Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

LEASES

We have operating lease arrangements for corporate offices, cellular towers, storage units and small building space. The building space is used to house infrastructure, such as transmitters, antennae and other various equipment for the Company’s wireless paging services. For leases with a term of 12 months or less, renewal terms are generally of an evergreen nature (either month-to-month or year-to-year). For leases with a term greater than 12 months, renewal terms are generally explicit and provide for one to five optional renewals consistent with the initial term. Many of our leases, with the exception of those for our corporate offices, include options to terminate the lease within one year. Variable lease payments, residual value guarantees or purchase options are not generally present in these leases.

In May 2022, we extended twenty-three site leases on a Master License Agreement which included a term of 10 years with an option to terminate within 45 days of notification of termination. At that time, we recorded $2.9 million in a right-of-use asset and corresponding operating lease liability for these leases.

Lease costs are included in technology operations and general and administrative expenses in the Condensed Consolidated Statements of Operations. The following table presents lease costs disaggregated by type:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Dollars in thousands)	2022		2021		2022		2021
Operating lease cost	$	1,379	$	1,491	$	2,861	$	2,961
Short-term lease cost	2,448		2,642		5,081		5,383
Total lease cost	$	3,827	$	4,133	$	7,942	$	8,344

The following table presents supplemental cash flow information:

	For the Six Months Ended June 30,
(Dollars in thousands)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities - operating leases	$	2,945	$	2,641

The following table presents the weighted average remaining lease term and discount rate:

	June 30,
(Dollars in thousands)	2022	2021
Weighted-average remaining lease term - operating leases (in years)	4.80	4.97
Weighted-average discount rate - operating leases	4.37%	4.60%

Maturities of lease liabilities as of June 30, 2022, were as follows:

For the Year Ended December 31,	(Dollars in thousands)
2022 (remaining six months)	$	2,656
2023	4,790
2024	3,894
2025	2,926
2026	2,559
Thereafter	4,192
Total future lease payments	21,017
Imputed interest	(2,292)
Total	$	18,725