9,907	$	9,474

Lease liabilities arising from obtaining right-of-use assets:
Operating leases	$	6,987	$	26,511	$	1,773

Supplemental balance sheet information related to leases was as follows:


	As of December 31,
	2023			2022
Weighted Average Remaining Lease Term (in years)
Operating leases		4.6			4.6

Weighted Average Discount Rate
Operating leases		5.8	%		4.9	%

As of December 31, 2023, maturities of operating lease liabilities were as follows (in thousands):


	Operating Lease
2024	$	13,814
2025		11,627
2026		8,452
2027		7,789
2028		1,451
Thereafter		5,422
Total lease payments		48,555
Less imputed interest		(6,988	)
Total	$	41,567