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LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES LEASES
We lease office space facilities and equipment under non-cancelable operating and finance leases with various expiration dates, some of which contain renewal options. The Company's lease portfolio is comprised of two major classes. The lease of the Ashburn facility is accounted for as a finance lease. The other office spaces and equipment leased are accounted for as operating leases. We have included options to extend in the operating lease ROU assets and liabilities when we are reasonably certain that we will exercise such options.
In May 2014, the Company entered into a new lease arrangement with the new landlord on the Ashburn facility, which expires on May 28, 2029. In accordance with this lease agreement, the basic rent increases by a fixed 2.5% escalation annually.
Table 13.1: Details of Lease Costs
For the Year Ended December 31,
20232022
(in thousands)
Operating lease cost$541 $550 
Short-term lease cost (1)
55 49 
Finance lease cost
Amortization of finance lease assets1,221 1,221 
Interest on finance lease liabilities611 688 
Total finance lease cost1,832 1,909 
Total lease costs$2,428 $2,508 
(1) Leases that have terms of 12 months or less.
Table 13.2: Future Minimum Lease Payments
Operating LeasesFinance Leases
(in thousands)
Year Ending December 31, 2024$105 $2,258 
Year Ending December 31, 202537 2,314 
Year Ending December 31, 202637 2,371 
Year Ending December 31, 202737 2,431 
Year Ending December 31, 202825 2,492 
Thereafter— 1,049 
Total minimum lease payments241 12,915 
Less: Imputed interest(21)(1,667)
Total lease obligations220 11,248 
Less: Current portion of lease obligations(97)(1,730)
Long-term lease obligations$123 $9,518 
Table 13.3: Weighted-Average Remaining Lease Terms and Discount Rates
For the Year Ended December 31,
20232022
Weighted average remaining lease term (in years):
Finance leases5.3 years6.3 years
Operating leases3.4 years1.0 year
Weighted average discount rate:
Finance leases5.04%5.04%
Operating leases5.75%5.75%
Table 13.4: Supplemental Cash Flow Information Related to Leases
For the Year Ended December 31,
20232022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases$585 $603 
Operating cash flows related to finance leases611 688 
Financing cash flows related to finance leases1,592 1,461 
LEASES LEASES
We lease office space facilities and equipment under non-cancelable operating and finance leases with various expiration dates, some of which contain renewal options. The Company's lease portfolio is comprised of two major classes. The lease of the Ashburn facility is accounted for as a finance lease. The other office spaces and equipment leased are accounted for as operating leases. We have included options to extend in the operating lease ROU assets and liabilities when we are reasonably certain that we will exercise such options.
In May 2014, the Company entered into a new lease arrangement with the new landlord on the Ashburn facility, which expires on May 28, 2029. In accordance with this lease agreement, the basic rent increases by a fixed 2.5% escalation annually.
Table 13.1: Details of Lease Costs
For the Year Ended December 31,
20232022
(in thousands)
Operating lease cost$541 $550 
Short-term lease cost (1)
55 49 
Finance lease cost
Amortization of finance lease assets1,221 1,221 
Interest on finance lease liabilities611 688 
Total finance lease cost1,832 1,909 
Total lease costs$2,428 $2,508 
(1) Leases that have terms of 12 months or less.
Table 13.2: Future Minimum Lease Payments
Operating LeasesFinance Leases
(in thousands)
Year Ending December 31, 2024$105 $2,258 
Year Ending December 31, 202537 2,314 
Year Ending December 31, 202637 2,371 
Year Ending December 31, 202737 2,431 
Year Ending December 31, 202825 2,492 
Thereafter— 1,049 
Total minimum lease payments241 12,915 
Less: Imputed interest(21)(1,667)
Total lease obligations220 11,248 
Less: Current portion of lease obligations(97)(1,730)
Long-term lease obligations$123 $9,518 
Table 13.3: Weighted-Average Remaining Lease Terms and Discount Rates
For the Year Ended December 31,
20232022
Weighted average remaining lease term (in years):
Finance leases5.3 years6.3 years
Operating leases3.4 years1.0 year
Weighted average discount rate:
Finance leases5.04%5.04%
Operating leases5.75%5.75%
Table 13.4: Supplemental Cash Flow Information Related to Leases
For the Year Ended December 31,
20232022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases$585 $603 
Operating cash flows related to finance leases611 688 
Financing cash flows related to finance leases1,592 1,461