Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

LeasesThe Company is a party to certain operating and finance leases for vehicles, office space and storage facilities. The Company’s operating leases consist of office space, as well as storage facilities and finance leases consist of automobiles. The Company’s leases generally have remaining terms of one to ten years, some of which include options to renew the leases for up to five years. The Company leases space for operations in the United States, Australia, Belgium, France, Japan and Spain. In addition to the above facility leases, the Company also routinely leases automobiles for certain sales and field service employees under finance leases.

The Company determines if a contract contains a lease at inception. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent the right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, the Company estimates the incremental secured borrowing rates corresponding to the maturities of the leases. The Company based the rate estimates on prevailing financial market conditions, credit analysis, and management judgment.

The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce the Company’s right-of-use (“ROU”) asset related to the lease. These are amortized through the ROU asset as reductions of expense over the lease term.

Supplemental balance sheet information related to leases was as follows (in thousands):

Leases	Classification	March 31, 2022		December 31, 2021
Assets
Right-of-use assets	Operating lease assets	$	14,330	$	14,627
Finance lease	Property and equipment, net	403		392
Total leased assets		$	14,733	$	15,019

Liabilities	Classification	March 31, 2022		December 31, 2021
Operating lease liabilities
Operating lease liabilities, current	Operating lease liabilities	$	2,628	$	2,419
Operating lease liabilities, non-current	Operating lease liabilities, net of current portion	13,007		13,483
Total Operating lease liabilities		$	15,635	$	15,902
Finance lease liabilities
Finance lease liabilities, current	Accrued liabilities	$	520	$	554
Finance lease liabilities, non-current	Other long-term liabilities	680		730
Total Finance lease liabilities		$	1,200	$	1,284

Lease costs during the three months ended March 31, 2022 and 2021 (in thousands):

		Three Months Ended March 31,
Lease costs	Classification	2022		2021
Finance lease cost	Amortization expense	$	161	$	127
Finance lease cost	Interest for finance lease	$	21	$	14
Operating lease cost	Operating lease expense	$	915	$	878

Cash paid for amounts included in the measurement of lease liabilities during the three months ended March 31, 2022 and 2021 was as follows (in thousands):

		Three Months Ended March 31,
Cash paid for amounts included in the measurement of lease liabilities	Classification	2022		2021
Operating cash flow	Finance lease	$	21	$	14
Financing cash flow	Finance lease	$	150	$	115
Operating cash flow	Operating lease	$	792	$	772

Facility leases

Maturities of facility leases were as follows as of March 31, 2022 (in thousands):

As of March 31, 2022	Amount
Remainder of 2022	$	2,469
2023	3,332
2024	2,904
2025	2,875
2026	2,970
2027 and thereafter	3,338
Total lease payments	17,888
Less: imputed interest	2,253
Present value of lease liabilities	$	15,635

Vehicle Leases

As of March 31, 2022, the Company was committed to minimum lease payments for vehicles leased under long-term non-cancelable finance leases as follows (in thousands):

As of March 31, 2022	Amount
Remainder of 2022	$	491
2023	349
2024	411
2025	21
2026	1
Total lease payments	1,273
Less: imputed interest	73
Present value of lease liabilities	$	1,200

Weighted-average remaining lease term and discount rate, as of March 31, 2022, were as follows:

Lease Term and Discount Rate	March 31, 2022
Weighted-average remaining lease term (years)
Operating leases	5.5
Finance leases	2.1
Weighted-average discount rate
Operating leases	4.7	%
Finance leases	6.6	%

Leases

LeasesThe Company is a party to certain operating and finance leases for vehicles, office space and storage facilities. The Company’s operating leases consist of office space, as well as storage facilities and finance leases consist of automobiles. The Company’s leases generally have remaining terms of one to ten years, some of which include options to renew the leases for up to five years. The Company leases space for operations in the United States, Australia, Belgium, France, Japan and Spain. In addition to the above facility leases, the Company also routinely leases automobiles for certain sales and field service employees under finance leases.

The Company determines if a contract contains a lease at inception. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent the right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, the Company estimates the incremental secured borrowing rates corresponding to the maturities of the leases. The Company based the rate estimates on prevailing financial market conditions, credit analysis, and management judgment.

The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce the Company’s right-of-use (“ROU”) asset related to the lease. These are amortized through the ROU asset as reductions of expense over the lease term.

Supplemental balance sheet information related to leases was as follows (in thousands):

Leases	Classification	March 31, 2022		December 31, 2021
Assets
Right-of-use assets	Operating lease assets	$	14,330	$	14,627
Finance lease	Property and equipment, net	403		392
Total leased assets		$	14,733	$	15,019

Liabilities	Classification	March 31, 2022		December 31, 2021
Operating lease liabilities
Operating lease liabilities, current	Operating lease liabilities	$	2,628	$	2,419
Operating lease liabilities, non-current	Operating lease liabilities, net of current portion	13,007		13,483
Total Operating lease liabilities		$	15,635	$	15,902
Finance lease liabilities
Finance lease liabilities, current	Accrued liabilities	$	520	$	554
Finance lease liabilities, non-current	Other long-term liabilities	680		730
Total Finance lease liabilities		$	1,200	$	1,284

Lease costs during the three months ended March 31, 2022 and 2021 (in thousands):

