Note 5 - Leases

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Leases Disclosure [Text Block]

5. LEASES

Lessee

The Company has operating leases primarily for administrative and sales and marketing offices, manufacturing operations and research and development facilities, employee housing units and certain equipment. These leases have remaining lease terms from less than one year to eight years. Some of these leases include options to renew the lease term for up to two years or on a month-to-month basis. The Company does not have finance lease arrangements.

The following table summarizes the balances of operating lease right-of-use (“ROU”) assets and liabilities (in thousands):

		March 31,		December 31,
	Financial Statement Line Item	2023		2022
Operating lease ROU assets	Other long-term assets	$	7,820	$	4,288
Operating lease liabilities	Other accrued liabilities	$	2,018	$	2,133
	Other long-term liabilities	$	5,203	$	1,664

The following tables summarize certain information related to the leases (in thousands, except percentages):

	Three Months Ended March 31,
	2023		2022
Lease costs:
Operating lease costs	$	716	$	729
Other		538		367
Total lease costs	$	1,254	$	1,096

	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	864	$	932
ROU assets obtained in exchange for new operating lease liabilities	$	4,545	$	1,010

	March 31,			December 31,
	2023			2022
Weighted-average remaining lease term (in years)		5.3			2.1
Weighted-average discount rate		3.4	%		2.1	%

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

2023 (remaining nine months)	$	1,756
2024		1,591
2025		1,190
2026		921
2027		929
Thereafter		1,509
Total remaining lease payments		7,896
Less: imputed interest		(675	)
Total lease liabilities	$	7,221

As of March 31, 2023, the Company had no operating leases that had not yet commenced.

Lessor 

The Company owns certain office buildings and leases a portion of these properties to third parties under arrangements that are classified as operating leases. These leases have remaining lease terms ranging from less than one year to three years. Some of these leases include options to renew the lease term for up to five years.

For the three months ended March 31, 2023 and 2022, income related to lease payments was $0.5 million and $0.6 million, respectively. As of March 31, 2023, future income related to lease payments was as follows (in thousands):

2023 (remaining nine months)	$	1,112
2024		613
2025		107
2026		20
Total	$	1,852