LEASES

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

LEASES

LEASES

The Group has operating leases for office spaces and warehouses. Certain leases include renewal options and/or termination options, which are factored into the Group's determination of lease payments when appropriate.

Operating lease cost for the three and nine months ended September 30, 2024 was $883 and $2,602, which excluded cost of short-term contracts. Short-term lease cost for the three and nine months ended September 30, 2024 was $79 and $383, respectively.

As of September 30, 2024, the weighted average remaining lease term was 9.3 years and weighted average discount rate was 5.2% for the Group's operating leases.

Supplemental cash flow information of the leases were as follows:

	Nine months ended September 30, 2024
Cash payments for operating leases	$	2,518
Right-of-use assets obtained in exchange for new operating lease liabilities	$	2,258

The following is a maturity analysis of the annual undiscounted cash flows for lease liabilities as of September 30, 2024:

	As of September 30, 2024
Three-month period ending December 31, 2024	$	1,347
2025	$	3,781
2026	$	2,917
2027	$	2,458
2028	$	1,873
2029	$	1,681
Thereafter	$	10,227
Total future lease payments	$	24,284
Less: Imputed interest	$	(4,744)
Present value of operating lease liabilities	$	19,540