Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.24.3
Leases (Tables)
9 Months Ended
Sep. 30, 2024
Leases  
Schedule of components of lease expense

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

September 30, 

 

September 30, 

 

2024

 

2023

 

Lease cost

Operating lease cost

 

$

24,595

 

$

12,104

Finance lease cost

Amortization of ROU assets

157

155

Interest on lease liabilities

66

62

Total finance lease cost

223

217

Variable lease cost (1)

16,860

8,499

Short-term lease cost

1,447

805

Total lease cost

 

$

43,125

 

$

21,625

Weighted average remaining lease term

Operating leases

13 years

13 years

Finance leases

4 years

4 years

Weighted average discount rate

Operating leases

10.31

%

8.63

%

Finance leases

11.14

%

9.07

%

(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):

    

September 30, 

    

December 31,

2024

2023

Finance lease right-of-use assets (1)

$

841

$

850

Current portion of finance lease liabilities (1)

 

172

 

222

Long-term portion of finance lease liabilities (1)

730

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

September 30, 

September 30, 

2024

2023

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

 

Operating cash flows from operating leases

$

21,479

$

10,760

Operating cash flows from finance leases

$

157

$

155

Financing cash flows from finance leases

$

199

$

208

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

Operating leases

$

3,081

$

9,039

Finance leases

 

$

$

81

Schedule of maturities of operating lease liabilities

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

2024, three months remaining

$

6,217

2025

44,802

2026

45,712

2027

46,377

2028

45,774

Thereafter

423,713

Total lease payments

612,595

Less: imputed interest

(300,675)

Present value of operating lease liabilities

 

$

311,920

Schedule of maturities of finance lease liabilities

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

2024, three months remaining

$

107

2025

259

2026

259

2027

259

2028

237

Total lease payments

1,121

Less: imputed interest

(219)

Present value of finance lease liabilities

 

$

902