		Three Months Ended March 31,
Lease costs	Classification	2022		2021
Finance lease cost	Amortization expense	$	161	$	127
Finance lease cost	Interest for finance lease	$	21	$	14
Operating lease cost	Operating lease expense	$	915	$	878

Cash paid for amounts included in the measurement of lease liabilities during the three months ended March 31, 2022 and 2021 was as follows (in thousands):

		Three Months Ended March 31,
Cash paid for amounts included in the measurement of lease liabilities	Classification	2022		2021
Operating cash flow	Finance lease	$	21	$	14
Financing cash flow	Finance lease	$	150	$	115
Operating cash flow	Operating lease	$	792	$	772

Facility leases

Maturities of facility leases were as follows as of March 31, 2022 (in thousands):

As of March 31, 2022	Amount
Remainder of 2022	$	2,469
2023	3,332
2024	2,904
2025	2,875
2026	2,970
2027 and thereafter	3,338
Total lease payments	17,888
Less: imputed interest	2,253
Present value of lease liabilities	$	15,635

Vehicle Leases

As of March 31, 2022, the Company was committed to minimum lease payments for vehicles leased under long-term non-cancelable finance leases as follows (in thousands):

As of March 31, 2022	Amount
Remainder of 2022	$	491
2023	349
2024	411
2025	21
2026	1
Total lease payments	1,273
Less: imputed interest	73
Present value of lease liabilities	$	1,200

Weighted-average remaining lease term and discount rate, as of March 31, 2022, were as follows:

Lease Term and Discount Rate	March 31, 2022
Weighted-average remaining lease term (years)
Operating leases	5.5
Finance leases	2.1
Weighted-average discount rate
Operating leases	4.7	%
Finance leases	6.6	%

Leases

LeasesThe Company is a party to certain operating and finance leases for vehicles, office space and storage facilities. The Company’s operating leases consist of office space, as well as storage facilities and finance leases consist of automobiles. The Company’s leases generally have remaining terms of one to ten years, some of which include options to renew the leases for up to five years. The Company leases space for operations in the United States, Australia, Belgium, France, Japan and Spain. In addition to the above facility leases, the Company also routinely leases automobiles for certain sales and field service employees under finance leases.

The Company determines if a contract contains a lease at inception. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent the right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, the Company estimates the incremental secured borrowing rates corresponding to the maturities of the leases. The Company based the rate estimates on prevailing financial market conditions, credit analysis, and management judgment.

The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce the Company’s right-of-use (“ROU”) asset related to the lease. These are amortized through the ROU asset as reductions of expense over the lease term.

Supplemental balance sheet information related to leases was as follows (in thousands):

Leases	Classification	March 31, 2022		December 31, 2021
Assets
Right-of-use assets	Operating lease assets	$	14,330	$	14,627
Finance lease	Property and equipment, net	403		392
Total leased assets		$	14,733	$	15,019

Liabilities	Classification	March 31, 2022		December 31, 2021
Operating lease liabilities
Operating lease liabilities, current	Operating lease liabilities	$	2,628	$	2,419
Operating lease liabilities, non-current	Operating lease liabilities, net of current portion	13,007		13,483
Total Operating lease liabilities		$	15,635	$	15,902
Finance lease liabilities
Finance lease liabilities, current	Accrued liabilities	$	520	$	554
Finance lease liabilities, non-current	Other long-term liabilities	680		730
Total Finance lease liabilities		$	1,200	$	1,284

Lease costs during the three months ended March 31, 2022 and 2021 (in thousands):

		Three Months Ended March 31,
Lease costs	Classification	2022		2021
Finance lease cost	Amortization expense	$	161	$	127
Finance lease cost	Interest for finance lease	$	21	$	14
Operating lease cost	Operating lease expense	$	915	$	878

Cash paid for amounts included in the measurement of lease liabilities during the three months ended March 31, 2022 and 2021 was as follows (in thousands):

		Three Months Ended March 31,
Cash paid for amounts included in the measurement of lease liabilities	Classification	2022		2021
Operating cash flow	Finance lease	$	21	$	14
Financing cash flow	Finance lease	$	150	$	115
Operating cash flow	Operating lease	$	792	$	772

Facility leases

Maturities of facility leases were as follows as of March 31, 2022 (in thousands):

As of March 31, 2022	Amount
Remainder of 2022	$	2,469
2023	3,332
2024	2,904
2025	2,875
2026	2,970
2027 and thereafter	3,338
Total lease payments	17,888
Less: imputed interest	2,253
Present value of lease liabilities	$	15,635

Vehicle Leases

As of March 31, 2022, the Company was committed to minimum lease payments for vehicles leased under long-term non-cancelable finance leases as follows (in thousands):

As of March 31, 2022	Amount
Remainder of 2022	$	491
2023	349
2024	411
2025	21
2026	1
Total lease payments	1,273
Less: imputed interest	73
Present value of lease liabilities	$	1,200

Weighted-average remaining lease term and discount rate, as of March 31, 2022, were as follows:

Lease Term and Discount Rate	March 31, 2022
Weighted-average remaining lease term (years)
Operating leases	5.5
Finance leases	2.1
Weighted-average discount rate
Operating leases	4.7	%
Finance leases	6.6	%