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Leases (Tables)
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Components of Lease Costs

The components of the lease costs for the three months ended March 31, 2023 and 2022, were as follows (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Operating lease costs

 

$

2,521

 

 

$

524

 

Finance lease costs:

 

 

 

 

 

 

Amortization of right-to-use assets, finance leases

 

 

369

 

 

 

279

 

Interest expense for finance lease liabilities

 

 

52

 

 

 

46

 

Variable lease costs

 

 

220

 

 

 

329

 

Total lease costs

 

$

3,162

 

 

$

1,178

 

Supplemental Cash Flow Information Relating to Leases

Supplemental cash flow information relating to the Company’s leases for the three months ended March 31, 2023 and 2022, were as follows (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Cash paid for amounts included in the measurement
   of lease liabilities:

 

 

 

 

 

 

Operating cash flows used in operating leases

 

$

651

 

 

$

631

 

Operating cash flows used in finance leases

 

$

327

 

 

$

264

 

Financing cash flows used in finance leases

 

$

52

 

 

$

46

 

Summary of Weighted Average Remaining Lease Terms and Discount Rates

Weighted average remaining lease terms and discount rates as of March 31, 2023 and 2022 were as follows:

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Remaining lease term:

 

 

 

 

 

 

Operating lease

 

10.75 years

 

 

8.09 years

 

Finance lease

 

2.33 years

 

 

2.10 years

 

Discount Rate:

 

 

 

 

 

 

Operating lease

 

 

8.87

%

 

 

10.50

%

Finance lease

 

 

8.52

%

 

 

8.75

%

Summary of Undiscounted Future Lease Payments for Operating and Finance Leases

The undiscounted future lease payments for operating and finance leases as of March 31, 2023, were as follows (in thousands):

 

Fiscal Year

 

Operating
Leases

 

 

Finance
Leases

 

2023 (excluding the first quarter)

 

 

(15,639

)

 

 

1,084

 

2024

 

 

11,482

 

 

 

839

 

2025

 

 

12,142

 

 

 

402

 

2026

 

 

12,506

 

 

 

133

 

2027

 

 

12,881

 

 

 

100

 

Thereafter

 

 

85,143

 

 

 

 

Total minimum lease payments

 

 

118,515

 

 

 

2,558

 

Less amounts representing interest or imputed interest

 

 

(52,086

)

 

 

(230

)

Present value of lease liabilities

 

 

66,429

 

 

 

2,328

 

 

The undiscounted future lease payments in 2023 includes approximately $17.6 million of future reimbursements related to landlord funded tenant improvements in connection with the 2021 Lease.