Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.24.2.u1
Leases (Tables)
6 Months Ended
Jun. 30, 2024
Leases  
Schedule of components of lease expense

The components of lease expense for the six months ended June 30, 2024 and 2023 are as follows (in thousands):

June 30, 

 

June 30, 

 

2024

 

2023

 

Lease cost

Operating lease cost

 

$

13,135

 

$

7,943

Finance lease cost

Amortization of ROU assets

108

102

Interest on lease liabilities

36

41

Total finance lease cost

144

143

Variable lease cost (1)

7,561

5,781

Short-term lease cost

922

488

Total lease cost

 

$

21,762

 

$

14,355

Weighted average remaining lease term

Operating leases

13 years

13 years

Finance leases

3 years

4.3 years

Weighted average discount rate

Operating leases

10.30

%

8.53

%

Finance leases

9.17

%

9.00

%

(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

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

    

June 30, 

    

December 31,

2024

2023

Finance lease right-of-use assets (1)

$

713

$

850

Current portion of finance lease liabilities (1)

 

263

 

222

Long-term portion of finance lease liabilities (1)

559

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

June 30, 

June 30, 

2024

2023

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

 

Operating cash flows from operating leases

$

12,738

$

7,090

Operating cash flows from finance leases

$

108

$

102

Financing cash flows from finance leases

$

112

$

185

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

Operating leases

$

3,081

$

8,034

Finance leases

 

$

$

43

Schedule of maturities of operating lease liabilities

As of June 30, 2024, maturities of the Company’s operating lease liabilities are as follows (in thousands):

2024, six months remaining

$

14,736

2025

44,545

2026

45,429

2027

46,089

2028

45,484

Thereafter

418,991

Total lease payments

615,274

Less: imputed interest

(304,580)

Present value of operating lease liabilities

 

$

310,694

Schedule of maturities of finance lease liabilities

As of June 30, 2024, maturities of the Company’s finance lease liabilities are as follows (in thousands):

2024, six months remaining

$

215

2025

257

2026

257

2027

214

Total lease payments

943

Less: imputed interest

(121)

Present value of finance lease liabilities

 

$

822