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Note 6 - Leases

3 Months Ended

Mar. 31, 2024

6. LEASES

Lessee

The Company has operating leases primarily for administrative, sales and marketing offices, manufacturing operations and R&D facilities, employee housing units and certain equipment. These leases have remaining lease terms from less than one year to seven years. Some of these leases include options to renew the lease term for up to five 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*	*2024*		*2023*
Operating lease ROU assets	Other long-term assets	$	8,910	$	8,355

Operating lease liabilities	Other accrued liabilities	$	2,635	$	2,303
	Other long-term liabilities	$	5,920	$	5,565

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

	*Three Months Ended March 31,*
	*2024*		*2023*
Lease costs:
Operating lease costs	$	897	$	716
Other		550		538
Total lease costs	$	1,447	$	1,254

	*Three Months Ended March 31,*
	*2024*		*2023*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	673	$	864
ROU assets obtained in exchange for new operating lease liabilities	$	1,462	$	4,545

	*March 31,*			*December 31,*
	*2024*			*2023*
Weighted-average remaining lease term (in years)		4.3			4.7
Weighted-average discount rate		4.5	%		4.3	%

As of March 31, 2024, the maturities of the lease liabilities were as follows (in thousands):

2024 (remaining nine months)	$	2,244
2025		2,411
2026		1,636
2027		1,418
2028		771
Thereafter		868
Total remaining lease payments		9,348
Less: imputed interest		(793	)
Total lease liabilities	$	8,555

As of March 31, 2024, operating leases that have not yet commenced are not material.

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 two years. One of these leases includes a tenant option to renew the lease term for up to five years.

For the three months ended March 31, 2024 and 2023, income related to lease payments was $0.2 million and $0.5 million, respectively. As of March 31, 2024, future income related to lease payments was as follows (in thousands):

2024 (remaining nine months)	$	554
2025		228
2026		40
Total	$	822