Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.24.1.u1
Leases (Tables)
3 Months Ended
Mar. 31, 2024
Leases  
Schedule of components of lease expense

The components of lease expense for the three months ended March 31, 2024 and 2023 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

March 31, 

 

March 31, 

 

​

​

2024

 

2023

 

Lease cost

​

​

​

​

​

​

​

Operating lease cost

 

$

4,289

 

$

3,894

​

Finance lease cost

​

​

​

​

​

​

​

Amortization of ROU assets

​

​

55

​

​

51

​

Interest on lease liabilities

​

​

19

​

​

21

​

Total finance lease cost

​

​

74

​

​

72

​

Variable lease cost (1)

​

​

3,089

​

​

2,610

​

Short-term lease cost

​

​

316

​

​

275

​

Total lease cost

 

$

7,768

 

$

6,851

​

​

​

​

​

​

​

​

​

Weighted average remaining lease term

​

​

​

​

​

​

​

Operating leases

​

​

13 years

​

​

13 years

​

Finance leases

​

​

4 years

​

​

5 years

​

Weighted average discount rate

​

​

​

​

​

​

​

Operating leases

​

​

8.79

%

​

8.45

%

Finance leases

​

​

9.16

%

​

9.01

%

(1) Variable lease cost is comprised of percentage rent and common area maintenance.
Summary of components of finance lease assets and liabilities on the consolidated balance sheet

The components of finance lease assets and liabilities on the condensed consolidated balance sheet were as follows (in thousands):

​

​

​

​

​

​

​

​

    

March 31, 

    

December 31,

​

​

2024

​

2023

Finance lease right-of-use assets (1)

​

$

794

​

$

850

Current portion of finance lease liabilities (1)

​

 

266

​

 

222

Long-term portion of finance lease liabilities (1)

​

​

609

​

​

658

(1) Finance lease assets and liabilities are included in other assets, other current liabilities, and other long-term liabilities on the condensed consolidated balance sheet.
Schedule of supplemental cash flow information related to leases

Supplemental cash flow information related to leases for the period was as follows (in thousands):

​

​

​

​

​

​

​

​

​

March 31, 

​

March 31, 

​

​

2024

​

2023

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

 

​

​

​

​

​

Operating cash flows from operating leases

​

$

4,171

​

$

3,472

Operating cash flows from finance leases

​

$

55

​

$

51

Financing cash flows from finance leases

​

$

68

​

$

104

Right-of-use assets obtained in exchange for lease obligations:

​

​

​

​

​

​

Operating leases

​

$

—

​

$

3,178

Finance leases

 

$

—

​

$

41

Schedule of maturities of operating lease liabilities

As of March 31, 2024, maturities of the Company’s operating lease liabilities are as follows (in thousands):

​

​

​

​

​

2024, nine months remaining

​

$

6,721

2025

​

​

16,669

2026

​

​

16,278

2027

​

​

16,671

2028

​

​

16,977

Thereafter

​

​

146,779

Total lease payments

​

​

220,095

Less: imputed interest

​

​

(99,370)

Present value of operating lease liabilities

 

$

120,725

Schedule of maturities of finance lease liabilities

As of March 31, 2024, maturities of the Company’s finance lease liabilities are as follows (in thousands):

​

​

​

​

​

2024, nine months remaining

​

$

265

2025

​

​

266

2026

​

​

266

2027

​

​

221

Total lease payments

​

​

1,018

Less: imputed interest

​

​

(143)

Present value of finance lease liabilities

 

$

875

​