Leases

6 Months Ended

Jun. 30, 2024

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.

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)	2024		2023		2024		2023

Operating lease cost	$	1,015	$	1,171	$	2,050	$	2,351
Short-term lease cost	2,449		2,262		4,901		4,539
Total lease cost	$	3,464	$	3,433	$	6,951	$	6,890

The following table presents supplemental cash flow information:


	For the Six Months Ended June 30,
(Dollars in thousands)	2024		2023


Cash paid for amounts included in the measurement of lease liabilities - operating leases	$	2,416	$	2,661

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


	June 30,
(Dollars in thousands)	2024	2023

Weighted average remaining lease term - operating leases (in years)	4.50	4.70
Weighted average discount rate - operating leases	6.28%	4.86%

Maturities of lease liabilities as of June 30, 2024, were as follows:


For the Year Ended December 31,	(Dollars in thousands)

2024 (remaining six months)	$	1,944
2025	2,655
2026	2,195
2027	1,612
2028	1,237
Thereafter	1,432
Total future lease payments	11,075
Imputed interest	(1,349)
Total	$	9,726