Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
3 Months Ended
Mar. 31, 2022
Leases  
Leases

Note 9 – Leases

The components of lease expense for the period were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 

 

​

March 31, 

 

​

​

2022

 

​

2021

 

Lease cost

​

​

​

​

​

​

​

​

Operating lease cost

 

$

3,635

​

 

$

3,298

​

Variable lease cost

​

​

2,665

​

​

​

767

​

Short-term lease cost

​

​

244

​

​

​

138

​

Sublease income

​

​

—

​

​

​

—

​

Total lease cost

 

$

6,544

​

 

$

4,203

​

​

​

​

​

​

​

​

​

​

Weighted average remaining lease term – operating leases

​

​

13 years

​

​

​

12 years

​

Weighted average discount rate – operating leases

​

​

8.40

%

​

​

8.09

%

​

Due to the negative effects of COVID-19, the Company implemented measures to reduce its costs, including negotiations with landlords regarding rent concessions. As the rent concessions received do not result in a significant increase in cash payments, the Company elected to account for these concessions as a variable lease payment in accordance with ASC Topic 842. The Company’s right-of-use assets and operating lease liabilities have not been remeasured for lease concessions received. Variable lease cost is comprised of percentage rent and common area maintenance, offset by rent concessions received as a result of COVID-19.

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

​

​

​

​

​

​

​

​

​

​

March 31, 

​

March 31, 

​

​

2022

​

2021

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

 

$

3,043

 

$

2,514

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

 

$

3,709

 

$

—

​

As of March 31, 2022, maturities of the Company’s operating lease liabilities are as follows (in thousands):

​

​

​

​

​

2022, nine months remaining

​

$

6,674

2023

​

​

15,164

2024

​

​

14,663

2025

​

​

13,705

2026

​

​

13,636

Thereafter

​

​

131,925

Total lease payments

​

​

195,767

Less: imputed interest

​

​

(84,200)

Present value of operating lease liabilities

 

$

111,567

​